INDRA sets new dollar rate

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)