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Tag: jakarta

  • AirAsia moves into new open-space headquarters

    AirAsia moves into new open-space headquarters

    After announcing that it would relocate to a new office in 2014, budget carrier AirAsia finally moved into its new space in Sepang, Malaysia, on Monday.

    The office, dubbed RedQuarters, is located on an 18,000-square-meter plot beside Kuala Lumpur International Airport 2 ( KLIA2 ). It is reportedly set to house 2,000 AirAsia employees.

    With features like indoor grass and colorful, stylish furniture, the huge open-plan office breaks away from conventional office stereotypes. AirAsia told that the design was intended to reflect the company’s determination to become Malaysia and the region’s best airline, “while incorporating elements showcasing the professional, fun and friendly attitudes.”

    The company threw a celebratory opening party at the new headquarters featuring local entertainers SonaOne and Joe Flizzow.

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  • Citibank Indonesia reaps high profit growth in Q3

    Citibank Indonesia reaps high profit growth in Q3

    The Indonesian branch of US-based Citibank saw its net profits rise in the third quarter of this year despite the ongoing global economic downturn and sluggish domestic demand.

    The bank’s net profits surged by 64 percent year-on-year (yoy) to Rp 1.9 trillion (US$142.32 million) during the January-to-September period, according to a statement issued on Sunday.

    The profit growth was mainly driven by a 15.5 percent yoy increase in net interest income to Rp 3.05 trillion, along with a 2.79 percent yoy hike to Rp 1.51 trillion in its fee based income.

    “These results reflect the strong momentum of our business, both in institutional banking and consumer banking,” said Citibank Indonesia CEO Batara Sianturi in the statement.

    The bank introduced some initiatives for its institutional and consumer banking businesses in the third quarter, namely Citi Virtual Card Accounts (VCA) for treasury and trade solutions, Citi Priority for wealth management as well as Citi Indonesia Facebook to support the digitization of its cards and retail banking.

    However, it saw its loans decrease by 7.3 percent annually to Rp 39.07 trillion in the first nine months from Rp 42.1 trillion in the same period last year.

    The deceleration in loans was in line with data from the Financial Services Authority (OJK) that show that overall lending in the Indonesian branches of foreign banks dropped by 6.61 percent yoy to Rp 253.1 trillion as of August.

    Bank Indonesia (BI) deputy governor Erwin Rijanto attributed the situation to falling foreign-denominated, or forex, loans, which only grew by 2 percent yoy as of July.

    “This is closely related to global economic conditions. We see that a lot of companies with high exposure to forex loans have temporarily reduced their credit demand. Some of them even decided on early termination of their loans,” he said recently.

    The drop in global commodity and oil prices as well as weak trade are among the factors impacting the banking industry, particularly on forex loans, which are mostly utilized to support the financing of exports and imports.

    This portion of forex lending is also particularly big in Indonesian branches of foreign banks as they are supported by their overseas headquarters.

    Meanwhile, Citibank Indonesia’s report also show that its third-party funds declined by 6.6 percent yoy to Rp 5.25 trillion from January to September.

    Despite the decline in the third-party funds, Batara said the bank managed to grow the portion of current accounts and savings accounts (CASA) — consisting of low-cost funds — to 73.9 percent of its total third-party funds.

    The increase in CASA helped jack up its net interest margin (NIM) to 6.1 percent from 5.3 percent in September last year.

    With an increase in revenue, the bank managed to improve its cost-to-income (BOPO) ratio—which measures efficiency—to almost 80 percent in the third quarter of this year from 91.2 percent a year ago.

    The latest performance was translated into an increase in return on assets (ROA) to 4.4 percent from 2.7 percent in the same period last year, while its return on equity (ROE) rose to 16.5 percent from 10.6 percent.

    The bank’s capital adequacy ratio (CAR) also increased to 29 percent in the third quarter of 2016, from 25.3 percent in the same period last year.

