Indonesia orders energy companies to bank locally
Jakarta (ANTARA News) - Oil and gas companies doing business in Indonesia must use local banks for their transactions from December onwards, a move to help the struggling rupiah, an official said Thursday.
"The benefit is that our balance of payments will improve," Raden Priyono, chairman of upstream oil and gas regulating body BP Migas, was quoted by AFP asa telling Dow Jones Newswires.
Priyono said the new policy could bring in around 11 billion dollars to the country next year.
The Indonesian rupiah slumped to 10-year lows early Thursday of 12,250 against the dollar, its lowest since September 1998. (*)
"The benefit is that our balance of payments will improve," Raden Priyono, chairman of upstream oil and gas regulating body BP Migas, was quoted by AFP asa telling Dow Jones Newswires.
Priyono said the new policy could bring in around 11 billion dollars to the country next year.
The Indonesian rupiah slumped to 10-year lows early Thursday of 12,250 against the dollar, its lowest since September 1998. (*)