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NEWS UPDATES 9 October 2010

Bank Indonesia content with rupiah's increases

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Echoing the views of other Asean central banks, Bank Indonesia says it has no plans to curb capital inflows and is not worried about the rupiah's gains.

The rupiah's current strength is not a concern "at the moment," Muliaman Hadad, a central bank deputy governor, said. He added that there were no plans to follow Brazil's lead to stem gains by increasing taxes on foreign investors.

The Indonesian currency was little changed this week on speculation the central bank would intervene to curb steep gains, which reached a three-year high of 8,900 to the dollar on Sept. 30.

Earlier that month, Bank Indonesia Governor Darmin Nasution said that any purchases of the US currency would be to "prevent the rupiah's fluctuations from becoming too big."

Policymakers from Brazil to South Korea have taken steps to cool gains in their currencies as investors pour money into emerging and Asian markets, where growth has outperformed that of most developed nations.

The Jakarta Composite Index has surged 40 percent this year, with steep gains in stocks such as Bank Central Asia and Indofood Sukses Makmur.

appropriate to support our exports and also to maintain internal stability," he said.

The nation's foreign-exchange reserves climbed by $5.2 billion last month to a record $86.55 billion, the biggest increase since April, according to central bank data.

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