Mon, 16 Feb 2009
From: The Jakarta Globe
By Muhamad Al Azhari
The business community remains upbeat that the country will be able to achieve about 4 percent economic growth this year despite the global economic crisis, but that such a rate requires the delivery of a speedy fiscal stimulus package and stable macro-economic indicators.

“I think we can grow between 3 percent to 4 percent,” Sofyan Wanandi, chairman of the Indonesian Employers Association, or Apindo, told reporters at the sidelines of a forum attended by a number of top businessmen and some political party representatives.

Sofyan added: “But the government must immediately pour money into the infrastructure sector to stimulate the economy and the market. When people have purchasing power, they can buy our products.

“The planned spending on infrastructure, the National Program for People’s Empowerment and soft loans for small and medium enterprises will be quite helpful.”

He criticized the planned spending as being “too slow” in materializing and warned that the long delay would hamper the country’s economic growth.

The government is planning to deliver a Rp 71.3 trillion ($6.13 billion) fiscal stimulus package, which include Rp 43 trillion in tax relief for the private sector,

Rp 10.2 trillion for additional infrastructure spending outside of the Rp 70 trillion allocated in the current budget, an additional Rp 600 billion outside the existing Rp 16 trillion budget for the National Program for People’s Empowerment and an energy subsidy.

The stimulus package is currently pending House of Representatives approval.

On a separate occasion, James Riady, deputy chairman of the Indonesian Chamber of Commerce and Industry, or Kadin, said that 4 percent growth is reasonable, given the expectation that inflation is likely to ease. “The global situation has been worse than everybody fears, but fortunately the Indonesian situation has not been that bad,” he told reporters on Saturday. Riady is also chief executive of Lippo, which the Jakarta Globe is affiliated with.

“That’s a relief. I think it’s quite reasonable that they would achieve about 4 percent [of growth] because remember, inflation is also coming down. That will help the GDP at that level.”

Central Statistics Agency, or BPS, figures released on Feb. 2 showed that year-on-year inflation eased to a nine-month low of 9.17 percent in January, while on a month-on-month basis, prices fell by 0.07 percent in January, compared with a fall of 0.04 percent in December.

Bank Indonesia Governor Boediono told a hearing at the House on Thursday that the central bank expects inflation rate to keep easing to around 5 to 7 percent by the end of this year, helped with lower administered price - the price that the government controls such as fuel - and therefore helps maintain healthy consumer spending. The economy is still largely driven by household consumption.

BI’s senior deputy governor, Miranda Goeltom, had said that the central bank is still considering 4 percent to 5 percent growth, with a possibility of hitting a 4.5 percent midpoint, realistic if the government disburses the stimulus faster.

The Finance Ministry on Thursday downwardly revised its economic growth targets in the 2009 state budget. The ministry now projects 2009 growth of 4.2 percent to 4.7 percent, down from the 6 percent in the budget approved by the House last year.



