Lee Kuan Yew's comment

Singapore Senior Minister Lee Kuan Yew has offered his view of the monetary crisis currently hitting Asia. In his comment, published in the Feb. 8 edition of the Sunday Times newspaper, Lee said the crisis engulfing Asia at present tended to be viewed (by the region) primarily in political dimensions because regional leaders here are accustomed to facing political complications -- a reality that has caused them to miss the signals sent by the market.

With regard to Indonesia in particular, Lee believes that the crisis affecting the rupiah will continue until after the General Session of the People's Consultative Assembly (MPR) next month. However, according to Lee, the crisis is likely to continue if the outcome of the vice-presidential election fails to comfort the market.

Lee Kuan Yew, as we all know, is a world-renowned, brilliant statesman. His vision and strong leadership have enabled Singapore to grow into a world economic power. A seasoned statesman, Lee is usually cautious in his comments, especially on other countries.

True, Lee's comment does not differ much from those which foreign analysts have already offered. Still, considering his prestige in Asia and especially in the Southeast Asian business world, his comments have prompted the market into increasing its pressure on the rupiah and thus, directly or indirectly, add to our suffering.

As a respected senior leader, Lee should have used person-to- person channels -- not the mass media -- to express his views and attitude toward the situation in Indonesia, including the market's reaction to the issue of the vice presidency.

-- Media Indonesia, Jakarta