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JAKARTA - The number of Indonesia's car sales in November dropped to over 47,000 units from that of 54,000 units in the previous month, chairman the Indonesian Automotive Industry Association Bambang Trisulo said here Tuesday. The high interest rates, tumbling commodity prices and lack of U.S. dollars liquidity as a fallout of the global financial turmoil, have started battering consumption.
"The lack of U.S. dollar liquidity and high interest rate has caused the decline in the figure," he told. The Indonesian central bank cut its benchmark interest rate by 25 basis points to 9.25 percent on Dec. 4 to boost growth as the global economic downturn is forecast to tilt to a recession, easing growth in emerging markets, including Indonesia.
"Only about 47,000 units cars sold in November," he said. Fears that Indonesia would be the next casualty of the global flight from the risky assets has dried up U.S. dollar liquidity. The weakening of global economy triggered by the credit crunch in the United States has sapped demand caused the fall of prices of commodities, in which Indonesia rely much on them.
However, the chairman said that there were some elements which can bring positive on the sales in coming months, including the slump of global oil price, which has reached below 50 U.S. a barrel after reaching record of about 148 U.S. dollar in July, and improving outlook of inflation, which central bank predict to end at a single digit at the rages of 6.5 to 7.5 percents in 2009.
"When oil prices is high, it was used by overseas dealers to raise up car prices, and now the oil price is down we can bargain to lower prices," said Trisulo. The Indonesian inflation was 11.68 percent in November after gain 11.8 percent in a year earlier in October. Indonesia has trimmed its economic target next year to below 5. 5 percent from the previous target of 6 percent.
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