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Home  >>   Daily News  >>Indonesia>>Economy>>BI to intervene if tax amnesty pushes rupiah too high
NEWS UPDATES Asean Affairs    5 July  2016  






BI to intervene if tax amnesty pushes rupiah too high

Bank Indonesia (BI) has restated its determination to maintain the rupiah at a stable level, preparing for a market intervention if the currency gets too strong as a result of the repatriation of tax amnesty funds.

BI senior deputy director Mirza Adityaswara expected a major funds inflow into the country following the implementation of the tax amnesty policy, as demand for the rupiah increases as foreign-denominated assets are repatriated and converted into rupiah.

"The rupiah will be stronger and will be followed by increased foreign reserves. Because the funds will go to the money markets first," Mirza told thejakartapost.com on Friday in Jakarta.

However, he emphasized that a rapid significant appreciation in the currency would be harmful for Indonesian exports. Therefore, a market intervention would be launched if the situation required it.

Mirza said the increased foreign reserves would also give BI more flexibility and power in conducting the market operation.

"Our manufacturing industry needs a supportive currency. But first, we need to assess how big the effect of the tax amnesty will be," he said.



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ASEAN  ANALYSIS

This year in Thailand-what next?


AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More

 


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