• Breaking News

    Saturday, June 28, 2014

    FM Optimistic on Stabilization of Rupiah

    Tobapos -- Finance Minister Chatib Basri said here on Friday he believed the rupiah exchange rate will stop fluctuating and stabilize again after the presidential election on July 9.

    "Once the presidential election on July 9 is over, the exchange rate will appreciate again," he said.

    Chatib noted that the new leadership will be confirmed after the election, and its peaceful implementation will calm the market players, adding that investors are still worried about the implementation of the election.

    "They continue to question how the election will proceed, and whether the existing policy will change if one or the other is elected. That is the issue," he said.

    Chatib said foreign market players were keenly observing the election in Indonesia and hoped it will not result in conflicts.

    "They hope the election will produce a landslide victory so that no dispute will occur. If the result of the election leaves a very small margin, they fear it will result in dispute and will be brought before the constitutional court. What they often ask is whether the election will be peaceful," he said.

    Chatib responded that he had always asked them not to worry as this is not the first election that Indonesia is facing.

    He said the government will also strive to maintain fiscal stability by keeping the current account deficit below three percent of the GDP, while opportunities for foreign investment remain open to boost growth.

    "With regard to fiscal policy, we have set a limit for the deficit, which may not exceed three percent, and whoever the president is will have to continue to keep Indonesia open for investment, if he wants the country's economy to grow seven percent because he will have to rely exclusively on domestic savings for growth," he remarked.

    The Indonesian rupiah appreciated 119 points to Rp11,980 against the US dollar at an interbank transaction in Jakarta from Rp12,099 recorded the day before.

    Meanwhile, the rupiah middle rate at Bank Indonesia was down to Rp12,103 per US dollar from Rp12,091 the previous day. (ant/adm)

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