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Bank Indonesia announced on Thursday it decided to maintain its benchmark interest rate (BI rate) at 7.75 percent with lending facility interest rate at 8 percent and deposit facility at 5.75 percent.
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The value of Indonesia`s democracy has declined over the past few years blamed on the attitude of both the people and the government officials, an expert says.
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The government has found a settlement over the dispute on minimum wage for Bekasi district that has caused a huge demonstration and blockade of a key toll road to and from Jakarta recently.
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According to respected Indonesian elder statesman, Prof. Dr. Emil Salim, although Bali has manage to become the icon of Indonesian tourism, it is destined to lose its true bearings as a religious, cultural and nature destination which will result in a decline in the quality of international tourists drawn to the Island.
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The board of governors of Bank Indonesia have decided yesterday that the benchmark interest rate was to be lowered with 25 basis points to 6.50 percent per year. "This decision was made after the board of governors concluded that the declining inflation rate continues in line with the limited domestic demand as well as the expectation of declining inflation," said Bank Indonesia in a statement.
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The Indonesian central bank on Wednesday reduced its benchmark interest rate for a seventh straight month by 25 basis points to 7.0 percent to help spur economic growth, the bank said in a statement. Indonesia's economy is struggling to achieve the 4.5 percent target set for this year.
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Indonesian exports in April fell 22.5 per cent from the same month a year ago to 8.46 billion dollars, the Central Bureau of Statistics said Monday. Indonesia, South-East Asia's largest economy, had a trade surplus of 2.08 billion dollars in April because its imports dropped 45 per cent to 6.38 billion dollars, the bureau said.
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The Indonesian central bank (Bank Indonesia) Tuesday reduced benchmark rate by 25 basis points to 7.25 percent, a Bank Indonesia senior official said. "The decision to reduce the benchmark rate was made after the governor board learned about the ongoing economic developments in both the domestic and international market," said Strategic Planning and Public Relations Director at Bank Indonesia Dyah Makhijani.
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Indonesia's Supreme Court has reversed a $93 million libel ruling against Time magazine over a story about the late president Suharto. The court overturned its earlier decision that Time had defamed Suharto in a May 1999 article alleging he had amassed a vast fortune through corruption.
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The Indonesian central bank on Wednesday cut its benchmark interest rate by a half percentage point to 7.75 percent to boost economic growth and reduce unemployment, the bank said in a statement. Easing inflation and the fall of overseas sales have triggered governor Boediono and his seven colleagues to reduce the rate, which is more than the expected 25 basis points.
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The Indonesian central bank Wednesday slashed its benchmark interest rate by 50 basis points to 8.75 percent following the good outlook of inflation to spur growth, according to a statement by the bank. The 50 basis point cut is in line with the recent demand from the government and business sector, as the country has decided to rely much on the huge domestic market following the fall of demand of its products in overseas.
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Indonesian President Susilo Bambang Yudhoyono announced on Sunday the reduction of oil prices to protect the country's economy from the fallout of the global financial crisis. The president made the decision after a cabinet meeting on Sunday evening, following the ease of the global oil prices to nearly 40 U.S. dollars a barrel from a record of over 147 U.S. dollars a barrel on July 11.
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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.
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Indonesian central bank kept on hold its benchmark interest rate at 9.5 percent on Thursday, the bank said. "Amid the current global financial upheaval and slowing of the world economy, the Bank Indonesia (the central bank) thinks that it is necessary to keep a right monetary policy so that it can achieve a balance between the economic growth and efforts to maintain monetary stability," the bank said in a statement.
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Indonesia closed its stock exchange for the second day to halt a flurry of selling that sent the main stock index plummeting more than 20 percent this week, while Asian trading ended mixed. Stock exchange president Erry Firmansyah said it will remain closed to give investors a chance to "calm down before they make decisions."
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Bank Indonesia has increased its policy rate by 25 basis points to 9.5% as they continue their ongoing battle with inflation. Indonesia did not join Australia, who cut rates today by the highest since a recession in 1992. It is predicted however that today’s increase may be the last this year as the aim of the central bank moves onto supporting growth rather than continuing the fight against inflation.
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The Indonesian government has said that it is unlikely to import rice from other countries this year because of a sufficient stock after nationwide harvests. This reduces the pressure on the tight global supplies in times of record-breaking rice prices. Prices of Thai rice - a benchmark for the market - have doubled since the start of this year mainly because of rising demand from China and African nations. Vietnam and India have already decided to curb exports to protect their own markets.
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The economy of Indonesia is likely to expand 6.1 percent this year, its fastest pace in 11 years, with growth further accelerating in 2008, helped by relatively low interest rates and strong commodity exports, a poll showed. The full-year growth forecast for Southeast Asia’s biggest economy matched the estimate of a similar quarterly poll conducted in June, but analysts revised up their outlook for 2008 to 6.45 percent from 6.40 percent previously.
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Indonesia, the world's second largest palm oil grower, may curb unprocessed exports of the commodity to encourage the development of local refining, an official at the Trade Ministry said. Curbing overseas sales of crude palm oil (CPO) is among the options that will be discussed at a meeting on January 22, Agus Tjahyono, agricultural exports director, said in an interview yesterday. "There are lots of options besides taxes to discourage exports," Tjahyono said. "We can impose regulations."
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Jakarta's main stock index is set for further heady gains this year, supported by improving economic conditions, firm commodity prices and subdued inflation which should give corporate earnings a boost, encouraging fresh capital into the sharemarket, analysts said. They are picking a gain of between 16-43 pct, after last year's 55 pct surge, which saw the composite index repeatedly setting new records to finish 2006 at an all-time high of 1,805.522 points.
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Indonesia's central bank cut its benchmark interest rate to a 14-month low, the seventh reduction since May, to help revive consumer spending and boost investment. Bank Indonesia Governor Burhanuddin Abdullah and his fellow policy makers reduced the rate used as a reference for bill sales by half a percentage point to 9.75 percent, a move predicted by 16 of 21 economists surveyed by Bloomberg News, and indicated further cuts are likely next year.
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The Indonesian rupiah's strength is a concern and businesses in Southeast Asia's biggest economy may feel more comfortable if it weakened to about 9,500 against the dollar, Vice President Jusuf Kalla said.
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Indonesia’s central bank cut its benchmark interest rate for the sixth time since May and said borrowing costs may be reduced again in December, after inflation slowed to a two-year low and the currency strengthened. Bank Indonesia Governor Burhanuddin Abdullah and his fellow policy makers cut the rate used as a reference for bill sales by half a percentage point to 10.25%.
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Indonesia's central bank will probably cut its benchmark interest rate by half a percentage point, the sixth reduction since May, to help revive consumer spending after inflation slowed to a two-year low. Bank Indonesia Governor Burhanuddin Abdullah and his fellow policy makers will cut the rate used as a reference for bills sales to 10.25 percent, according to 15 of 16 economists in a Bloomberg survey. One expects a reduction to 10 percent. The central bank decision is due in Jakarta tomorrow.
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The Indonesian central bank said Friday it may further cut the benchmark interest rate to 10 percent by the end of the year. Earlier this week, Bank Indonesia cut the interest rate by 50 basis points to 11.25 percent. "We are confident that, between now and the end of the year, the inflation will be contained below 7 percent and Bank Indonesia interest rate will move to 10 percent," Bank Indonesia deputy governor Aslim Tadjuddin told reporters here.
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The Indonesian government will not raise charges on fixed-line phones due to concerns about low consumer purchasing power despite a planned hike to take effect in January next year, an official has said. "Our economic condition is not that conducive. This is a result of the low purchasing power of the people and the recent natural disasters," the Communications and Information Ministry's director general of post and telecommunications, Gatot Dewa was quoted Tuesday by The Jakarta Post daily as saying. "Therefore, the fixed-line telephone rates will not be increased."
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The World Bank is asking the Indonesian government to return $4.7m (€3.7m) in loans for road projects after an internal investigation found that a contractor allegedly paid more than $300,000 in kickbacks to government officials. The graft allegations are the first to hit the World Bank’s projects in Indonesia since it asked for Jakarta to return $10m (€8m, £5m) related to a school textbook corruption scam in 2004.
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Vice President Jusuf Kalla confirmed Friday the government would drop a planned increase in electricity rates this year amid widespread opposition. Kalla said the government would likely provide around half of the extra subsidies needed by state electricity company PT PLN to cover rising fuel costs without having to increase rates, while the other half would have to be shouldered by PLN chiefly through efficiency measures.
