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Indonesia named Chatib Basri finance minister today as the government prepares to raise the price of subsidized fuel and curb a current-account deficit that has hurt the rupiah.
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Indonesia’s rupiah fell to a four- month low and government bonds declined on speculation uncertainty about the nation’s next finance minister and a plan to cut fuel subsidies is shaking investor confidence.
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Indonesia kept interest rates unchanged for a 15th consecutive meeting as the threat of inflation from planned fuel-price increases outweighs the risk of slowing growth.
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President Susilo Bambang Yudhoyono is poised to swear in a new finance chief as early as tomorrow while his government prepares to set higher subsidized-fuel prices, moving to end policy ambiguity that has hurt investor confidence and the currency.
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President Susilo Bambang Yudhoyono is poised to swear in a new finance chief as early as tomorrow while his government prepares to set higher subsidized-fuel prices, moving to end policy ambiguity that has hurt investor confidence and the currency.
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Indonesian lawmakers yesterday approved Finance Minister Agus Martowardojo to become the next central bank governor after he said his priorities would be a stable exchange rate and keeping inflation low.
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President Susilo Bambang Yudhoyono made progress on his bid to appoint Indonesia Finance Minister Agus Martowardojo the next central bank chief as a parliamentary panel agreed to put the candidate through a fit-and-proper test.
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Indonesia may introduce a new type of fuel that can be sold at a higher price than existing subsidized products as the government seeks to reduce its energy budget without exacerbating inflation.
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President Susilo Bambang Yudhoyono’s decision to opt for an acting finance minister to replace Agus Martowardojo threatens to cloud the policy outlook as Indonesia struggles to revamp its fuel-subsidy program, step up infrastructure investment and damp price pressures.
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Indonesian President Susilo Bambang Yudhoyono appointed Coordinating Minister for the Economy Hatta Rajasa as acting finance minister, replacing Agus Martowardojo who will become central bank governor.
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