Deficit Remains for Q3 Current Account: Analysts  

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  • TEMPO.CO, Jakarta – The third quarter current account balance is expected to remain at a deficit, especially since there was no significant change in the balance sheet's components compared to the previous quarter.

    "There will still be deficits in the primary revenue posts, services, and imports of goods that are great," University of Indonesia economist Lana Soelistianingsih said yesterday.

    Allowing Newmont Nusa Tenggara to resume exports, Lana said, cannot directly help the current accounts, which was at a deficit of US$9.1 billion in the second quarter.

    "The sluggish export was not only caused by Newmont, but also other companies," he said.

    Peter Jacobs, Bank Indonesia's communications director, is also pessimistic that the current account balance will be positive after Newmont and Freeport Indonesia were allowed to resume concentrate exports.

    "The exports of other products have not increased," he said.

    Finance Minister Chatib Basri, on the other hand, is more optimistic about the balance, estimating the deficit to shrink until the year-end to around US$24 billion-US$26 billion, in line with the government's efforts to boost export performance.

    Chatib said the deficit will shrink as oil imports in the second semester will decline, as this year's subsidized fuel quota had been locked at 46 million kiloliters.

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