Thu, 10 Sep 2015
Indonesian president Joko Widodo has unveiled a series of stimulus measures to lift slowing growth in South-East Asia's top economy and shore up the country's plunging currency.

In a televised address, Mr Widodo was joined by key policymakers to announce a broad range of measures including the slashing of red tape to woo investors, moves to bolster the rupiah and programs to help the poor.

The president said the stimulus was aimed at providing an "economic jump forward", and that two other parts of the package would be unveiled in the coming weeks.

Mr Widodo came to power last year pledging to boost the G20 economy but his government has faced criticism for a series of policy backflips, sending mixed messages to investors and a failure to get key initiatives off the ground.

In a bid to cut through red tape, the president said Wednesday that adjustments were being made to 89 regulations to simplify doing business and cut "irrelevant regulations which have hampered the competitiveness of national industry".

Policies announced to help the poor included the provision of cheaper fuel to fishermen, more funding to villages and the strengthening of a program to provide cheap rice.

Agus Martowardojo, governor of the central bank, Bank Indonesia, announced measures to help the rupiah, including improving the management of foreign exchange flows.

Other steps unveiled in the package included helping exporters with financing and making it easier for frequent foreign visitors to Indonesia to open bank accounts.

Mr Widodo had pledged to kickstart growth by creating new jobs for the young, starting a flurry of infrastructure projects and boosting the manufacturing sector.

But growth has continued to slide, hitting a six-year low of 4.7 per cent in the second quarter, while the rupiah has fallen to a 17-year low in recent months.

On Wednesday, the rupiah was changing hands at 14,250 to the US dollar.

Like other emerging markets, Indonesia has also been hit by external factors, such as expectations that the US will soon raise interest rates and China's devaluation of its currency.

Mr Widodo had already taken some steps to boost confidence in his economic management.

Earlier this month, he announced tax breaks for some industries and in August he replaced key economic ministers in a cabinet reshuffle.

Vice president a notable absentee from announcements

Due to illness, Indonesian vice president Jusuf Kalla was a notable absentee from Mr Widodo's economic announcement at the presidential palace.

Mr Kalla was hospitalised, reportedly with a heart condition, in what could be seen as a political blow for the country's new president.

The 73-year-old served as vice president for a term under the previous president Susilo Bambang Yudhoyono and returned as running mate for the current president.

Mr Kalla is seen as a key political ally for Mr Widodo because he was affiliated with a powerful opposition party, Golkar, which was officially backing Mr Widodo's opponent, Prabowo Subianto.

The vice president also reportedly missed a number of other key appointments.