    “As we enter the final quarter of 2016, we believe that the progress we have made in the past three quarters will enable Citibank Indonesia to accelerate its growth imperative and commitment to its stakeholders,” Batara said.

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  • Yogyakarta`s coffee business potential reaches Rp350.4 billion

    Yogyakarta`s coffee business potential reaches Rp350.4 billion

    Coffee shop ventures generate significant economic potentials in Jogjakarta, and it can reach Rp350.4 billion a year, generated from 800 coffee shops in the city.

    “The current economic realization that comes from 600 registered coffee shops in Jogjakarta reaches Rp262.8 billion per year,” the owner of Pitutur Coffee Shop Ponco Kusumo in Jogjakarta said on Monday.

    He explained in detail that a coffee shops economic realization comes from the volume of coffee sold each day, multiplied by the retail price of each cup.

    For example, every day there would be 80 cups of coffee sold in each shop, at a price of Rp15 thousand per cup.

    “That means that every coffee shop generates Rp1.2 million a day. When we multiply the total with the number of registered coffee shops across the town, the result comes out to be Rp262.8 billion, which is a substantial number,” he reiterated.

    The registered coffee shops are the ones that have signed up for the coffee business community, and there could be twice as many shops that are yet to be registered by the owners, he said.

    To reach a sales target of 80 cups per day, the shops need to operate from 10 am to 10 pm.

    “Our customer target includes students, general public and foreign visitors, who enjoy coffee,” he concluded.

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  • Sales nosedive at Indonesia Motorcycle Show

    Sales nosedive at Indonesia Motorcycle Show

    Despite attracting more visitors than the last event, this years’ edition of the Indonesia Motorcycle Show (IMOS) failed to record higher transactions following the event’s closing on Sunday.

    According to data released by IMOS organizers, the biennial event, which ran from Nov. 2 to 6, attracted 90,186 visitors, a slight increase of 0.48 percent compared to the 89.751 visitors that attended the event in 2014. This year, only 751 motorcycle units were sold during the event, with a transaction value of Rp 19.39 billion (US$1.48 million), down by almost half compared to the Rp 35.7 billion booked in 2014 from the sales of some 1,500 motorcycle units.

    Responding to the decline, Indonesian Motorcycle Industry Association (AISI) chairman Gunadi Sindhuwinata said the market was not in the best condition this year. He, however, said industry players were optimistic motorcycle sales would bounce back with the improvement of the economy.

    “In the next 10 to 20 years, the [motorcycle] sales can still see growth because the public still needs affordable transportation options,” he said on Monday.

    He added that the performance indicator of the show was not measured only by the number of transactions but also the ability of the show to inform the public of the latest technology.

    In general, the motorcycle market is getting smaller. AISI data show that during January to September, sales dropped by 9.74 percent year-on-year (yoy) to 4,351,397 units. This year, the association set a sales target of 6.5 million motorcycles, a minor increase from the 6.4 million sold last year.

    Agus Nurudin, the managing director of the Indonesian unit of global marketing research firm Nielsen, said based on the company’s latest consumer confidence poll, Indonesian customers had become more rational and had slashed their spending on tertiary goods, including gadgets and vehicles, amid the weak economy.

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  • EU wants more access to Indonesian F&B market

    EU wants more access to Indonesian F&B market

    The EU demands Indonesia to ease trade barriers in the food and beverage (F&B) sector to give European producers more access to  Southeast Asia’s largest market, an official representing the world’s largest trading bloc has said.

    EU Commissioner of Agriculture and Rural Development Phil Hogan said many European producers had expressed their interest to enter the Indonesian market. However, both tariff and non-tariff measures, such as import quotas and local content requirements, held them back from doing so.

    “Many businesses are interested in Indonesia but they are waiting for improvement in market access,” Hogan said during the 6th EU-Indonesia Business Dialogue in Jakarta on Tuesday.

