Indonesia To Maintain Currency At Fundamental Level Over Export Concerns

Jakarta, 28 Jumadil Awwal 1437/08 March 2016 (MINA) – Indonesian Economic Chief Minister Darmin Nasution said on Monday that the government wanted to keep rupiah at fundamental level against US dollar to keep the country’s export-import in check.

“Basically, we do not want rupiah to be too strong or too weak,” Nasution said at Borobudur Hotel.

He made the statement as rupiah on Monday strengthened for the 13th trading day in its longest rally in six years, Mi’raj Islamic News Agency (MINA) quoted Xinhua as reporting.

The currency traded at 13,029 per one US dollar on Monday, according to data from the central bank.

Indonesia’s export has been subdued in recent years as global demand weakened.

The government’s strong commitment to boosting investment by issuing a raft of stimulus package since September has helped rupiah strengthen against the greenback and pick up the country’s GDP growth.

Nasution added that rupiah that is too strong may accelerate the flow of imported products.

Rupiah movement on Monday stayed at its fundamental range, said Nasution.

Indonesia is the world’s largest exporter of palm oil, thermal coal, and the world’s third biggest exporter of rubber and cocoa, as well as home to the world’s second-biggest copper mine. (R07/R01)

Mi’raj Islamic News Agency (MINA)