RI set to take more measures

RI set to take more measures

CHIBA (Reuter): Indonesia, which two weeks ago took steps to stabilize its economy after the rupiah slumped, is prepared to take more measures if they are needed, Coordinating Minister for Production and Distribution Hartarto was quoted as saying on Saturday.

Briefing reporters on a meeting between Hartarto and Japanese Trade Minister Mitsuo Horiuchi, a Japanese official said the Indonesian minister gave no details of possible measures, nor if and when they might be taken.

The bilateral meeting was held on the sidelines of the two-day Asia-Europe (ASEM) economic ministers meeting which started on Saturday in the Japanese city of Chiba, north of Tokyo.

Earlier this month, Indonesia announced a package of measures including massive cuts in development spending as well as delays to government infrastructure projects to cope with falls in the stock market and the value of the rupiah against the dollar.

The measures briefly stabilized markets but on Friday turmoil returned, with the rupiah falling to a historic low against the dollar of 3,095.

"Minister Hartarto said additional measures will be taken in the future if necessary," the official said.

"The comments were made more in a general sense than in a specific way," the official added.