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Indonesia adopts measures to boost Rupiah JAKARTA - Indonesia has obligated state-own firms to place their U.S. dollars in the country and speed up the implementation of project funded by donors, Coordinating Minister for Economy Sri Mulyani Indrawati told a press briefing on Tuesday evening after a sudden cabinet meeting. The measure was aimed at boosting Rupiah value which has been declining against the U.S. dollars due to the impact of global financial turmoil.

On Tuesday, the Rupiah slid nearly 9 percent to 11,800, the lowest in more than seven years. "We have set up a clearing house from the state-owned enterprises in a bid to place all amount of their foreign currency(U.S. dollars) in domestic banks," Mulyani said at the State Palace. "We will speed up implementation of all projects which have already got commitment on their financing, including those from bilateral or multilateral forum. This aims at raising U.S. dollars supply to the country," she said.

Indonesia planned to build a massive infrastructure to support its economic targets. The biggest Southeast Asia economy puts economic target at 6 percent next year. The minister said that the country's central bank and finance ministry would monitor the flow of the U.S. dollars in the state-owned firms. "So the state-owned firms have to deliver their plan to purchase foreign currency and the purpose of it. And this control will be done in centralized manner," she said.



Posted in Economy @ 29 October 2008 09:26 CET by Jeroen · 'Blog' RSS feed · permalink






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