    He also mentioned the requirement to provide halal certificate as an obstacle for European F&B companies that wanted to explore opportunities in the world’s largest Muslim-majority country. Some European producers, Hogan said, had experiences in producing halal products, but some others did not.

    “We respect religion, but it [halal certification] prevent exports to Indonesia,” he said.

    He suggested that halal certification should be an option instead of being obligatory. Then producers that had not yet obtained certification could still export their products to Indonesia.

    Indonesia and the EU are currently in talks for the Comprehensive Economic Partnership Agreement (CEPA). The anticipated agreement, expected to be concluded by 2019, will remove various trade barriers between both parties.

  • Government Push Google to Pay Tax

    Government Push Google to Pay Tax

    Director General of Tax Ken Dwijugiasteadi confirmed that Google Asia Pasific Pte Ltd will settle their tax debts by the end of 2016. The government has decided to negotiate with the company instead of filing a report to the police. “Google must pay their tax debts this year, the company and the government will release a statement after the investigation,” Ken said on Monday.

    Ken had met with Google representatives last week. According to the Director General, Google has the right to file their objection towards the tax investigation results as long as an agreement has not been made. The company however, will be required to pay off their debts based on the investigation’s closing conference.

    In response to the issue, Google spokesman Jason Tedjakusuma refused to provide any comment. Jason also refused to respond to questions related to the results on last week’s meeting. “No comment,” Jason said briefly.

    The government estimated that Google Asia Pacific’s revenue, based on service and product sales in Indonesia, had reached Rp 5.5 trillion. On the other hand, Google representative office in Indonesia only generates revenues from advertising services.

    Google Indonesia had been registered at the Tanah Abang Tax Office as a foreign investment company since September 15, 2011. However, state officials cannot collect the company’s taxes because Google is not registered as an Indonesian legal entity.

    Yustinus Prastowo, Executive Director of Center for Indonesia Taxation Analysis doubted the government’s ability to force Google to pay their taxes by the end of 2016. “Even if there is a payment, it wouldn’t be as large as it was expected,” Yustinus said.

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  • Lippo Group betting on e-money in digital age

    Lippo Group betting on e-money in digital age

    Indonesia’s Lippo Group is turning e-commerce, electronic money and other information technology-related enterprises into a new pillar of its business, closely monitoring spending trends to gain a better foothold in the greater Southeast Asian market.

    The next phase for the banking and real estate conglomerate “will be the fourth industrial revolution,” CEO James Riady told The Nikkei Tuesday on the sidelines of the 18th Nikkei Global Management Forum here.

    Lippo Group was founded as a banking institution by Mochtar Riady, the current CEO’s father and a former head of Bank Central Asia. It branched out into real estate in the 1990s when subsidiary Lippo Karawaci developed a plot outside Jakarta that the group collected as collateral. Lippo Group has since also developed retail and hospital operations, which help boost property value. It now has more than 20 listed subsidiaries and rings up a total of about $7 billion in annual revenue.

    But the fall in resource prices and China’s economic slowdown have dealt a blow to the Indonesian economy, including to its real estate sector. Lippo Karawaci suffered a 23% drop in sales last year to 9.19 trillion rupiah ($702 million), as well as a 79% plunge in net profit to 535.3 billion rupiah.

    Business of the future

    Meanwhile, the proportion of smartphone users in Indonesia has risen from about 20% of the population in 2014 to almost 40% — about 100 million people — in 2015. “We must have inward creative disruption so that we can be transformed into a new area of growth, which is the digital economy,” James Riady said.

    In addition to its communications and media businesses, Lippo Group launched e-commerce site MatahariMall in September 2015. One of the platform’s strengths is that it can use Lippo Group’s retail network throughout Indonesia to move and distribute products — a definite plus in the face of competition from Lazada Group, a subsidiary of Chinese titan Alibaba Group Holding, and Tokopedia, in which Japan’s SoftBank Group has a stake. It was revealed in October that Japanese trading house Mitsui & Co., bullish on MatahariMall’s growth potential, was investing in the site’s operating company.

