Currency Exchange Rate

Rupiah Exchange Rate Still Weak

VIVAnews – The global economic crisis has affected the exchange rate for Rupiah. As of this morning, Thursday, 08.50am, Bloomberg shows Rupiah at Rp 12,250 per US dollar.

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However, Finance Minister Sri Mulyani assured that Rupiah is still in a safe zone. The fall in its exchange rate is not as severe compared to other currencies in the region.

“This is still considered appropriate with the supply and demand in developing countries such as ours,” said Mulyani after a meeting with Indonesia’s central bank, Bank Indonesia, in Jakarta, Nov. 19.

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“We are still in a relatively safe zone.”  At least as compared to other currencies, such as Australian dollar, Singapore dollar, Thai baht, and Indian rupee, have depreciated by 30 to 40 percent. However, that does not mean the public should do nothing about it.  “Business actors, including the public, must start adjusting to the temporary equilibrium level,” she said.

Mulyani hopes that the level of Rupiah at around 12,000/US$ is not to be considered a permanent figure because it will cause difficulties to all parties. Therefore, the government will continue its efforts to increase exports, even though this would be difficult. “The United States economy currently, as we know from Washington yesterday, is not doing so well. Therefore request for imports from Asia would fall sharply,” she said.

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Therefore, despite governmental efforts to increase exports, she believes that her request will be limited. Other alternatives, such as China, are not much different. China at this time is trying to improve its economic growth by injecting Rp 500 trillion to stimulate expansion

The government is making efforts to improve exports and reduce imports, without halting economic growth. “We can reduce consumption, but if we decrease imports of capital goods, it will hamper our economic activities in the future,” she said.

As covered by VIVAnews reporters: Umi Kalsum, Nur Farida Ahniar

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