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Indonesia raises rates as rupiah plunges again JAKARTA - Indonesia raised its key interest rate today by 25 basis points to 7.50 per cent effective immediately, following an ongoing fall in the rupiah this week amid worries over climbing oil prices. The beleaguered currency fell to fresh lows today past the 10,200 level to the US dollar, despite efforts by the central Bank Indonesia to intervene, dealers said.

“It looks like everyone wants to buy US dollars while no one is on the selling side,” said a foreign dealer with a European bank. Analysts say that the bank’s limited capacity to continue its aggressive intervention may mean the Government needs to call on exporters to repatriate their US dollar earnings. Economic Affairs Minister Aburizal Bakrie has already warned that the central bank’s intervention is expected to only be “temporarily” effective in curbing the rupiah’s fall.

Higher world oil prices are dealing the economy a double blow, putting pressure on its currency and blowing out its domestic fuel subsidy budget. The rupiah was trading around 9,800 at the start of the month. In another sign of pressure on the economy, the bank said Indonesia’s 2005 current account surplus is forecast to fall compared to 2004 due to high import growth blamed largely on spiralling oil prices and sluggish export growth.



Posted in Economy @ 25 August 2005 08:18 CET by Jeroen · 'Blog' RSS feed · permalink





Ruben
User
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very sad!



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 EXCHANGE RATES
EUR-IDR: 16,590 · 16,620  The Rupiah rate declined since yesterday
@ 17 May 2018 18:12 CET
JPY-IDR: 126.83 · 126.95  The Rupiah rate improved since yesterday
@ 17 May 2018 21:58 CET
MYR-IDR: 3,545 · 3,549  The Rupiah rate declined since yesterday
@ 15 May 2018 08:42 CET
SGD-IDR: 10,479 · 10,501  The Rupiah rate declined since yesterday
@ 07 May 2018 07:48 CET
THB-IDR: 439.14 · 439.41  The Rupiah rate declined since yesterday
@ 16 May 2018 09:18 CET
USD-IDR: 14,097 · 14,157  The Rupiah rate declined since yesterday
@ 17 May 2018 00:46 CET
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