    Riady considers e-money his new focus. The goal is to get Lippo Group’s 120 million customers on board by allowing them to pay at hundreds of retail locations using the service. He plans to expand the group’s e-money offerings to other Southeast Asian countries, as well as include such services as depositing and transferring e-money. Riady sees a complete transformation in the way banks do business.

    Lippo Group and Singaporean ride-hailing company Grab agreed in July to cooperate on launching a mobile payment platform. The service will roll out in earnest at the end of the year.

    Following trends

    The spread of e-money will allow Lippo Group to closely track spending by its customers at retailers, e-commerce sites and other outlets. Riady hopes to use the service to bolster overseas expansion of the group and improve products and services associated with retail operations.

    Lippo Group is currently operating real estate businesses in Singapore and Hong Kong. But it will target Southeast Asia in the future to win over the region’s young, eager consumers. “What matters is how we can capture the [Association of Southeast Asian Nations] population of 600 million into our e-money accounts and world of services,” Riady said.

    In terms of Lippo Group’s real estate business, Riady expressed his interest not just in property development but in creating entire communities spanning retailers, hospitals and schools. The group has already built hospitals in Myanmar, and the CEO said the company is looking into Vietnam and Laos as well.

  • Internet Retailing Expo Indonesia Gears Up to Connect Indonesia’s Stakeholders

    Internet Retailing Expo Indonesia Gears Up to Connect Indonesia’s Stakeholders

    The Internet Retailing Expo (IRX) Indonesia, is gearing up to return with a loud bang. The 2ndedition of IRX Indonesia, to be held from 18 to 19 January next year at the Pullman Jakarta Central Park, will once again become the meeting place for marketplaces, multi-channel retailers and online retailers to meet their key suppliers and learn through peer knowledge sharing and best practice implementation case studies.

    IRX Indonesia was launched due to the huge potential of the internet retailing market, as it has started to grow significantly within Indonesia in the recent years.

    In 2017, IRX Indonesia is expected to attract 2000 visitors to an even more diverse exhibition with plenty of value-packed on-floor sessions and 75 leading solution providers in the areas of digital infrastructure and innovation, digital payments, last mile fulfilment and many others. More than 80 multichannel and ecommerce retailers will be sharing knowledge and experience during the six conferences sessions, workshops and clinics at IRX Indonesia 2017. All these under the themes of Connected Store of the Future, Payments & Security, Insight & Experience, Digital Sales & Marketing, Digital Merchandising, Multichannel Operations & Fulfilment.

    “IRX is the leading multichannel event in the retail calendar and takes place every March at the NEC Birmingham, United Kingdom. The UK is the most sophisticated internet retailing market globally. With over 200 exhibitors and 5000 visitors to the show, IRX welcomes retailers and technology providers from across the multichannel landscape,” said Richard Ireland, Managing Director, Asia, Clarion Events Pte Ltd. “Following its great success in 2016, IRX will be running its second show in Jakarta, Indonesia in January 2017 and plans to bring some of the expertise gained from the UK to Indonesia. Our event plans to help retailers looking to establish, along their journey to grow their online retail strategies.”

    Visitors to the event can expect industry tracks featuring a distinguished speaker panel of local and international industry who’s who, including, among others, Roy N. Mandey, Chairman, APRINDO; Ravi Kumar, COO, PT. MAP; Catherine Sutjahyo, CEO, Alfacart.com; Adrian Suherman, CEO, Lippo Digital Group; Aruni Therese Abeyesundere, Chief Marketing Officer, Pizza Hut;; Simon Torring, Regional Head of Merchandising (Digital), Sephora Digital SEA, Ankit Porwal, Business Director, L’Oreal Paris Indonesia; Ashley Amanna, Head of ECommerce, L’Oreal Indonesia; Pankaj Khushani, Head of Media Technology Solutions – SEA, India & Korea, Google; Rizkie Maulana Putra, Head of ECommerce Development, Samsung Electronics Indonesia; Tabah Yudhananto, Marketing Technologist, Digital Marketing, CRM Senior Manager, Blibli.com; and Cam Walker, CEO Indonesia, iflix.

