Thu, 09 Jul 2015
Jakarta (ANTARA News) - The government is ready to meet fundamental economic challenges that the country is facing right now, President Joko Widodo (Jokowi) stated here on Thursday.

"We are currently facing fundamental economic challenges, but the government is prepared for it," he remarked during a meeting with academicians and members of the business community.

He affirmed that the countrys economy is currently experiencing a slowdown, as the engine for economic growth can no longer be relied upon.

"Our economy is ending its old cycle and leading to a new one. This is a fundamental transition from consumption to production and investment," he noted.

President Widodo stated that the engine of growth, driven by the exports of raw material commodities, is no longer productive, as the prices of commodities have sharply declined.

"We can no longer delay implementing a fundamental economic reform although it will be painful. There is no gain without pain. A lot of countries have failed to upgrade their engines of growth and have even pledged welfare without hard work. They are now on the brink of collapse. Indonesia must prevent it," he said.

The president emphasized that Indonesia must set up a new economic growth engine.

"What is now needed is a revolution in the managerial culture," he said.

To deal with currency depreciation, for instance, he suggested that the producers must not immediately raise the prices of their products but must instead seek ways to curb the prices and change the distribution and production system in order to make it more efficient.

"This has been going on for years while the high prices of products and services would only make our country less competitive," he pointed out.

He affirmed that in order to meet the challenge, the government in the short term will conduct economic stabilization, including on the prices of essentials.

He noted that government spending will also be optimized while awaiting the emergence of the new growth engine.

"We will exploit the available fiscal room," he added.

He said the government would also source investment funds from Japan, Korea, China, Singapore, Germany, and the United States.

"The funds are needed for investment to increase productivity and not for subsidy or consumptive projects," he remarked.

(Reporting by Agus Salim/Uu.H-YH/INE/KR-BSR/A014)



