"The reference rate is the weighted average exchange rate of the rupiah against the US dollar used in real interbank trading," he said to newsmen at a press room of the bank here on Friday.
It is the rate that is used in the market from 8am to 9.45am and will be announced at 10am at the official site www.bi.go.id of Bank Indonesia, he added.
Usually most transactions occur in the morning but if no transaction occurs in the period the reference rate to be quoted is the one used from 10am to 4pm the day before, he said.
"So, on May 20 later we will have seen information about the reference rate in the BI website," he said.
Warjiyo said the reference rate is not a peg but only information about the rupiah exchange rate in the market.
"So, it must not be treated as a peg. It is only the average weighted rate in the market," he said.
reporting by citro atmoko (C005/H-YH)
Editor: Jafar M Sidik
Copyright © ANTARA 2013