    The conference will feature 6 streams alongside e-Commerce clinics and workshops on the exhibition floor. Special highlights for the event include SME Forum: “Building capabilities in a digital age”; CMO Forum: “The way marketers engage customers”; CEO Panel Discussion: “Omni Channel retailing: Digital Transformation, Customer First”; E-Commerce University; E-Commerce Clinics; Start-up & Innovation Zone: “Enabling Business value with Digital Transformation”; Indonesia – China Cross-Border Ecommerce Pavilion; and 3D VR Shopping Experience.

    IRX Indonesia will feature 50+ exhibitors including 8Commerce, Asian Delker Logistics, ATEX, Cashlez, Detrack, E2Pay, Egentic, ICUBE, Innovecto, Midtrans, MooCommerce, PaketID, Priceza, PT Kam and Kam, PT Kioson Komersial Indonesia, and SAP, and sponsors including BCA, Accenture, Telkom Indonesia, PT Pos Logistics Indonesia, Akamai, Anchanto, Go-Jek, Magento, Manhattan Associates, At Internet, aCommerce, Alto, FedEx, Gift Card Indonesia, Intramega Global, netCORE, Sprooki, and JNE.

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  • SIA delays launch of Jakarta-Sydney route after Indonesia withdraws approval

    SIA delays launch of Jakarta-Sydney route after Indonesia withdraws approval

    Flag carrier Singapore Airlines (SIA) said on Wednesday (Nov 9) it has delayed plans to launch a new route linking Singapore, Jakarta and Sydney, after Indonesia withdrew its approval due to runway maintenance work.

    The airline had earlier announced that it planned to launch the thrice-weekly Singapore-Jakarta-Sydney route on Nov 23. SIA said Indonesia’s civil aviation authorities had issued written approval, and the airline had secured the necessary airport slots.

    However, Indonesian authorities have informed the airline that they are now unable to approve the flights due to runway maintenance work at Jakarta’s Soekarno-Hatta International Airport, SIA said. The runway work also affects other airlines, it added.

    In response to media queries, the Civil Aviation Authority of Singapore (CAAS) said it was aware of the delay in the launch of the new route.

    “SIA’s new service will enhance air connectivity between Singapore, Jakarta and Sydney, which will facilitate people and trade flows between these cities,” CAAS said.

    “We hope the Indonesian civil aviation authorities can give approval for this new service as soon as possible so that it can be launched.”

    SIA said it will contact customers with bookings on the route and transfer them to other flights. “The airline apologises for the inconvenience caused to our customers,” it said.

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  • PNG plans to open flight route to Papua

    PNG plans to open flight route to Papua

    Papua New Guinea has reiterated its plan to open a flight route from Mount Hagen to Jayapura during a meeting of the Border Liaison Officers held in Port Moresby, an Indonesian official said.

    Papua New Guinea will soon realize its plan but has not set a specific date for it, Director for East Asia and the Pacific at the Indonesian Foreign Ministry, Edy Yusuf, said on Tuesday.

    Yusuf said the Indonesian government is prepared to help realize the plan soon.

    “Indonesia is ready to help Papua New Guinea realize the plan since there is no flight from Papua to Papua New Guinea,” he added.

    The head of the Indonesian delegation to the meeting, Klemen Tinal, who is also the deputy governor of Papua, shared Yusufs view and expressed the hope that the plan would come to fruition soon.

    Most citizens of Papua New Guinea who live in Vanimo visit Indonesia by land through borders between Wutung in Papua New Guinea and Skouw in Indonesia, as well as by sea, he informed.

