BI: Rupiah’s Hike Not Lessen Competitiveness

Bank Indonesia
Sumber :
  • VIVAnews/Nurcholis Anhari Lubis

VIVAnews – Bank Indonesia suggested market players and the public not to worry over Rupiah exchange rate’s hike, which went to 8.500 against the US Dollar. This is because stronger rate does not only happen in Indonesia, but also in other countries.

According to BI Deputy Governor, Hartadi Agus Sarwono, the movement of Rupiah’s exchange rate so far is still within BI’s estimation.

“This is an advantage to lower imported inflation without disrubting econimic growth, especially exports,” said Hartadi today in Jakarta.

He went on that the phenomena of stronger Rupiah is also due to the factor of weakening US Dollar against all currencies in the world. “So we don’t need to worry too much about decreasing competitiveness,” he said.

Rupiah’s exchange rate reached the highest in the last seven years. Rupiah went to the level of 8,500 against the US Dollar early this week.

In the mean time, based on BI’s mean rate, Rupiah’s exchange rate as of June 9, 2011 was 8,523 against the US Dollar, or weakening compared to that of early this week which was around 8,506 against the Dollar.

Hartadi also explained that the fall of current account surplus was more because of the increase of fuel import as domestic consumption is high.

Translated by Indah Lestari

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VIVA.co.id
25 April 2024