BI Projects Rupiah Stable by 2014
21 June 2013 00:37 WIB
TEMPO.CO, Jakarta – The rupiah is unlikely to strengthen considerably in 2014 despite Bank Indonesia (BI) projecting that the currenly will receive less pressure next year, following Indonesia’s improving balance of payments (NPI). The central bank projects the rupiah to move around Rp9,500 to Rp9,700 per US dollar in 2013 and 2014.
"Indonesia's improving balance of payments will put the rupiah between Rp9,500 to Rp9,700 per US dollar in 2014," BI Governor Agus Martowardojo said on Thursday, June 20.
Agus said that the NPI will start improving by the second semester of 2013 all the way until 2014, supported by improvement on the current accounts as well as capital and financial transactions. The current account deficit is estimated to drop with the support of higher non-oil and gas exports and commodity prices. As for financial transaction, he estimated it to recover with the return of foreign capital inflows.
In the past few months the rupiah has continued to depreciate. In late May, the rupiah even penetrated the Rp9,800 per US dollar mark.
On Thursday, June 20 at the Jakarta Interbank Spot Dollar Rate (JISDOR), the rupiah slipped to Rp9,927 per US dollar. BI estimated that the annual average of the rupiah exchange rate will be in the range of Rp9,500 to Rp9,700 per US dollar this year. Meanwhile, the 2013 State Budget Change assumes the rupiah at Rp9,600 per US dollar.
MARTHA THERTINA
