Jakarta: The strengthening of the US dollar against all other currencies, including the rupiah should be observed, National Development Planning Agency (Bappenas) head Bambang Brodjonegoro stated.
"The Federal Reserve chairman, Jerome Powell said that the United States should aggressively boost economic growth. Powell's statement send signals to markets around the world. As a result, the US dollar strengthened," Bambang Brodjonegoro said here on Thursday. The Indonesian government should anticipate the outflow of capital from developing countries to the United States.
Although the rupiah weakened against the US dollar, the rupiah resilience should be strengthened. Indonesia needs to boost exports and develop tourism sector in an effort to strengthen the rupiah resilience.
Bank Indonesia should stabilize and intervene the market in a bid to prevent the rupiah from plummeting further, hence protecting Indonesia's conomy from turmoil.
"The tourism sector has a bigger multiplier effect. The local government should develop its tourism sector," he remarked.
Indonesia is currently still dependent on Bali to contribute to economic growth. Investment is needed to build 10 new Balis.
House Speaker Bambang Soesatyo earlier said BI should anticipate the downward trend, so that it would not create a fiscal burden for the state.
According to Soesatyo, in addition to the fiscal burden, the recent weakening of the Rupiah in the range of Rp13,700-Rp13,800 per US dollar can weigh on corporate performance as well. When imports become more expensive, it can reduce the competitiveness among products, he said.
"This weakening has the potential to reduce competitiveness, increase the burden of government debt repayments and interest on foreign debt, as well as adjustment of fuel prices," the House Speaker said.
The House also asked the government to anticipate the increasingly rapid global economic pressures, especially from the United States, so as to not disrupt the stability of the domestic financial system.
"The House of Representatives Commission XI in charges of financial affairs should also encourage the government to continue to monitor medium-term and long-term control over the impacts of global economic dynamism, such as depressed Rupiah exchange rate and world oil prices, consistently," Soesatyo said. (Antara)
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