[ppi] [ppiindia] Bank Indonesia to sign swap deal with Japan

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http://www.atimes.com/atimes/Southeast_Asia/GH31Ae01.html


Bank Indonesia to sign swap deal with Japan

JAKARTA - Bank Indonesia Governor Burhanuddin Abdullah said here on Monday that 
he will go to Tokyo on Tuesday to sign a swap arrangement worth US$6 billion 
with the Bank of Japan. Burhanuddin said the arrangement is part of the Chiang 
Mai initiatives signed by members of the Association of Southeast Asian Nations 
(ASEAN) plus three - Japan, China and South Korea. 

He further said the loan commitment of the Japanese central bank would only be 
used if Indonesia`s foreign exchange reserves had 

  

been depleted. "We can use it in time of need," he added. Besides with the Bank 
of Japan, the Indonesian central bank has similar arrangements with South Korea 
and China, scheduled for signing this year. 

The swap arrangements with the three countries are the second layer of Bank 
Indonesia's defence in safeguarding the rupiah exchange rate. "The first layer 
of defence is our foreign exchange reserves. We have to use a swap arrangement 
if it failed. We have to return to the IMF if the second layer also failed. But 
everybody does not like the third," Burhanuddin said. The Indonesian foreign 
exchange reserves continue to drop from US$37 billion early in 2005 to US$32 
billion now, caused by the drop of the country's balance of payment surplus. 

(Asia Pulse/Antara)

[Non-text portions of this message have been removed]



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