IslamicFinance.de

Indonesia’s need for dollars to defend the plunging rupiah will see the country pay the highest yield since 2009 when it sells global sukuk. The nation will offer around $1 billion of Shariah- compliant bonds after investor meetings. A yield of between 6.5 percent and 7 percent for 10-year securities is expected. Bank Indonesia announced measures aimed at increasing the supply of foreign-exchange on Aug. 23 to stem an 8.5 percent plunge in the rupiah this quarter. Moreover, the country raised its overall sales target to 231.8 trillion rupiah ($21 billion), from 180.4 trillion rupiah, as it set its budget deficit goal at 2.38 percent of gross domestic product. Besides, more shipments of unprocessed minerals will be allowed in order to narrow the current-account deficit.