No money trading, please!

No money trading, please!

From Media Indonesia

The value of the rupiah against the U.S. dollar is not
logical any longer. The rupiah has sharply declined to a point
where it is not clear how much further it will go. The change in
exchange rate takes place not in a matter of hours or days but
seconds. What devil has possessed our monetary world?

I am a layman in financial and monetary affairs, but it is
clear from recent happenings that things have gone wrong. In my
opinion had trading been done only in goods and services, the
large-scale purchase of dollars by (part of) the community would
not have happened. Because the dollar has been a trading
commodity, certain people continue in their speculative money
dealings.

The authorities should introduce measures to prohibit dollar
transactions without a clear and justifiable reason. Dollar
transactions that can be justified are those for certain purposes
and supported by pertaining documents.

It can be expected that such a restriction will return the
economy to normal where transactions only cover goods and
services. Money would also be reinstated to its function as a
value of exchange. Currently, it also functions as a trading
commodity alongside its main function as a means of exchange,
something which has almost lost its meaning for our rupiah.

M. SUNARTO

Jakarta