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Indonesia shares ended at a record high Monday buoyed the central bank's move to defy market expectations and not hike its benchmark Bank Indonesia rate for the first time since July, analysts said.
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Indonesia's central bank raised its benchmark interest rate for the sixth time in four months to restrain inflation after government fuel-price increases. Bank Indonesia today raised the rate used as a reference for bill sales by half a percentage point to 12.75 percent. That's less than the 13.25 percent median forecast of 10 economists in a Bloomberg survey. The bank said inflation in Southeast Asia's largest economy may ease to 18 percent in December from a year earlier from a six-year high of 18.4 percent in November.
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President Susilo Bambang Yudhoyono's plan for a long-awaited Cabinet reshuffle has fueled expectations of changes in his government's economic team. It is likely that "one or two" ministers will be out of their current jobs after a long-promised evaluation of their performance, Yudhoyono said Wednesday, without elaborating.
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Bank Indonesia, the nation's central bank, raised its inflation forecast for this year to 14 percent from 12 percent after the government's more-than-expected fuel price increase, Governor Burhanuddin Abdullah said. The central bank expects October's inflation to accelerate 5.1 percent from the previous month, Abdullah said in a speech in Jakarta today.
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Indonesia's inflation accelerated at its fastest pace in 33 months in September, adding to expectations the central bank will raise interest rates again to curb the price pressures expected from the government's Oct. 1 fuel cost increase.
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In the wake of a two-month "mini crisis" that saw the rupiah hit a four-year low of 11,750 per dollar on August 30, Jakarta has finally announced an imminent and substantial reduction in fuel subsidies. The exact date and the level of cuts have yet to be announced, though there is widespread speculation over both. Vice President Jusuf Kalla has said fuel prices may rise as early as October 1 while National Development Planning Minister Sri Mulyani Indrawati has said an increase in November would be too late to help reduce subsidies to the level of Rp89.2 trillion. She said fuel prices might increase by at least 50% in October.
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Indonesia's government may raise fuel prices by at least 50 percent in October to avoid missing the budget deficit target as surging global prices boost the cost of subsidies, Planning Minister Sri Mulyani Indrawati said.
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Indonesia, the world's second-biggest exporter of palm oil, may have record exports of the commodity next year, helped by “ideal” growing conditions in key regions and a slump in the local currency, a US Government report said. Exports of palm oil, which is processed into cooking oil and margarine, and chemicals used in soap, may reach 9.6 million metric tonnes in the year ending September 2006, the Foreign Agricultural Service in Jakarta said in a report.
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India on Tuesday made a long-awaited move to increase retail prices of diesel and petrol. Indonesian officials also indicated they were considering bringing their own price rise forward to as early as October 1, following disappointment in financial markets over a vague plan unveiled last week.
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Indonesia's central bank raised its benchmark rate 50 basis points to 10.00% Tuesday, Bank Indonesia Governor Burhanuddin Abdullah told reporters at a media briefing. "The increase in the Bank Indonesia rate is in response to the central bank's policy to consistently guide inflationary expectations," Burhanuddin said.
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Legislators and government officials agreed to raise fuel subsidy spending under Indonesia's 2005 state budget for a second time to 138.6 trln rupiah from 76.5 trln after raising the oil price assumption to 54 usd a barrel from 45 usd previously, legislator Amin Said Husni said. The exchange rate assumption has also been raised to 9,800 rupiah to the dollar from 9,500 previously, said Husni, who chairs a working committee at the House of Representative's Budget Commission.
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Indonesia's central bank on Tuesday raised its benchmark target rate by three quarters of a percentage point to 9.5 percent and said it would increase banks' reserve requirements as it attempted to support the country's battered markets. Following are analysts' views on the policy moves.
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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.
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Car sales in Indonesia rose 28.3 percent in July compared with the same period in 2004, data from the largest automotive distributor showed on Saturday. PT Astra International Tbk, controlled by Singapore’s Jardine Cycle & Carriage Ltd, said a total of 49,388 cars were sold by all distributors in the country last month, bringing the year to date national sales to 345,167 units.
