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Indonesia bans transaction in foreign currency to guard rupiah

Xinhua, April 9, 2015 Adjust font size:

Indonesia's central bank has banned domestic transaction in foreign currencies in a bid to keep stability of rupiah.

The lender has issued a rule since March 31, which is taking effective on July 1 to control demand on U.S. dollars and ease pressure on rupiah, Eko Yulianto, an official at the central bank, said here on Thursday.

The rupiah has been trading at the lowest level since 1998. On Thursday, the currency was traded at 12,908 per U.S. dollar.

"The use of a huge foreign currency gives pressure on rupiah value," said the official.

He said currently there are many transaction using U.S. dollars in the country. Endi