    If the plan to open the flight route is realized, they will no longer need to travel to Papua by land or sea, he stressed.

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  • President hopes economy to grow more than 6 percent in 2018

    President hopes economy to grow more than 6 percent in 2018

    President Joko Widodo (Jokowi) said he hopes the countrys economy could grow more than six percent in 2018 that the 2018 state budget would get healthier.

    “In entering the year 2018, the first thing we want is a growth of more than six percent,” the president said when opening a plenary session of the cabinet at the state palace here on Wednesday.

    Jokowi said he was aware it would not be easy because for that there should be a growth of more than 10 in the investment sector.

    He then asked the head of the Capital Investment Coordinating Board (BKPM) to report estimates including steps that have to be taken to boost investment.

    “The consumption sector needs to grow more than 5 percent, exports are also expected to grow by at least 4 percent and imports by at least two to three percent,” he said.

    He said, however, the figures still leave rooms for corrections or an increase.

    He said he wanted discussion and debate on the 2018 state budget made earlier that implementation would be better.

    Almost all cabinet ministers and head of government agencies attended the cabinet plenary session.

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  • Indonesia to operate Becakayu Toll Road by 2017

    Indonesia to operate Becakayu Toll Road by 2017

    Indonesia will start to operate 8 kilometers of the 11-kilometers section of the new Bekasi-Cawang-Kampung Melayu (Becakayu) toll road connecting Bekasi City and Jakarta by March 2017.

    “I believe by March, the 8 kilometers toll road can start operations. I hope we can operate both lanes, so there will be 16 kilometers of the new toll road,” Indonesian President Joko Widodo (Jokowi) said here on Monday.

    Jokowi conducted a visit to Becakayu toll road construction to observe the progress.

    According to Jokowi, the toll project had been stopped for 22 years since 1997. The government restarted the project in 2015.

    Indonesia plans to start operations of the 11 kilometers of the toll project by 2017.

    The toll road will hopefully decrease traffic density between Bekasi and Jakarta.

    The Becakayu Toll Road will also connect with the Jakarta Outer Ring Road (JORR) lane that integrates with outer Jakarta areas.

    Jokowi said there were no obstructions from land acquisition of Becakayu Toll Road.

    “We have no problems as we have bailout investment. The assistance could accelerate the construction,” he said.

    Indonesia is boosting its infrastructure sectors such as airports, ports, roads and highways, and railways to develop the economy.

    The president also asked ministers to help attract and support private investments in the infrastructure sectors.

    According to the president, there were several areas in which such investments can support the development of infrastructure. Such an investment can be made by private sector players, state enterprises or via Public-Private Partnership (PPP) route.

    “Infrastructure development shouldnt depend only on the State Budget or Regional Budget. We should open such opportunities for the private sector and for non-government investments,” the president said here on Wednesday.

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  • Soekarno-Hatta Airport train expected to be operational by July 2017

    Soekarno-Hatta Airport train expected to be operational by July 2017

    The railway service connecting Jakarta to Soekarno-Hatta International Airport in Tangerang, Banten Province, should be complete and fully operational by July 2017, President Director of PT Railink Heru Kuswanto said here Monday.

    The service will provide 124 trips per day, with each train consisting of 10 coaches capable of transporting 274 passengers per trip.

    It is expected to run every 15 minutes to transport a total of 33,976 passengers per day, Kuswanto said.

    Canadian firm Bombardier was appointed to manufacture the trains.

    “The coaches will be delivered from Sweden in March 2017,” Kuswanto said.

    The government has invested US$70 billion to procure 10 trains from the rail equipment division of Bombardier.

    The trains will be customized to meet the national standard of railway gauge of 1,067 millimeters.

    The government has a budget of Rp2.7 trillion for the construction of the airport railway service which will be integrated into several Jakartas city train stations such as Manggarai, Sudirman Baru, Duri, and Batu Ceper.

