{
    "success": true,
    "data": {
        "id": 1244481,
        "msgid": "bi-aims-to-cut-inflation-to-6-7-in-five-years-1447893297",
        "date": "2002-03-16 00:00:00",
        "title": "BI aims to cut inflation to 6-7% in five years",
        "author": null,
        "source": "JP",
        "tags": null,
        "topic": null,
        "summary": "BI aims to cut inflation to 6-7% in five years The Jakarta Post, Jakarta Bank Indonesia said in its 2001 annual report released on Thursday that it was committed to gradually lowering the inflation rate to between 6 percent and 7 percent in the next five years. The central bank, however, did not provide details on how it would achieve the target. Lowering inflation, after the country was hit by hyper inflation of more than 77 percent in 1998, has been one of the main goals of Bank Indonesia.",
        "content": "<p>BI aims to cut inflation to 6-7% in five years<\/p>\n<p>The Jakarta Post, Jakarta<\/p>\n<p>Bank Indonesia said in its 2001 annual report released on<br>\nThursday that it was committed to gradually lowering the<br>\ninflation rate to between 6 percent and 7 percent in the next<br>\nfive years.<\/p>\n<p>The central bank, however, did not provide details on how it<br>\nwould achieve the target.<\/p>\n<p>Lowering inflation, after the country was hit by hyper<br>\ninflation of more than 77 percent in 1998, has been one of the<br>\nmain goals of Bank Indonesia.<\/p>\n<p>Lower inflation would help improve the country's investment<br>\nclimate, an important condition for sustainable economic<br>\nrecovery.<\/p>\n<p>The central bank has targeted inflation -- basing its monetary<br>\npolicy on achieving a set level of inflation -- as its major<br>\npolicy. This is achieved by targeting the supply of money,<br>\nsetting an actual inflation objective or managing the exchange<br>\nrate.<\/p>\n<p>But analysts have said that although Bank Indonesia has become<br>\nan independent central bank since May 1999, inflation targeting<br>\nwill still be difficult to implement because of the considerable<br>\npolitical and private sector pressures.<\/p>\n<p>The high interest rate policy set by Bank Indonesia last year,<br>\nfor instance, was strongly criticized by the government and the<br>\nbusiness sector.<\/p>\n<p>The government wants the interest rate to be low to minimize<br>\nthe burden of covering the interest rate of bonds issued to<br>\nrecapitalize banks. Meanwhile, the business sector needs cheaper<br>\nbank loans for working capital.<\/p>\n<p>Elsewhere, Bank Indonesia said that it was maintaining its<br>\nearlier forecast for this year's macroeconomic outlook including<br>\neconomic growth of between 3.5 percent and 4 percent, inflation<br>\nof between 9 percent and 10 percent, and an exchange rate of the<br>\nrupiah against the U.S. dollar at between Rp 9,500 and Rp 10,500.<\/p>\n<p>The central bank said that consumption would continue to be<br>\nthe main mover of the country's economic growth this year,<br>\nalthough the current high inflation environment would make<br>\nconsumption growth slower than last year.<\/p>\n<p>Bank Indonesia also said that the country was expected to book<br>\na current account surplus of around US$3.1 billion this year,<br>\nalthough it would be lower than the level in 2001. These<br>\nassumptions, BI said in the report, were based on the higher<br>\nexpected growth of imports than exports.<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/bi-aims-to-cut-inflation-to-6-7-in-five-years-1447893297",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}