Rupiah dip will boost Indonesian exports-FinMin

0 views
Skip to first unread message

Dennis L. Fiddle

unread,
Dec 15, 1997, 3:00:00 AM12/15/97
to

[ Reuters]

[Petry]

[ Business | US Market | Industry | IPO | S&P | International | PRNews |
BizWire | Finance Home ]

----------------------------------------------------------------------------
Friday December 12, 11:24 am Eastern Time

Rupiah dip will boost Indonesian exports-FinMin

NEW YORK, Dec 12 (Reuters) - Indonesian Finance Minister Mar'ie Mummamad
said he expected a highly competitive Indonesian export sector as a result
of recent currency depreciation.

``The exports (sector) is highly important,'' he told reporters at an Asia
Society event here.

The government has embarked on developing policies to boost exports,
Muhammad said.

A weak rupiah could hurt Indonesian companies with borrowings denominated in
foreign currencies. But it would help exporters, who would expect more
orders because their products had become cheaper on world markets.

Muhummad said Indonesian exporters, namely in primary products such as palm
oil and other commodities, are reaping the benefits of a lower currency.

He said he does not blame speculators for causing the rupiah's sharp
depreciation. Overnight, the rupiah recorded its largest ever one-day
plunge, falling nearly 11 percent to 5,225 per dollar before rebounding
somewhat.

In late morning New York trade, the Indonesian unit stood at 5000 per
dollar.

Asked whether the Indonesian government would try to curb the currency
flight, Muhammad said, ``We will do something.'' He gave no specifics.

-------------------------
Related News Categories: options
-------------------------

Help

---------------------------------------------------------------- [ Yahoo! ]
Copyright © 1997 Reuters Limited. All rights reserved.
Republication or redistribution of Reuters content is expressly prohibited
without the prior written consent of Reuters. Reuters shall not be liable
for any errors or delays in the content, or for any actions taken in
reliance thereon
Important Disclaimers and Legal Information
Questions or Comments?

source http://biz.yahoo.com/finance/971212/rupiah_dip_will_boos_1.html

--
dfi...@mn.uswest.net (Dennis L. Fiddle)
E-mail replies are welcome. Anonymous posts will be ignored.

Reply all
Reply to author
Forward
0 new messages