Garuda Takes Refuge With BNI

Bareksa.com - Flagship carrier Garuda Indonesia and state lender Bank Negara Indonesia have agreed on a three-year, cross-currency swap worth Rp 500 billion ($42.3 million) in an attempt to shield the airlines’ finances against foreign currency fluctuations.

“Such hedging transactions are urgent, considering the unpredictable nature of global finance that can negatively affect Indonesia’s economy,” said Tribuana Tunggadewi, Bank Negara Indonesia (BNI) corporate secretary, on Wednesday.

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