A collective effort to end the crisis

Even though a reform plan has been announced by the President, the market has failed to respond in a positive manner. Rather, its reaction has been negative.

The value of the rupiah has continued to decline, falling to a low of more than Rp 8,000 per U.S. dollar Wednesday (and plummeting to Rp 10,000 yesterday).

The composite index at the Jakarta Stock Exchange also dropped. What could be wrong (with the budget) in the eyes of market players?

It is suspected that certain parties abroad are seeking to benefit from the crisis in Indonesia. Under present circumstances it would not be too difficult to manipulate the rupiah's exchange rate. That rate is then published by wire agencies and used as a guide by players in this country.

To restore confidence in the rupiah it might be a good idea to follow the example of other countries such as Thailand and South Korea.

In Thailand, for example, a show of solidarity, called the Thai Chuay Thai campaign, has been set in motion. People voluntarily donate gold and foreign currency to the movement. For each US$50 donated, people receive a token inscribed with the words Savior of the Nation. In South Korea a similar campaign has been organized.

Would it be necessary, or possible, to start such a campaign in Indonesia?

Necessary, yes. However, it is not certain whether such a campaign here would be successful. After all, President Soeharto's call on our big business leaders and capital owners to bring their dollars home from abroad has had no impact.

The same goes for the team led by Radius Prawiro.

-- Bisnis Indonesia, Jakarta