The US$2 trillion is the biggest stimulus in US history
The White House and US Senate leaders struck a major deal on March 25, 2020, early morning – over a $2 trillion package. This stimulus provides a jolt to an economy struggling, over the coronavirus pandemic. The deal was done after capping days of marathon negotiations that produced the most expensive and far-reaching measures that Congress has ever considered.
Bank Indonesia coordinates with the Ministry of Finance and the Financial Services Authority (OJK) to stimulate the economy, as part of the efforts to overcome the impact of coronavirus. Previously, the Central Bank attended meetings with representations of the G-20 countries and international institutions, including the “joint economy and fiscal efforts on prevention of Covid-19 from the human aspects”.
The Bank Indonesia (BI) Governor mentioned that the above actions have been followed by easing the Domestic Non-Deliverable Forward (DNDF) policies, SBN purchases from the secondary market – which today amounted to Rp168.2 trillion.
In the meantime, the capital outflows from foreigners had reached Rp125.2 trillion, liquidity injection of Rp300 trillion, Repo purchases of Rp55 trillion and other non-cash payment appeals. BI added that the Rupiah exchange rate is stable, inflation tends to be low and liquidity is sufficient.
(Live Streaming Bank Indonesia, 25 March 2020)