Asia News & Thailand News

Rupiah continues fall on weaker GDP growth

Written by Meenaa on Tuesday, November 18th, 2008

Rupiah continues fall on weaker GDP growth

The rupiah fell to 12,225 to the U.S. dollar by the end of trading on Tuesday afternoon, falling by 1.3 percent on the back of moderating domestic economic expansion in the third quarter of 2008.

Bloomberg reported the currency as among the worst performers in Asia, after it has fallen by 8.5 percent since the beginning of the month.

The Central Statistics Agency (BPS) reported on Monday that in the third quarter, the country’s GDP had grown 6.1 percent from one year ago — the slowest growth the country has seen in six quarters, since slumping commodity prices and a slow down in demand for Indonesian products has cut export revenue.

Central bank (BI) Governor Boediono told reporters on Tuesday the bank would not allow the currency to drop dramatically.

“We will keep it at a healthy level for the economy. We will guard the rupiah so it remains at a realistic level,” Boediono said.

The Jakarta Post   |  Tue, 11/18/2008 4:44 PM  |  Business

News Related Posts :

• POLITICAL CRISIS / Airport closures to cost B134bn / Up to B215bn possible if seizures prolonged (Saturday, November 29, 2008)
• ECO Cafe’ / Living with recession (Saturday, November 29, 2008)
• Lending rates may rise as risk grows / Competition will also influence MLR (Saturday, November 29, 2008)
• Police arrest key Century Bank shareholder (Saturday, November 29, 2008)
• Suspect Aslim Tadjuddin files for detention suspension (Saturday, November 29, 2008)
• SBY advised not to sign porn bill (Saturday, November 29, 2008)
• Police seize ecstasy worth Rp 18 b in factory raid (Saturday, November 29, 2008)
• Police launch another drug bust in West Jakarta The Jakarta Police launched Friday another bust at a drug house in a West Jakarta apartment. Budi, Rudi, Rudi and Asiong were arrested at Mediterania Apartment after the city police found 3,000 processed ecstasies and 30 kg of MDMA ingredients. Jakarta Police Chief Adang Firman told kompas.com that the drugs were traded around Jakarta, Bogor, Tangerang and Bekasi. He added that the team were still investigating the crime, but asserted that the recent raid was not related to previous cases. Just last week, the National Police raided a house at a housing complex in Kebun Jeruk, West Jakarta, and arrested six people who allegedly have manufactured methamphetamine on a large scale. The Jakarta Post , Jakarta | Fri, 11/28/2008 3:19 PM | Jakarta (Saturday, November 29, 2008)
• KPK grills minister Paskah on BI graft case (Saturday, November 29, 2008)
• Kediri, Blitar tussle over mountain (Saturday, November 29, 2008)
• High Court rejects Urip’s appeal (Saturday, November 29, 2008)
• Students immortalize ‘everyday heroes’ (Saturday, November 29, 2008)
• Fertilizer crisis will cost us all, farmers warn (Saturday, November 29, 2008)
• Dangdut singer Kristina admits using graft money for wedding (Saturday, November 29, 2008)
• British Embassy pleas for missing jet skier (Saturday, November 29, 2008)
• West Java to build 12 dams to ease water shortage (Saturday, November 29, 2008)
• 2009 also to be Visit Indonesia Year (Saturday, November 29, 2008)
• Ulema to take a close look at yoga (Saturday, November 29, 2008)
• Prosecutors overturn Bulyan’s objections (Saturday, November 29, 2008)
• Papua Police reiterate stance on separatist flag (Saturday, November 29, 2008)

News Topics : Asia, Bloomberg, Boediono, Bps, Central Statistics, Commodity Prices, Currency, Economic Expansion, Economy, Export Revenue, Gdp, Gdp Growth, Indonesian Products, Jakarta Post, Quarters, Realistic Level, Revenue Central, Slow Down, Statistics Agency, Tuesday Afternoon