ID :
46142
Tue, 02/17/2009 - 19:09
Auther :
Shortlink :
https://www.oananews.org//node/46142
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BI OPTIMISTIC TO HAVE MORE `AMMUNITION` TO STRENGTHEN RUPIAH
Jakarta, Feb 17 (ANTARA0 - Bank Indonesia (BI) Governor Boediono said he was optimistic the central bank would soon have some more "ammunition" to strengthen the country's currency which had been on a continuous slide lately.
"We keep monitoring developments affecting the rupiah and we will soon have some more ammunition," Boediono said after a meeting with the House of Representatives (DPR)'s Commission XI here on Tuesday.
He said the ammunition he meant was the government's plan to seek foreign loans to strengthen the budget and the rupiah.
Regarding BI's bilateral swap agreements with a number of foreign countries, Boediono said they were facilities that could be used any time by member states that needed them.
"Indeed there were suggestions for increasing swap funds but they will be made known later after the deals have been made," he said.
He said the downward trend in the local currency's exchange rate was not only occurring in Indonesia but also in other countries. "It is also happening in other countries because the currencies are inter-linked," he said.
Finance Minister Sri Mulyani had earlier said that acceleration of the Chiang Mai Initiative would be on the agenda of the annual meeting of the Asian Development Bank (ADB) in Bali.
The amount of funds for the Chiang Mai Initiative Multi lateralization (CMIM) cooperation a joint effort to overcome the impact of the current global financial crisis on member countries was expected to be made known at the ADB meeting.
It was hoped market confidence would be improved with an increase in the amount of the pooling funds accessible by member countries as an additional foreign exchange reserve that member countries could use.
The ASEAN + 3 (Japan, South Korea and China) as a model region with a stable economic growth was expected to be a push for the creation of economic cooperation in Asia and the Pacific.
The implementation of the CMIM included quick provision of significant liquidity as a foreign exchange reserve on concessional terms needed not only for minimizing the direct impact of the crisis but also its continuing impact on member countries.
The ADB would give support among others in the form of a surveillance in cooperation with the ASEAN secretariat.
Regarding the country's slowing economic growth, Boediono said the economy usually dropped in the fourth quarter. "I think growth usually drops in the fourth quarter," he said.***
"We keep monitoring developments affecting the rupiah and we will soon have some more ammunition," Boediono said after a meeting with the House of Representatives (DPR)'s Commission XI here on Tuesday.
He said the ammunition he meant was the government's plan to seek foreign loans to strengthen the budget and the rupiah.
Regarding BI's bilateral swap agreements with a number of foreign countries, Boediono said they were facilities that could be used any time by member states that needed them.
"Indeed there were suggestions for increasing swap funds but they will be made known later after the deals have been made," he said.
He said the downward trend in the local currency's exchange rate was not only occurring in Indonesia but also in other countries. "It is also happening in other countries because the currencies are inter-linked," he said.
Finance Minister Sri Mulyani had earlier said that acceleration of the Chiang Mai Initiative would be on the agenda of the annual meeting of the Asian Development Bank (ADB) in Bali.
The amount of funds for the Chiang Mai Initiative Multi lateralization (CMIM) cooperation a joint effort to overcome the impact of the current global financial crisis on member countries was expected to be made known at the ADB meeting.
It was hoped market confidence would be improved with an increase in the amount of the pooling funds accessible by member countries as an additional foreign exchange reserve that member countries could use.
The ASEAN + 3 (Japan, South Korea and China) as a model region with a stable economic growth was expected to be a push for the creation of economic cooperation in Asia and the Pacific.
The implementation of the CMIM included quick provision of significant liquidity as a foreign exchange reserve on concessional terms needed not only for minimizing the direct impact of the crisis but also its continuing impact on member countries.
The ADB would give support among others in the form of a surveillance in cooperation with the ASEAN secretariat.
Regarding the country's slowing economic growth, Boediono said the economy usually dropped in the fourth quarter. "I think growth usually drops in the fourth quarter," he said.***