News Search/Filter
Transaction Rates
19 Jul 18
Buy
Sell
AED1
3,890.32
3,890.32
AFN1
196.14
196.14
ALL1
131.98
131.98
AMD1
29.76
29.76
ANG1
7,743.66
7,743.66
AOA1
56.27
56.27
ARS1
517.34
517.34
AUD1
10,572.38
10,572.38
AWG1
7,989.84
7,989.84
AZN1
8,393.46
8,393.46
BAM1
8,489.41
8,489.41
BBD1
7,144.93
7,144.93
BDT1
169.07
169.07
BGN1
8,499.80
8,499.80
BHD1
37,757.65
37,757.65
BIF1
8.06
8.06
BMD1
14,289.87
14,289.87
BND1
10,490.23
10,490.23
BOB1
2,067.58
2,067.58
BRL1
3,710.95
3,710.95
BSD1
14,289.87
14,289.87
BTC1
104,917,838
104,917,838
BTN1
208.17
208.17
BWP1
1,387.31
1,387.31
BYN1
7,182.67
7,182.67
BZD1
7,107.80
7,107.80
CAD1
10,851.01
10,851.01
CDF1
8.85
8.85
CHF1
14,306.82
14,306.82
CLF1
601,425.67
601,425.67
CLP1
21.88
21.88
CNH1
2,118.68
2,118.68
CNY1
2,126.91
2,126.91
COP1
4.98
4.98
CRC1
25.19
25.19
CUC1
14,289.87
14,289.87
CUP1
560.38
560.38
CVE1
150.41
150.41
CZK1
643.64
643.64
DJF1
80.28
80.28
DKK1
2,232.74
2,232.74
DOP1
287.04
287.04
DZD1
121.15
121.15
EGP1
798.38
798.38
ERN1
950.08
950.08
ETB1
514.57
514.57
EUR1
16,641.30
16,641.30
FJD1
6,833.16
6,833.16
FKP1
18,688.29
18,688.29
GBP1
18,688.29
18,688.29
GEL1
5,832.20
5,832.20
GGP1
18,688.29
18,688.29
GHS1
2,982.84
2,982.84
GIP1
18,688.29
18,688.29
GMD1
297.58
297.58
GNF1
1.57
1.57
GTQ1
1,907.42
1,907.42
GYD1
68.31
68.31
HKD1
1,820.63
1,820.63
HNL1
595.02
595.02
HRK1
2,250.40
2,250.40
HTG1
211.71
211.71
HUF1
51.30
51.30
IDR1
1.00
1.00
ILS1
3,929.36
3,929.36
IMP1
18,688.29
18,688.29
INR1
208.65
208.65
IQD1
11.98
11.98
IRR1
0.32
0.32
ISK1
133.73
133.73
JEP1
18,688.29
18,688.29
JMD1
108.92
108.92
JOD1
20,140.68
20,140.68
JPY1
126.67
126.67
KES1
142.13
142.13
KGS1
209.47
209.47
KHR1
3.52
3.52
KMF1
33.79
33.79
KPW1
15.87
15.87
KRW1
12.62
12.62
KWD1
47,164.10
47,164.10
KYD1
17,143.63
17,143.63
KZT1
41.40
41.40
LAK1
1.69
1.69
LBP1
9.45
9.45
LKR1
89.39
89.39
LRD1
88.72
88.72
LSL1
1,073.96
1,073.96
LYD1
10,411.70
10,411.70
MAD1
1,507.22
1,507.22
MDL1
856.81
856.81
MGA1
4.25
4.25
MKD1
270.24
270.24
MMK1
9.93
9.93
MNT1
5.85
5.85
MOP1
1,767.00
1,767.00
MRO1
40.19
40.19
MRU1
398.54
398.54
MUR1
413.59
413.59
MVR1
927.30
927.30
MWK1
19.67
19.67
MXN1
755.89
755.89
MYR1
3,520.10
3,520.10
MZN1
243.97
243.97
NAD1
1,074.02
1,074.02
NGN1
39.58
39.58
NIO1
450.16
450.16
NOK1
1,748.81
1,748.81
NPR1
130.11
130.11
NZD1
9,705.53
9,705.53
OMR1
37,119.15
37,119.15
PAB1
14,289.87
14,289.87
PEN1
4,367.98
4,367.98
PGK1
4,344.59
4,344.59
PHP1
267.27
267.27
PKR1
111.94
111.94
PLN1
3,859.98
3,859.98
PYG1
2.49
2.49
QAR1
3,924.71
3,924.71
RON1
3,574.96
3,574.96
RSD1
141.07
141.07
RUB1
226.71
226.71
RWF1
16.44
16.44
SAR1
3,810.32
3,810.32
SBD1
1,813.49
1,813.49
SCR1
1,055.42
1,055.42
SDG1
793.65
793.65
SEK1
1,612.39
1,612.39
SGD1
10,466.16
10,466.16
SHP1
18,688.29
18,688.29
SLL1
2.26
2.26
SOS1
24.65
24.65
SRD1
1,916.04
1,916.04
SSP1
109.69
109.69
STD1
0.67
0.67
STN1
675.64
675.64
SVC1
1,632.78
1,632.78
SYP1
27.74
27.74
SZL1
1,073.69
1,073.69
THB1
429.03
429.03
TJS1
1,517.71
1,517.71
TMT1
4,071.21
4,071.21
TND1
5,397.07
5,397.07
TOP1
6,183.18
6,183.18
TRY1
2,977.99
2,977.99
TTD1
2,119.70
2,119.70
TWD1
467.13
467.13
TZS1
6.26
6.26
UAH1
542.90
542.90
UGX1
3.81
3.81
USD1
14,289.87
14,289.87
UYU1
458.22
458.22
UZS1
1.83
1.83
VEF1
0.17
0.17
VND1
0.62
0.62
VUV1
131.43
131.43
WST1
5,520.45
5,520.45
XAF1
25.36
25.36
XAG1
222,407.23
222,407.23
XAU1
17,540,044.28
17,540,044.28
XCD1
5,287.55
5,287.55
XDR1
20,002.84
20,002.84
XOF1
25.36
25.36
XPD1
13,105,287.17
13,105,287.17
XPF1
139.45
139.45
XPT1
11,724,736.27
11,724,736.27
YER1
57.07
57.07
ZAR1
1,076.38
1,076.38
ZMW1
1,432.38
1,432.38
ZWL1
44.32
44.32
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