Indonesia’s forex reserves hit record high in August

first_img“The forex reserves level will remain adequate, supported by stability and a positive outlook for the economy, in line with various policy responses to push for economic recovery.”The government faces a daunting task as it looks to raise Rp 900.4 trillion from the issuance of sovereign debt papers in the July-December period to cover for its budget deficit of 6.34 percent of gross domestic product as tax collection and proceeds from nontax income fell amid slowing economic activity due to the coronavirus pandemic.It previously planned to raise $5.5 billion in loans from multilateral organizations.The government has collected Rp 601.9 trillion in tax income as of July, down 14.7 percent year-on-year (yoy) and around 50 percent from this year’s target. Meanwhile, nontax income from oil and gas amounted to Rp 44 trillion as of July, down 34.8 percent yoy. Indonesia’s foreign exchange (forex) reserves soared to a record high in August mainly due to the government’s foreign borrowing, proceeds from oil and gas, as well as tax collection, Bank Indonesia has announced.The nation’s forex reserves rose by US$1.9 billion to $137 billion, surpassing the previous record of $135.1 billion a month earlier. The latest reserves position would allow for the payment of foreign debt and nine months of imports.“Bank Indonesia views the forex reserves level as adequate to support external stability and maintain macroeconomic and financial system stability,” the central bank said in a statement. “Although the downside risks for Indonesia’s economy from the COVID-19 pandemic has declined, the risks still remain and that places some uncertainty on the domestic financial market,” said Bank Mandiri economist Andry Asmoro.The delays in foreign direct investment during the pandemic, which could trigger capital and financial outflow, would put pressure on forex reserves and the rupiah exchange rate, he added.The rupiah appreciated 0.14 percent to 14,730 per US dollar as of 12:30 p.m. Jakarta time after suffering heavy losses last week amid concerns over Bank Indonesia’s independence following a new legislative proposal to revise central bank regulation.Andry expects the rupiah exchange rate to be at around Rp 14,296 per US dollar at the end of 2020, adding that the country’s current account deficit (CAD) would narrow to 1.49 percent of GDP.“Imports are decelerating faster than exports due to postponement in production and investment activities amid the pandemic,” he said, adding that the CAD would shrink as a result and therefore support the country’s balance of payments.Topics :last_img read more

William Hill and Scientific Games announce four-year extension

first_img Submit William Hill accelerates transformation agenda to overcome COVID realities August 5, 2020 Share SBC Magazine Issue 10: Kaizen Gaming rebrand and focus for William Hill CEO August 25, 2020 Share William Hill and Scientific Games have announced a four-year extension to its existing sportsbook platform partnership, building on a long-standing relationship that first began in 2007.A statement released by Scientific Games this morning confirmed that William Hill will continue to utilise its sportsbook platform – including betting engine OpenBet – and casino content through Open Gaming System (OGS).As lead sportsbook platform, Scientific Games’ ‘OpenSports’ will allow the legacy sportsbook to operate with more speed and flexibility, including the option to deploy proprietary products across multiple jurisdictions in Europe.Jordan Levin, Group Chief Executive, Digital for Scientific Games, stated: “By choosing Scientific Games, William Hill is reaffirming their commitment and belief in our products, services and team and sending a message that we continue to be a source of competitive advantage for global industry leaders in all regulated markets. “We’re really building on one of our strongest relationships. The team at William Hill share an ambition to create next level player experiences and together, across sports and iGaming, we’re making that a reality.” Ulrik Bengtsson, William Hill’s Group CEO, commented: “It’s a pivotal time for sports betting and iGaming providers.“Scientific Games’ solutions provide us with the flexibility that is key to our growth strategy in the U.K. and Europe and we’re pleased to continue to use their products that will be provided on a flexible and modular basis to power our shared success in the years to come.”William Hill has continued to develop its brand in 2020 following the announcement that the bookmaker confirmed an exclusive arrangement with CBS Sports. Related Articles StumbleUpon SG OpenMarket approval sees SportCaller expand FTP distribution capacity August 18, 2020last_img read more