INDRA rate set at Rp 6,738

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)