Indonesia Vice President:Government "Comfortable" With Dollar At IDR12,000
Friday November 28th, 2008 / 7h46
JAKARTA -(Dow Jones)- The Indonesian government is "comfortable" with the rupiah's current level of around 12,000 to the dollar given a worsening global economy, Vice President Jusuf Kalla said Friday. "The rupiah's exchange value at 12,000 (to the dollar) is still realistic," Kalla said. He said the currency's recent weakness provides a benefit to exporters who can earn better margins when they convert foreign currency earnings, and thus make up for some easing in export demand. "Exporters are benefiting at this level. It is normal, and it is stable. The government is comfortable with 12,000. The whole world overall is undergoing turmoil...so that level is not a problem," Kalla told reporters. He hopes that Bank Indonesia will "align" its interest rates "with the situation and conditions at present" in world markets. Kalla didn't elaborate on that statement, but it seemed to be a reiteration of comments he made several days ago, in which he had indicated a preference for loosening monetary policy. Bank Indonesia's benchmark rate is now 9.50%. -By Jakarta Bureau, Dow Jones Newswires; 62 21 3983 1277; Reuben.Carder@dowjones.com
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