The rupiah

The rupiah

From Neraca

I am a columnist and I join those who are concerned about the fall of the rupiah. In my opinion, it is no longer an economic problem but is derived from speculations which will destroy the achievements of our country's development.

I propose the following:

(1) The problem of indigenous and nonindigenous citizens should not be spoken about, especially during this period of prolonged monetary upheaval. Instead, the feeling of nationalism should be promoted in the effort to reduce the effects of the upheaval.

(2) For a certain period of time, all banks and money changers should be stopped from serving customers who wish to sell their U.S. dollars. Exceptions could be made for foreigners who would have to show their passport when selling their dollars.

(3) Customers who want to buy dollars should have to give their name, address and occupation. They also should have to declare their purpose for the purchase.

(4) Deposits in U.S. dollars should not be paid out until further notice.

(5) Businesses should not be allowed to offer their goods and services in U.S. dollars.

(6) A supervisory agency should assist the directorate general of taxes in registering the names, addresses and occupations of dollar buyers and sellers (speculators). Speculators, if so proven, should be arrested.

(7) There should be a temporary control of dollar traffic at ports with regard to the amount being carried. The name, address and occupation of people carrying dollars should be noted. This would especially be valid for people with dollars leaving the country.

These policies should end immediately when the monetary upheaval is over and confidence in the rupiah has been restored.

BACHRAWI SANUSI

Jakarta