INDRA rate set at Rp 6,832

JAKARTA (JP): The Indonesian Debt Restructuring Agency (INDRA) has set the exchange rate used to convert private foreign debt at Rp 6,832 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 February and adjusted according to the month's inflation rate of 7.07 percent.

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

The agency said that the annual interest rate on rupiah debts for the period of Feb. 3 to May 2 has been set at 6.2 percent. (hen)