BPIS won't reschedule projects<\/p>\n
JAKARTA (JP): The Management Board of Strategic Industries (BPIS)
\nhas no plan to reschedule its industrial projects despite the
\nrupiah's sharp drop against the U.S. dollar, the board's chairman
\nB.J. Habibie said here yesterday.<\/p>\n
Habibie, also State Minister of Research and Technology, said
\nthe rupiah's depreciation would not cause the rescheduling of the
\nboard's strategic industrial projects.<\/p>\n
He said the strategic industrial projects were long-term,
\nwhile the ongoing monetary problem was temporary.<\/p>\n
\"What we are currently experiencing is like a sudden wind
\nstorm that is not likely to last,\" he told journalists following
\na meeting with President Soeharto.<\/p>\n
In the state of the nation address last week, Soeharto called
\non the government and businesses to review their investment
\nprojects and determine which should be given top priority and
\nwhich should be postponed, in view of the current currency
\nuncertainties.<\/p>\n
The rupiah depreciated dramatically against the U.S. dollar
\nafter the central bank removed the currency's intervention
\nband.<\/p>\n
The rupiah has depreciated more than 20 percent against the
\ndollar since January, with more than half of the drop taking
\nplace in the last three weeks due to speculative attacks from
\nfund managers.<\/p>\n
Habibie said the monetary situation was worsened by people's
\nhysteria. Everyone from speculators to consumers went into a
\ndollar-buying frenzy to profit from the strengthening greenback,
\nhe said.<\/p>\n
\"As an industrialist, I see no reason to panic, as it would
\nonly worsen our economy,\" he said.<\/p>\n
President Soeharto had instructed him to head the board's
\nshort, middle, and long-term projects, he said.<\/p>\n
Long-term projects such as the N-250 aircraft, for example,
\nwould be used to raise the country's foreign exchange earnings.<\/p>\n
He said the board, which oversees 10 large industrial
\ncompanies including the IPTN aircraft maker and Krakatau Steel,
\nthe country's largest steel producer, had consolidated and
\nrestructured recently to improve its efficiency and productivity.
\n(das)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/bpis-wont-reschedule-projects-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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