- VIVAnews/Muhamad Solihin
VIVAnews - Citibank claims that the current economic condition in Indonesia is solid, compared to it was in 2008. With foreign exchange reserves reaching US$120 billion, Indonesia is deemed able to survive in the turmoil of money market. Indonesia's economy will even continue to grow better.
Citi Indonesia Country Officer Tigor M Siahaan said the market volatility will remain affecting business climate in Indonesia. "But this should not be viewed within the short term. Wait until the next five years," he said in a press conference in Jakarta, today.
He said Indonesia's financial resilience is still relatively strong. Indonesia will be world's investment destination. In fact, he believes Indonesia will be one of the 16 most prospective countries for investors.
Indonesia will be aligned with China, Singapore, Mexico and Brazil. "These countries have a great chance to go forward," he said. The archipelago records high domestic consumption figure, which has been its advantage.
Regarding foreign capital flow or hot money, he said the amount is still reasonable. The ownership of State Bonds by foreigners with a share of 35 to 37 percent is nothing to worry about.
Learning from the last crisis, Tigor said, Citibank will maintain its business in Indonesia. "In 2008, when other companies withdrew their funds, we instead added the branch offices and ATM outlets," he said.
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