Jakarta,
Nov 30 (Antara) - The public has been called upon to remain calm
following downward fluctuations of the rupiah, which has been
depreciating against the US dollar, falling from Rp11,335 earlier this
month to Rp12,017 on Friday morning.
"We
must remain calm and continue our activities as before. The rupiah's
depreciation to 12 thousand against the US dollar is mainly due to
global conditions," Bank Indonesia (central bank) governor Agus
Martowardojo said here on Friday.
The rupiah weakened by 133 points to Rp12,017 on Thursday evening from
the previous day's position. It weakened further to Rp12,018 on Friday
morning, though it strengthened again to Rp11,965 in the evening.
Finance Minister Chatib Basri said the rupiah¿s value against the
Greenback was improved at the closing on Friday evening at Rp11,965
against the US dollar.
"The development of the rupiah today is relatively good, but we must remain on alert," the minister said Friday night.
He noted that the rupiah has continued to depreciate in the past few
days, but the government and the central bank, Bank Indonesia (BI),
increased coordination in the face of developments in the rupiah.
BI's governor Agus Martowardojo has urged economic participants in the
country not to panic over the depreciation of the rupiah to 12 thousand
against the US dollar.
He said global unease, especially uncertainty with regard to the
Federal Reserve's planned reduction of its monetary stimulus, is
contributing to pressure on the exchange value of the rupiah.
"The US Federal Reserve is deciding whether or not it should taper its
monetary stimulus. There have been good and bad economic indicators and
investors are still uncertain about what will happen. That is affecting
the value of the rupiah," he added.
The governor noted that, in general, economic conditions in industrial
nations are likely to improve. The crisis situation in Europe will also
ease, he predicted. "In Europe, consumer confidence has begun to
improve," he added.
In developing countries, however, pressures on growth are expected to
continue, Agus said. "In Indonesia, the pressure on the exchange rate is
because demand for the dollar is high. Several investors opt to change
their investment positions at the end of the month. So, we believe that
this is a temporary phenomenon," he pointed out.
According to Ariston Tjendra, chief researcher at Monex Investindo
Futures, the Indonesian currency came under pressure and even fell to a
record low as money market participants grew concerned about the
country's current account deficit.
"Sentiment
toward the rupiah has not improved. Worries about the current account
deficit are still high. Imports may slow down. However, exports are
expected to increase enough to boost market confidence in the economy,"
he added.
The dollar continued to appreciate against the rupiah following reports
that the US Federal Reserve would reduce its monetary stimulus soon.
Market analyst of Bank Himpunan Saudara Ruly Nova said the rupiah
exchange value on Friday evening returned to a positive area after
strengthening to Rp11,965, even though it was overshadowed by the
country's current account deficit.
The Rupiah at the interbank transaction on Friday evening increased by 62 points to Rp11,965 from Rp12,027.
"However,
the strengthening of the rupiah was limited by being overshadowed by
the current account deficit sentiment," Ruly Nova said.
Also, corporate demand for the dollar currency to finance their
activities inclined to increase in the run-up to the year-end, causing
the rupiah to not significantly strengthen.
For Indonesia has risks of capital outflow amid The Federal Reserve's
plan to taper its financial stimulus. "Basically, the rupiah currency
will still continue to fluctuate pending the issuance of the Indonesian
economic data and the realization of the tapering of the financial
stimulus by the Federal Reserve," he said.
Finance Minister Chatib Basri concurred with Nova, saying there were
two reasons for the rupiah¿s depreciation, namely concerns in the face
of The Fed's tapering off plan and the increase in demand for US dollars
in the run-up to the end of the year.
He explained that the tapering of the monetary stimulus by The Fed was
an external factor which caused the rupiah and other currencies in the
Asian countries to weaken. "Yesterday, not only the rupiah, but also
other currencies, such as the Peso in the Philippines and the Baht of
Thailand, also fell," the minister said.
The increasing demand for foreign exchange was an external factor that
caused the fall of the rupiah. The demand was high because companies had
high debts from interest rates to pay at the end of the year.
"In the run-up to the end of the year, companies have to pay their
interest rates and possible imports, so that as per November they have
to pay an amount of US$6.3 billion," Chatib said.
The minister said that one of the ways that could be used to face the
volatility of the rupiah was to offset the current account deficit.
Therefore, he said, the government's economic policy packages, issued
last August, and the ones to be issued in December 2013, would become
important polices in responding to the deprecation of the rupiah.
"It is important to implement the economic policy packages, and we are
happy the polices have gained good progress. Next week, the government
will issue a policy with regard to imports and increasing exports," said
the finance minister.
In the meantime, President Susilo Bambang Yudhoyono continues to
monitor developments in the rupiah¿s depreciation and its impact on
regional activities.
"The
President continues to monitor fluctuations of the rupiah currency and
regional economic activities. He also asked ministers to focus on making
the structural reforms a success, especially structural reforms on
matters that are related to the rupiah exchange rate, stimulus to the
business world and the people's purchasing power," Presidential Special
Staff on Economic and Development Affairs Firmanzah said.
The
government, he noted, will continue to coordinate with the monetary
authority, financial industry supervising agency, deposit guarantee
agency and Bank Indonesia.***3***
(T.A014/INE/o001)
(EDITED BY INE)
(T.A014/A/BESSR/O. Tamindael) 30-11-2013 12:20 |
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