    The train journey from Manggarai Station to Soekarno-Hatta International Airport is expected to take 54 minutes at Rp100,000 per trip.

    The railway network will be integrated with Terminal 1, 2 and 3 of the Soekarno-Hatta International Airport.

    PT Rilink is a joint venture enterprise between national railway company PT Kereta Api Indonesia and the state-owned airport service enterprise PT Angkasa Pura.

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  • Indonesian unemployment rate down in 2016

    Indonesian unemployment rate down in 2016

    The Indonesia Central Bureau of Statistics (BPS) said in August, 2016, the country had 7.03 million jobless people among 125.44 million of labor force.

    “Compared with August, 2015, the number of working people rose 3.59 million and the number of jobless people declined 530,000. The number of workforce, therefore, increased 3.06 million in August, 2016,” BPS chief Suhariyanto told reporters here on Monday.

    Suhariyanto said the number of working people rose in almost all sectors during the one year period excepting in the construction sector where the number of working people dropped 230,000 people or 2.8 percent.

    “The highest increase in number was recorded in the public service sector in which there were 1.52 million more working people or an increase of 8.47 percent, followed by an increase of 1.01 million or 3.93 percent in the trading sector, and 500,000 or 9.78 percent increase in the transport, warehousing and communications sector,” he said.

    Among the 118.41 million working people, the largest number was in the agriculture sector reaching 37.77 million or 31.9 percent, followed by the trade sector reaching 26.69 million or 22.54 percent and the service sector 19.46 million or 16.43 percent, industrial sector 15.54 million or 13.12 percent, the construction sector 7.98 million workers or 6.74 percent, the transport sector 5.61 million workers or 4.74 percent, the financial sector 3.53 million or 2.98 percent and mining sector 1.83 million or 1.56 percent.

    BPS said in August, 2016, Labor Force Participation Rate (TPAK) was 66.34 percent or every 100 working age people , around 66 were actively employed. Unemployment rate in the same period was 5.61 percent.

    The highest unemployment rate by provinces was in Banten reaching 8.92 percent , followed by West Java at 8.89 percent. The lowest unemployment rate was in Bali at 1.89 percent and Bangka Belitung at 2.6 percent.

    “Tourism sector contributed to low unemployment rate in Bali and Babel,” Suhariyanto said.

    He said in August 2016 , there were 50.21 million people or 42.4 percent of the working people in formal sector having business with permanent workers of 68.2 million.

  • Rupiah strengthens to 13,045 as of Monday afternoon

    Rupiah strengthens to 13,045 as of Monday afternoon

    The interbank exchange rate of rupiah in Jakarta moved higher by 23 points, reaching 13,045 rupiah per one US dollar compared to 13,068 rupiah previously.

    “Rupiah strengthened against US dollar in line with the growth indicated in the just released domestic economy data,” said Woori Saudara Indonesia Tbk money market watcher Rully Nova in Jakarta on Monday.

    According to the Central Bureau of Statistics, Indonesias economy experienced a 5.02 percent growth in the third quarter of 2016, thus reflecting that the cumulative growth has reached 5.04 percent by the third quarter of the year.

    The strengthening of the domestic currency has a lot to do with the market players confidence in Indonesias economy amid an uneven global economic scenario, spurring an interest in assets with rupiah denomination.

    At the same time, Nova believed the strengthening of the currency was still relatively limited, corresponding with commodity prices, especially the worlds crude oil price which is still at US$50 per barrel, indicating the psychological level of investors.

    The WTI Crude Oil was at US$44.76 per barrel as of Monday evening, while Brent Crude Oil was at US$46.11 per barrel.

    “The crude oil prices are expected to show an upward trend, sustaining rupiahs fluctuation in a positive area,” he noted.

    Meanwhile, Indonesias Central Bank recorded on Monday that rupiahs the middle exchange rate moved higher to 13,082, compared to 13,103 on Friday.

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