RI banking on achieving Rp 6,000 exchange mark

RI banking on achieving Rp 6,000 exchange mark

NEW YORK (Dow Jones): Indonesia is fully committed to achieve
foreign exchange stability and is aiming at getting its currency
below Rp 6,000 to the dollar level, the governor of the central
bank said Wednesday.

Speaking to reporters leaving the Manhattan headquarters of
Chase Manhattan Bank where he was addressing Indonesia's creditor
banks, Bank Indonesia Governor Sjahril Sabirin said he wanted to
get the foreign exchange 'rate more line with the strength of
Indonesia's economy.'

Sabirin and Indonesian Finance Minister Fuad Bawazier were
leaving a meeting with bankers assembled in New York to attempt
to find a framework to address the country's $68 billion
corporate debt overhang.

Sabirin stressed that the reestablishment of confidence in his
country's economy is essential to stabilize the rupiah.

"We believe that with that the policy (the new International
Monetary Fund agreement) will be stronger," he said.

The central bank governor said he addressed bankers with
respect to the country's current economic situation, especially
in the context of the new IMF agreement.

Last week, the IMF and Indonesia agreed to compromise on yet
another plan, the third in six months, to allow the disbursement
of a $43 billion rescue package.