Jakarta, Indonesia (News Today) - Indonesian senior Economic Minister Hatta Radjasa said Friday that the rupiah is not yet overvalued. Radjasa's comment came after several exporters voiced concerns about the impact on exports of the local currency's recent appreciation to its highest level in three years.
At 0728 GMT, the dollar was trading at IDR8,970, down from IDR9,015 late Thursday. The minister added that the government's economic growth target of 6.3% for next year will likely be achieved.
President Susilo Bambang Yudhoyono Monday will submit to parliament a draft of the government's budget for next year, which will likely assume economic growth of between 6.2%-6.4%.
The finance ministry and the parliament's budget commission in a preliminary discussion in June had also agreed that next year's budget deficit will be kept at 1.7% of gross domestic product. Revenue collection is expected to reach IDR1,087 trillion ($121 billion) and spending IDR1,205 trillion next year.
They also have assumed that the dollar will likely average between IDR9,100 and IDR9,400 next year. The inflation rate is expected to come in between 4% and 5.3%, which has been dismissed by analysts as being too low considering rising inflationary pressures lately. Dow Jones
Source : kompas
Monday, August 16, 2010
Rupiah Not Yet Overvalued
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