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