New exchange rates set

New exchange rates set

JAKARTA (JP): The government has set the new rates for major foreign currencies against the rupiah, which will be used in the calculation of import duties, value added tax, income tax and luxury tax in the second quarter of this year.

Under Decree No. 138/1995, dated March 30, the Minister of Finance determined that one U.S. dollar is equivalent to Rp 2,217.00, one Deutsche mark Rp 1,584.70, one British pound Rp 3,529.47, one Singapore dollar Rp 1,570.48 and one hundred Japanese yen Rp 2,506.13.

For comparison, the U.S. dollar was equivalent to Rp 2,199.00 in the January-March period, one Deutsche mark Rp 1,397.59, one British pound Rp 3,408.89, one Singapore dollar Rp 1,505.45 and 100 yen Rp 2,198.07.

The government reviews the exchange rates for the calculation of duties and taxes every three months.(hdj)