News Search/Filter
Transaction Rates
17 Aug 18
Buy
Sell
AED1
3,905.20
3,905.20
AFN1
196.97
196.97
ALL1
129.72
129.72
AMD1
29.70
29.70
ANG1
7,779.22
7,779.22
AOA1
53.05
53.05
ARS1
482.59
482.59
AUD1
10,412.68
10,412.68
AWG1
8,002.51
8,002.51
AZN1
8,425.56
8,425.56
BAM1
8,339.10
8,339.10
BBD1
7,172.25
7,172.25
BDT1
169.85
169.85
BGN1
8,340.36
8,340.36
BHD1
38,040.23
38,040.23
BIF1
8.09
8.09
BMD1
14,344.51
14,344.51
BND1
9,494.90
9,494.90
BOB1
2,076.34
2,076.34
BRL1
3,672.98
3,672.98
BSD1
14,344.51
14,344.51
BTC1
93,022,162
93,022,162
BTN1
204.19
204.19
BWP1
1,327.51
1,327.51
BYN1
6,985.73
6,985.73
BZD1
7,140.60
7,140.60
CAD1
10,899.67
10,899.67
CDF1
8.81
8.81
CHF1
14,382.14
14,382.14
CLF1
613,537.92
613,537.92
CLP1
21.43
21.43
CNH1
2,088.40
2,088.40
CNY1
2,083.70
2,083.70
COP1
4.70
4.70
CRC1
25.29
25.29
CUC1
14,344.51
14,344.51
CUP1
562.53
562.53
CVE1
147.42
147.42
CZK1
633.80
633.80
DJF1
80.58
80.58
DKK1
2,187.63
2,187.63
DOP1
287.60
287.60
DZD1
120.51
120.51
EGP1
801.28
801.28
ERN1
956.52
956.52
ETB1
520.33
520.33
EUR1
16,312.52
16,312.52
FJD1
6,776.17
6,776.17
FKP1
18,235.54
18,235.54
GBP1
18,235.54
18,235.54
GEL1
5,777.74
5,777.74
GGP1
18,235.54
18,235.54
GHS1
2,942.99
2,942.99
GIP1
18,235.54
18,235.54
GMD1
297.85
297.85
GNF1
1.58
1.58
GTQ1
1,915.30
1,915.30
GYD1
68.60
68.60
HKD1
1,827.39
1,827.39
HNL1
596.94
596.94
HRK1
2,197.51
2,197.51
HTG1
212.99
212.99
HUF1
50.35
50.35
IDR1
1.00
1.00
ILS1
3,907.23
3,907.23
IMP1
18,235.54
18,235.54
INR1
204.87
204.87
IQD1
12.03
12.03
IRR1
0.33
0.33
ISK1
132.41
132.41
JEP1
18,235.54
18,235.54
JMD1
105.79
105.79
JOD1
20,217.69
20,217.69
JPY1
129.21
129.21
KES1
142.32
142.32
KGS1
210.52
210.52
KHR1
3.52
3.52
KMF1
33.13
33.13
KPW1
15.93
15.93
KRW1
12.72
12.72
KWD1
47,291.38
47,291.38
KYD1
17,222.41
17,222.41
KZT1
39.84
39.84
LAK1
1.68
1.68
LBP1
9.49
9.49
LKR1
89.42
89.42
LRD1
92.81
92.81
LSL1
1,006.27
1,006.27
LYD1
10,301.69
10,301.69
MAD1
1,499.65
1,499.65
MDL1
862.45
862.45
MGA1
4.31
4.31
MKD1
264.97
264.97
MMK1
9.39
9.39
MNT1
5.87
5.87
MOP1
1,775.17
1,775.17
MRO1
40.12
40.12
MRU1
399.01
399.01
MUR1
411.60
411.60
MVR1
927.84
927.84
MWK1
19.72
19.72
MXN1
755.05
755.05
MYR1
3,493.97
3,493.97
MZN1
243.17
243.17
NAD1
986.73
986.73
NGN1
39.73
39.73
NIO1
450.07
450.07
NOK1
1,691.33
1,691.33
NPR1
127.61
127.61
NZD1
9,443.94
9,443.94
OMR1
37,262.35
37,262.35
PAB1
14,344.51
14,344.51
PEN1
4,331.07
4,331.07
PGK1
4,331.66
4,331.66
PHP1
268.49
268.49
PKR1
116.85
116.85
PLN1
3,788.58
3,788.58
PYG1
2.49
2.49
QAR1
3,939.64
3,939.64
RON1
3,501.99
3,501.99
RSD1
138.24
138.24
RUB1
214.51
214.51
RWF1
16.34
16.34
SAR1
3,824.49
3,824.49
SBD1
1,818.26
1,818.26
SCR1
1,055.61
1,055.61
SDG1
797.35
797.35
SEK1
1,560.13
1,560.13
SGD1
10,425.93
10,425.93
SHP1
18,235.54
18,235.54
SLL1
2.19
2.19
SOS1
24.80
24.80
SRD1
1,923.37
1,923.37
SSP1
110.11
110.11
STD1
0.68
0.68
STN1
664.86
664.86
SVC1
1,640.18
1,640.18
SYP1
27.85
27.85
SZL1
986.74
986.74
THB1
432.12
432.12
TJS1
1,522.82
1,522.82
TMT1
4,086.80
4,086.80
TND1
5,178.91
5,178.91
TOP1
6,208.30
6,208.30
TRY1
2,451.13
2,451.13
TTD1
2,129.41
2,129.41
TWD1
466.32
466.32
TZS1
6.27
6.27
UAH1
519.35
519.35
UGX1
3.82
3.82
USD1
14,344.51
14,344.51
UYU1
454.32
454.32
UZS1
1.84
1.84
VEF1
0.10
0.10
VND1
0.62
0.62
VUV1
132.20
132.20
WST1
5,541.56
5,541.56
XAF1
24.86
24.86
XAG1
211,794.36
211,794.36
XAU1
17,029,164.34
17,029,164.34
XCD1
5,307.77
5,307.77
XDR1
20,003.03
20,003.03
XOF1
24.86
24.86
XPD1
14,202,491.66
14,202,491.66
XPF1
136.69
136.69
XPT1
11,287,962.18
11,287,962.18
YER1
57.30
57.30
ZAR1
984.95
984.95
ZMW1
1,403.71
1,403.71
ZWL1
44.49
44.49
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