Exporters' greed and hypocrisy

Why has the strengthening of the rupiah against the U.S. dollar to about Rp 7,000 worried our exporters? Is it because the profit they reaped was not enough when the value of rupiah against the U.S. dollar was very weak at Rp 15,000?

I am really disappointed with the government's reaction to the appreciation of the rupiah against the U.S. dollar. Instead of expressing gladness over the strengthening exchange value of rupiah, the government is worried that our exporters will reap less profit. It seems that the government pays more attention to exporters -- not to say spoils them -- over the 200 million Indonesian people whose income is earned in rupiah. Is it fair?

Or, perhaps, our officials have safely stashed their U.S. dollars abroad and are therefore worried that their deposits will decrease in value.

Imagine this scenario. With $1 valued at Rp 7,000, our high- ranking officials earning Rp 10 million ($1,428) a month are not far different in terms of salary from housemaids, chauffeurs and babysitters abroad, who generally earn a monthly average of $1,000.

Therefore, government officials must be careful when talking about the ideal exchange rate of only Rp 7,000 to Rp 8,000 to the dollar. As an Indonesian, I personally believe that the ideal exchange rate is Rp 1,000 to the dollar, which is very unlikely. However, in the absence of constraints posed by the U.S. dollar depositors referred to above, I believe that it is very likely that the exchange rate will return to its previous level of Rp 2,500 to the dollar.

ST. TRIDASA TOSIB

Jakarta