INDRA sets new dollar rate

JAKARTA (JP): The Indonesian Debt Restructuring Agency (INDRA) set on Tuesday the U.S. dollar exchange rate used to convert the the country's corporate debt into rupiah at 8,501 for companies joining the agency in November.

INDRA chairman Sumitro said in a statement that the rate was based on the moving average market rate over 20 working days in October and the monthly inflation rate in that month which stood at minus 0.27 percent.

The exchange rate fell from 11.216 in October and 12.314 in September in line with the rupiah's consistent appreciation against the American dollar in the last two months.

The rupiah was traded at 8,500 against the dollar on Tuesday.

INDRA was established by the government in August to enable Indonesian corporations to settle their US$64 billion in overseas debts.

Companies that join the scheme pay their dollar-denominated debts in rupiah to the agency, which then pays back the loans in dollars to the international creditors. (aly)