US$600,000 sold in `Love Rupiah' drive<\/p>\n
JAKARTA (JP): Politicians, tycoons, religious leaders and
\nsenior government officials sold American dollars yesterday as
\nthey joined in the \"Love Rupiah\" campaign aimed at restoring
\npeople's confidence in the national currency.<\/p>\n
More than US$600,000 were exchanged for rupiah in drives held
\nseparately at Bank Indonesia (central bank) and the House of
\nRepresentatives.<\/p>\n
The campaign, however, has received a cool response in the
\nmarket. Most money changers in Jakarta reported that there were
\nmore buyers than sellers of the American greenback yesterday.<\/p>\n
The rupiah also weakened during the day, closing at Rp
\n8,600\/8,800 to the dollar compared to Friday's closing of Rp
\n7,800\/8,300.<\/p>\n
On Sunday, popular Moslem preacher Zainuddin M. Z. launched
\nthe \"Love Indonesia\" moral campaign, by donating 100 grams of
\ngold and appealed to others, particularly businesspeople, to do
\nthe same \"for their love of the country\".<\/p>\n
The \"Love Rupiah\" campaign was sparked by Siti Hardiyanti
\nRukmana, a businesswoman and eldest daughter of President
\nSoeharto, who exchanged $50,000 for rupiah Friday and then called
\non fellow compatriots to join in the endeavor.<\/p>\n
The Indonesian Editors Group, comprising senior journalists,
\nformally launched the campaign yesterday at Bank Indonesia's
\noffice on Jl. Thamrin.<\/p>\n
\"I'm very touched. I hope others will follow. They can sell
\nwhatever amount of dollars they have,\" host Bank Indonesia
\ngovernor J. Soedradjad Djiwandono said.<\/p>\n
\"We must love and appreciate our own currency,\" Minister of
\nFinance Mar'ie Muhammad, who witnessed the ceremony, said.<\/p>\n
He specifically called on exporters to unload their dollars.<\/p>\n
\"We're all in the same boat. If its smooth sailing, we'll be
\nhappy together. But if the sailing is rough, we're all in
\ntrouble.\"<\/p>\n
The state-owned Bank Bumi Daya opened a counter at the event
\nyesterday to buy up the dollars at an exchange rate of Rp 6,950
\nto the dollar, well below the market rate.<\/p>\n
Leading the pack were Aburizal Bakrie, the chairman of the
\nIndonesian Chamber of Commerce and CEO of the Bakrie Group, and
\nThe Nin King of the Agro Pantes group. They each changed
\n$100,000.<\/p>\n
Hotelier Sukamdani Sahid Gitosardjono changed $50,100 and then
\npledged to donate 1 kg in gold to Zainuddin's cause.<\/p>\n
The Nin King said: \"I don't know anything about economics. But
\nI think we must support this kind of drive.\"<\/p>\n
His group, which exports $300 million worth of textiles and
\nauto components each year, always converted its earnings into
\nrupiah, he said.<\/p>\n
Mar'ie also sold $1,000 and Director General of Taxation Fuad
\nBawazier changed $500. But it was not immediately clear whether
\nSoedradjad, who controls the country's $20 billion foreign
\nexchange reserves, also sold his personal dollar holdings.<\/p>\n
Others who joined the campaign included businessman Iman
\nTaufik ($100,000), Moslem scholar Ali Yafie ($200), businessman
\nAmiruddin Saud ($4,000), lawyer Amir Syamsuddin ($50,000) and
\nBambang Rachmadi, the owner of the McDonald outlets in Indonesia
\n($10,000).<\/p>\n
Since the drive is tied to the \"Love Indonesian Products\" and
\n\"Save and Lead a Simple Life\" campaigns, some of them did not
\ncollect their rupiah, but put the money in their savings
\naccounts.<\/p>\n
Uni Z. Lubis of the Indonesian Editors Group, said the
\ncampaign would continue at the BDN building on Jl. Thamrin on
\nWednesday, Bank Ekspor Impor Indonesia on Jl. Gatot Subroto on
\nThursday and Bank Rakyat Indonesia on Jl. Jend. Sudirman on
\nFriday.<\/p>\n
At the House of Representatives, members of the People's
\nConsultative Assembly changed some $10,000 at a bank branch
\noffice as they joined in the campaign.<\/p>\n
Hartono, an assembly member and minister of information, sold
\n$1,210, and said: \"Don't look at the amount. This is a
\nspontaneous move to inspire others to follow suit and turn this
\ninto a national movement.\"<\/p>\n
The other Assembly members joining in the campaign included
\nMaj. Gen. Susilo Bambang Yudhoyono, assistant to the chief of the
\nArmed Forces department of sociopolitical affairs ($1,300), and
\nEddy Waluyo, chief of the Jakarta Legislative Council ($1,200).
\nGolkar secretary-general Ary Mardjono changed $2,000 and Bali
\ngovernor Ida Bagus Oka sold $1,750.<\/p>\n
Indra Rukmana, husband of Hardiyanti, and other top executives
\nof the Citra Group also changed dollars at the BDN bank branch on
\nJl. Kebon Jeruk.<\/p>\n
Indra, chairman of the group, sold $50,000, but then
\ncriticized that the low exchange rate offered by banks could
\ndiscourage more people from letting go of their dollars.<\/p>\n
\"The spread between the buying and selling rate is too wide,
\nreaching Rp 3,000 to Rp 4,000,\" he said. (jun\/rid\/amd\/gis\/edt)<\/p>\n
Editorial -- Page 4<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/us600000-sold-in-love-rupiah-drive-1447893297", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }