INDRA rate set at Rp 6,738

JAKARTA (JP): The Indonesian Debt Restructuring Agency (INDRA) has set the exchange rate used to convert private foreign debt at Rp 6,738 to the U.S. dollar for companies joining the agency this month.

INDRA chairman Sumitro said in a statement on Thursday that the new rate was taken from the best exchange rate in December and adjusted according to the month's inflation rate of 1.73 percent.

INDRA said it had again extended the registration deadline for corporations to join the agency's scheme to June 2000. The deadline was initially set for June 1999. As no corporations had registered with the agency, the deadline was extended to Dec. 31, 1999. Up until now, however, no corporations were reported to have settled their foreign debt through INDRA.

Companies joining INDRA pay their dollar-denominated debts in rupiah to INDRA, which then pays international creditors in dollars. (rid)