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CreditSights: 'Bank Indonesia rate may rise to 12 percent' JAKARTA - Bank Indonesia needs to increase interest rates now and be ready to raise them as high as 12 percent, a level unseen since February 2003, or risk further erosion in the nation's finances, according to CreditSights Inc.

"The risk is they will wait too long and fiddle with foreign- exchange reserve requirements and then have to raise the rate even more,'' said Christian Stracke, a New York-based emerging-market analyst at CreditSights, an independent bond research firm. "Twelve percent is probably enough.''

The rupiah yesterday fell the most in four years even after Bank Indonesia Governor Burhanuddin Abdullah said he may lift rates. Analysts from HSBC Holdings Plc and Goldman Sachs Group Inc. last week called on the central bank to boost rates to at least 10 percent as the cost of oil purchases from abroad soars. Indonesia is the only member of the Organization of Petroleum Exporting Countries that's a net oil importer.

Abdullah has failed to stop the rupiah's slide after draining more than $5.4 billion from the banking system since April. Record oil prices are increasing the cost of fuel subsidies and spurring the purchase of dollars by PT Pertamina, the state oil company. Indonesia's benchmark stock index fell 5.2 percent yesterday and the country's bonds dropped more than any other government debt.

"We're not screaming `fire' about Indonesia in the short- term but if this trend continues then the probability of a crisis could grow to more worrisome levels,'' said Stracke, who spoke in a telephone interview from Sao Paulo.


Related blog entries (category 'Economy') Related blog entries (category 'Economy'):
29 August 2005 · Rupiah loses more ground as market confidence ebbs
26 August 2005 · Rupiah set for biggest drop in 4 years on oil surge
25 August 2005 · Indonesia raises rates as rupiah plunges again
22 August 2005 · Rupiah breaches 10,000 level amid doubts over bank intervention
27 April 2005 · 'Indonesia might raise interest rates’


Posted in Economy @ 30 August 2005 07:10 CET by Jeroen · 'Blog' RSS feed · permalink





Ruben
User
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very sad!



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