Indonesia Seeks to Revise 2010 Budget Assumptions
February 19, 2010
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Finance Minister Sri Mulyani Indrawati said on Friday that the government would seek to revise some of its assumptions for the 2010 state budget, including raising the assumed crude oil price to $77 per barrel from $65.
“We are adjusting the inflation target to between 5.7 percent and 6 percent, taking into account the central bank’s prediction that there would be rising inflation in the second semester. Therefore, we also adjusted the average interest rate of central bank certificates [SBIs] to 7 percent,” she said.
Meanwhile, the rupiah’s exchange-rate assumption will be adjusted to between 9,300 and 9,400 per US dollar, while the economic growth target remained at 5.5 percent. The 2010 state budget assumes an inflation rate of 5 percent, an average SBI rate of 6.5 percent, and an exchange rate of Rp 10,000 to the US dollar. The government plans to propose the revisions to the House of Representatives for approval in March. JG
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