Indonesia’s New Finance Minister Sees Fuel Subsidies, Infrastructure as Key
Indonesia’s new Finance Minister Chatib Basri said cutting fuel subsidies and building more infrastructure will be his two main priorities. Reducing subsidies will strengthen the rupiah, Asia’s worst performer this past 12 months excluding the yen, Basri said in a Bloomberg TV interview on Tuesday with Rishaad Salamat. The land acquisition law, signed by President more »
Govt Cuts Tax Income Target by Rp 50 Trillion for 2013 Budget Revision
The Indonesian government has slashed its tax revenue target in the 2013 state budget by Rp 50 trillion ($4.99 billion), citing plunging commodity prices. “We may be able to increase PNBP [non-tax state revenues] a little, but income from tax and export duties will decline by approximately Rp 50 trillion,” Deputy Finance Minister Anny Ratnawati more »
Mobiles Offer Financial Lifeline to Asian Migrants: Study
Bangkok. Asia’s mobile revolution is set to transform the region’s financial services industry, offering a cheap way for millions of migrant workers to send money home to their families, a report said on Monday. Nearly 60 million migrant workers from the Asia-Pacific region sent almost $260 billion home to their families in 2012, according to more »
Chatib Is Expected to Maintain Prudent Fiscal Policy: Yudhoyono
President Susilo Bambang Yudhoyono said on Monday that he expected Muhammad Chatib Basri to maintain a prudent fiscal policy as Indonesia’s new finance minister. At a press conference in the Presidential Office to officially announce Chatib as the new finance minister, the president said that Chatib was expected to maintain and develop a prudent fiscal more »
Bank Indonesia Sets Debut Rupiah Fixing Stronger Than Singapore
Bank Indonesia set its first fixing for the rupiah 0.2 percent stronger than an equivalent rate in Singapore, where the central bank has started a probe to ascertain whether onshore rates were manipulated. Indonesia’s monetary authority used foreign-currency transactions between local lenders as a reference for its Jakarta Interbank Spot Dollar Rate, which it fixed more »
Chatib Basri to Be Inaugurated as Finance Minister: MS Hidayat
President Susilo Bambang Yudhoyono is set to inaugurate the head of Indonesia’s Investment Coordinating Board (BKPM), Muhammad Chatib Basri, as the new finance minister until the current cabinet’s term ends in 2014. “Chatib will be the finance minister, the inauguration is on Tuesday at the State Palace,” Industry Minister M.S Hidayat told Investor Daily on more »
Vietnam Says Economy at Great Risk of Macroeconomic Instability
Vietnam still faces “great risk” of macroeconomic instability, a deputy premier said, as credit growth trails behind targets while banks work to reduce elevated bad debt that has hampered growth. While Vietnam is targeting a 12 percent expansion in credit this year, local businesses are facing difficulties getting loans, Deputy Prime Minister Nguyen Xuan Phuc more »
Deposits From Export Proceeds on the Rise in Indonesia
Deposits from Indonesia’s export proceeds improved in the first quarter this year, bolstering the central bank’s efforts to help arrest the decline in the national currency. Companies deposited $32 billion in export proceeds in the country’s banking system during the first quarter this year. The amount accounts for 84 percent of the country’s export proceeds, more »
Greece Enters Sixth Year of Recession, But Prospects Improving
Athens. Data released last week showed Greece entered its sixth straight year of recession, but there is now cautious optimism about the economy’s prospects although unemployment is still hitting record highs and consumers are squeezed by pay cuts and tax hikes. On Tuesday, Greece’s battered debt ratings received a rare upgrade from Fitch which noted more »
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