News Search/Filter
Transaction Rates
22 Jul 18
Buy
Sell
AED1
3,897.35
3,897.35
AFN1
196.38
196.38
ALL1
133.47
133.47
AMD1
29.81
29.81
ANG1
7,753.99
7,753.99
AOA1
55.94
55.94
ARS1
519.14
519.14
AUD1
10,613.64
10,613.64
AWG1
8,002.03
8,002.03
AZN1
8,408.62
8,408.62
BAM1
8,586.19
8,586.19
BBD1
7,157.84
7,157.84
BDT1
170.57
170.57
BGN1
8,586.68
8,586.68
BHD1
37,907.47
37,907.47
BIF1
8.01
8.01
BMD1
14,315.68
14,315.68
BND1
9,474.38
9,474.38
BOB1
2,085.99
2,085.99
BRL1
3,798.27
3,798.27
BSD1
14,315.68
14,315.68
BTC1
106,439,240
106,439,240
BTN1
209.17
209.17
BWP1
1,391.67
1,391.67
BYN1
7,214.35
7,214.35
BZD1
7,117.75
7,117.75
CAD1
10,885.64
10,885.64
CDF1
8.85
8.85
CHF1
14,420.01
14,420.01
CLF1
595,246.63
595,246.63
CLP1
21.66
21.66
CNH1
2,111.86
2,111.86
CNY1
2,114.38
2,114.38
COP1
5.00
5.00
CRC1
25.22
25.22
CUC1
14,315.68
14,315.68
CUP1
561.39
561.39
CVE1
151.56
151.56
CZK1
648.69
648.69
DJF1
80.41
80.41
DKK1
2,252.02
2,252.02
DOP1
288.74
288.74
DZD1
121.66
121.66
EGP1
799.75
799.75
ERN1
945.59
945.59
ETB1
517.55
517.55
EUR1
16,790.85
16,790.85
FJD1
6,778.42
6,778.42
FKP1
18,800.80
18,800.80
GBP1
18,800.80
18,800.80
GEL1
5,851.63
5,851.63
GGP1
18,800.80
18,800.80
GHS1
2,985.54
2,985.54
GIP1
18,800.80
18,800.80
GMD1
297.93
297.93
GNF1
1.57
1.57
GTQ1
1,909.41
1,909.41
GYD1
68.89
68.89
HKD1
1,823.66
1,823.66
HNL1
595.74
595.74
HRK1
2,271.41
2,271.41
HTG1
213.21
213.21
HUF1
51.55
51.55
IDR1
1.00
1.00
ILS1
3,945.46
3,945.46
IMP1
18,800.80
18,800.80
INR1
208.23
208.23
IQD1
12.08
12.08
IRR1
0.32
0.32
ISK1
134.69
134.69
JEP1
18,800.80
18,800.80
JMD1
109.73
109.73
JOD1
20,177.02
20,177.02
JPY1
128.47
128.47
KES1
142.27
142.27
KGS1
209.76
209.76
KHR1
3.52
3.52
KMF1
34.07
34.07
KPW1
15.90
15.90
KRW1
12.69
12.69
KWD1
47,317.21
47,317.21
KYD1
17,167.72
17,167.72
KZT1
41.59
41.59
LAK1
1.71
1.71
LBP1
9.47
9.47
LKR1
90.11
90.11
LRD1
93.41
93.41
LSL1
1,066.69
1,066.69
LYD1
10,447.91
10,447.91
MAD1
1,517.69
1,517.69
MDL1
857.71
857.71
MGA1
4.26
4.26
MKD1
272.41
272.41
MMK1
9.94
9.94
MNT1
5.86
5.86
MOP1
1,772.05
1,772.05
MRO1
40.21
40.21
MRU1
399.32
399.32
MUR1
416.15
416.15
MVR1
929.58
929.58
MWK1
19.70
19.70
MXN1
752.53
752.53
MYR1
3,523.87
3,523.87
MZN1
242.04
242.04
NAD1
1,066.69
1,066.69
NGN1
39.87
39.87
NIO1
451.74
451.74
NOK1
1,750.19
1,750.19
NPR1
130.73
130.73
NZD1
9,743.25
9,743.25
OMR1
37,191.12
37,191.12
PAB1
14,315.68
14,315.68
PEN1
4,371.20
4,371.20
PGK1
4,364.12
4,364.12
PHP1
268.74
268.74
PKR1
111.56
111.56
PLN1
3,885.64
3,885.64
PYG1
2.51
2.51
QAR1
3,931.69
3,931.69
RON1
3,605.78
3,605.78
RSD1
142.30
142.30
RUB1
225.54
225.54
RWF1
16.47
16.47
SAR1
3,817.46
3,817.46
SBD1
1,815.32
1,815.32
SCR1
1,057.95
1,057.95
SDG1
797.84
797.84
SEK1
1,617.18
1,617.18
SGD1
10,508.46
10,508.46
SHP1
18,800.80
18,800.80
SLL1
2.19
2.19
SOS1
24.91
24.91
SRD1
1,919.50
1,919.50
SSP1
109.89
109.89
STD1
0.68
0.68
STN1
675.26
675.26
SVC1
1,634.87
1,634.87
SYP1
27.79
27.79
SZL1
1,066.69
1,066.69
THB1
430.98
430.98
TJS1
1,530.97
1,530.97
TMT1
4,078.56
4,078.56
TND1
5,430.80
5,430.80
TOP1
6,154.79
6,154.79
TRY1
2,988.10
2,988.10
TTD1
2,125.58
2,125.58
TWD1
468.07
468.07
TZS1
6.28
6.28
UAH1
545.16
545.16
UGX1
3.85
3.85
USD1
14,315.68
14,315.68
UYU1
462.36
462.36
UZS1
1.83
1.83
VEF1
0.13
0.13
VND1
0.62
0.62
VUV1
131.22
131.22
WST1
5,521.10
5,521.10
XAF1
25.59
25.59
XAG1
222,091.17
222,091.17
XAU1
17,634,710.43
17,634,710.43
XCD1
5,297.10
5,297.10
XDR1
20,045.25
20,045.25
XOF1
25.59
25.59
XPD1
14,173,942.16
14,173,942.16
XPF1
140.70
140.70
XPT1
11,860,548.12
11,860,548.12
YER1
57.19
57.19
ZAR1
1,066.35
1,066.35
ZMW1
1,463.28
1,463.28
ZWL1
44.40
44.40
Taxation Exchange Rates
31 Aug 16 - 06 Sep 16
USD 1
13,232.00
AUD 1
10,043.30
CAD 1
10,213.70
DKK 1
1,999.40
HKD 1
1,706.22
MYR 1
3,283.28
NZD 1
9,623.63
NOK 1
1,605.23
GBP 1
17,433.70
SGD 1
9,757.68
SEK 1
1,569.45
CHF 1
13,631.10
JPY 100
13,101.00
MMK 1
11.01
INR 1
197.29
KWD 1
43,920.70
PKR 1
126.23
PHP 1
285.00
SAR 1
3,528.53
LKR 1
91.12
THB 1
382.08
BND 1
9,756.53
EUR 1
14,885.50
CNY 1
1,987.61

Okusi Associates: Indonesian Business & Management Services