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Foreign forces including the US Navy can continue tsunami relief operations in Indonesia beyond a March 26 deadline, the government said as the disaster's overall death toll topped 168,000. In Thailand the leaders of Canada, Sweden, Norway and Finland, which all lost citizens in the tragedy, were discussing reconstruction and efforts to identify the dead, while non-governmental organisations said 2,500 Myanmese migrant workers may have died in one province alone.
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Indonesia's budget deficit will fall by almost a third, President Megawati Soekarnoputri said, as the fastest economic growth in nine years boosts revenue. The government's deficit next year will probably be 16.9 trillion rupiah ($1.83 billion), or 0.8 percent of gross domestic product, Megawati said in a speech to parliament to present the 2005 draft budget. That is 31 percent less than the 24.4 trillion rupiah projected for this year.
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The Jakarta stock market fell on Thursday, with some analysts saying an key factor was fears "market favorite" Susilo Bambang Yudhoyono might fail to win the president's job.
The Jakarta Composite Index ended lower by 1.54 percent or 11.92 points, to 759.742, on volume of 1.72 billion shares traded worth Rp 908.78 billion (US$101 million). Stock analyst Fendi A. Susiyanto of BNI Securities said the decline was attributable to profit-taking by investors following concerns Susilo might lose the runoff on Sept. 20 to incumbent President Megawati Soekarnoputri or Wiranto.
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With many investors converting their funds into dollar-based assets, Bank Indonesia (central bank) has been selling dollars in the international currency market. It has also been threatening to curb currency trading among commercial banks while raising banks' reserve requirements. Despite these efforts, the rupiah has shed almost 9 percent of its value against the U.S. dollar since Jan. 1.
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Consumer price index rose in November by 1.01 percent from the previous month, bringing the cumulative inflation in the first 11 months to 4.08 percent, strengthening hopes that full-year inflation will be lower than the initial government forecast of 6 percent to 7 percent. Chairperson of the Central Statistics Agency (BPS) Sudarti Soerbakti said that although the November inflation rate was quite high, the bureau was optimistic that full-year inflation would be below 6 percent.
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In what might be seen as bowing to public pressure ahead of the general election, the government on Tuesday delayed plans to raise telephone rates before the end of this year. "There will be no price hike for telephone rates (in the remaining period of) this year," Minister of Communications Agum Gumelar said, following a meeting with the House of Representatives Commission IV on telecommunications and transportation.
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If there remains a lack of confidence in Indonesia’s economy, no-one told the “huge crowd” that queued for a slice of the initial public offering of Bank Rakyat Indonesia (BRI) on Thursday (23/10/03). The Jakarta Post noted that very little noise has been made about the float, but word has clearly got around that, of all the banks on the market, this is the one that is producing the goods.
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The rupiah weakened on Friday against the U.S. dollar for the fourth consecutive day at Rp 8,490 per dollar, but the central bank said that the current movement was still "within range" and that intervention was unnecessary. Bank Indonesia senior deputy governor Anwar Nasution told reporters that the central bank had no plans so far to intervene in the market to support the local unit.
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Indonesia's central bank, Bank Indonesia, said on Thursday it had cut a key policy rate, the rupiah intervention rate, by 0.25 percentage points to 10.5 percent. The central bank has been guiding interest rates down for more than a year, although they still remain among the highest in Asia.
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Foreign investor sentiment toward Indonesia got a further boost Monday from a decision by Standard & Poor's to upgrade the country's credit rating by one notch. Although widely expected, the move nevertheless represents a vote of confidence in the government's bid to cut its public debt, and comes at a time when the country is looking to end its reliance on the International Monetary Fund and to tap the international debt market for the first time since the 1997-98 Asian crisis.
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The Indonesian Bank Restructuring Agency (IBRA) admitted that the challenges ahead would be "incredibly huge" in meeting its 2001 target. IBRA deputy chairman Slamet Sumantri said that the agency would find it difficult to obtain a good price for its banking assets because of competition from other similar agencies in neighboring countries.
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Vice President Megawati Soekarnoputri unveiled on Monday the draft 2001 state budget which will be unlikely to provide any stimulus to the economy because quite a large portion of the spending will go on servicing government debt and financing subsidies. The budget envisages state revenues at Rp 243 trillion (US$27.93 billion)and total spending at Rp 295.1 trillion, resulting in an estimated deficit of Rp 52.1 trillion or 3.7 percent of gross domestic product (GDP).
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