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  • Indonesia’s Rupiah has dropped to 16-month lows. 
  • Indonesia’s finance minister announced fiscal stimulus with tax breaks. 

Indonesian Rupiah (IDR) is losing ground on Friday despite the Finance minister announcing a fiscal stimulus to counter the coronavirus-led slowdown. 

The USD/IDR pair is currently trading at 14,980, the highest level since September 2018. 

Indonesia’s Finance Minister was out on the wires a few minutes before press time, stating that a fiscal stimulus of IDR 120 trillion or 0.8% of the gross domestic product will be provided to support the economy. 

He added further that the government will exempt income tax for workers in the manufacturing sector earning a below-200 million IDR annual salary. The tax relief will begin in April and last for six months. 

So far, the stimulus news has failed to put a bid under IDR and Indonesia’s stocks. The benchmark index IDX Composite is currently reporting a 5% drop on the day. 

Markets across the globe are struggling to cheer stimulus talk. In fact, the S&P 500, Wall Street’s benchmark index, fell by over 9% on Thursday even though the Federal Reserve unveiled stimulus worth $1.5 trillion in an effort to combat “temporary disruptions” in funding markets.

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