BI: Indonesia Is Far from Crisis

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  • TEMPO.CO, Bengkulu - Bank Indonesia called on all parties not to equate the weakening of the Indonesian rupiah to an economic crisis.

    "Indonesia is far from crisis, the weakening of the exchange rate is not necessarily a crisis, there are many factors (happening) in an economic crisis. It is not fair to look only at the rate of the rupiah," said Head of Economic Research Group, Economic Policy Directorate Bank Indonesia, Yoga Affandi in Bengkulu, Friday, September 4.

    Yoga suggests Indonesia’s currency is far better than Brazil, Mexico, South Africa, Turkey or even Malaysia.

    BI asked the public to use the rupiah currency in transactions so that it can support the strengthening of the rupiah.

    "It's a global phenomenon, not only Indonesia feels it, but other countries as well. We call this phenomenon ‘super dollar’. One way for the rupiah not to be depressed is not to depend on the dollar," said Yoga.

    Not only domestic transactions, but also for interstate transactions, BI invites all circles to use rupiah, or directly using the currency of the destination country exports and imports.

    "Usually the export and import businesses still use the dollar even if the transaction took place not with the United States, for example to China. The dependence on the dollar like this contributed to the weakening of rupiah," he said.

    BI has export-import transactions facilities without having to use dollars, so the direct use of the rupiah or currency of the destination country in transactions.

    "It's called a bilateral currency swap agreement or (BSCA), but businesses have not used this facility because the rate of the dollar is more liquid," he said.