Get ready for euro: Banker

JAKARTA (JP): Indonesian importers and exporters should prepare seriously to benefit from the introduction of a single currency in the European Union, a financial executive has said.

Tony Jennings, Standard Chartered Bank's Euro coordinator for the Asia Pacific region, said the preparation was needed because the euro would be a legal currency from next year.

Euro notes and coins will only be available on Jan. 1, 2003, but the currency will become legal tender from Jan. 1, next year, meaning it can be used in financial markets and for a range of company activities.

"Indonesian importers and exporters should, therefore, prepare themselves and talk with their European partners on policies they will take in the use of the euro money," he said at a workshop.

Jennings said Indonesian banks should also prepare themselves properly for the introduction of the euro.

"Indonesian banks should not be surprised to see European travelers exchanging their euro travelers cheques for rupiah," he added. (aly)