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Rupiah continues to weaken, projected to hit Rp 14,570 next week

The rupiah’s depreciation continued on Monday, when it fell to 14,478 to the United States dollar from Rp 14,469 on Friday. The currency started depreciating early May, after it was valued at Rp 14,245 to the dollar on May 2. Analysts believe the escalating trade war between China and the US has made investors shy away from high risk assets. ... Read More »

Indonesia sees record-breaking US$2.5b trade deficit in April

Indonesia’s April trade balance plunged to a deficit of US$2.5 billion after recording trade surpluses in the previous two months, Statistics Indonesia (BPS) has reported. The figure is the largest monthly deficit recorded since 2013 and during the administration of President Joko ‘Jokowi’ Widodo, surpassing the $2.05 billion trade deficit in December 2018. It is a contrast to March and ... Read More »

Trade Balance Indonesia: Second Consecutive Monthly Surplus in March

And when we take a closer look at the latest export and import data, then there remains room for concern, specifically about the international environment. Indonesian oil and gas exports fell 18.3 percent year-on-year (y/y) to USD $1.09 billion in March 2019 (from USD $1.34 billion in March 2018), while Indonesia’s non-oil and gas exports fell 9.2 percent (y/y) to ... Read More »

Indonesia plans to construct 4,479 km toll roads by 2030

The government plans to develop 4,479.33 kilometers of toll roads by 2030 in addition to the 1,500 km toll road projects that are to be completed in 2024 to support mobility, an official has announced. The Public Works and Housing Ministry’s road development director general, Sugiyartanto, said the new toll roads would particularly open access to tourist destinations and other ... Read More »

Eximbank loan disbursement at Rp 103.38t as of March

State-owned lender Indonesia Eximbank has disbursed Rp 103.38 trillion (US$7.22 billion) as of March, up by only 1.45 percent year on year (yoy) as the company continues to struggle to achieve higher growth, an official has said. “In the early period of this year, financing was still insignificant as the market is still waiting for the election result,” Indonesia Eximbank ... Read More »

Two alleged foreign drug smugglers shot dead in Medan

Two foreigners who were allegedly part of an international drug syndicate were shot dead by North Sumatra Police in a crackdown on drug smuggling in Medan. North Sumatra Police chief Insp. Gen. Agus Andrianto said the officers from the narcotics division were forced to shoot the suspects, an Indian national and a Malaysian, because they had fought back as the ... Read More »

PGN to pay Rp 1.38 trillion in dividends

State-owned gas company PT Perusahaan Gas Negara (PGN) has announced a plan to distribute Rp 1.38 trillion (US$97.5 million) in dividends, or 31.8 percent of the firm’s 2018 profit. At an annual shareholder meeting on Friday, the company’s shareholders agreed that the value dividend for each share would be Rp 56.99, or 80 percent higher than the value of each ... Read More »

Indonesia posts surprise trade surplus in March, analysts doubt sustainability

Indonesia posted a surprise trade surplus for a second straight month in March, supporting the central bank’s outlook of a narrowing current account deficit, but economists warn a trade deficit could return after Wednesday’s presidential elections. Indonesia had a surplus of $540 million in March, the largest since June 2018 and compared with a forecast of $180 million deficit poll. ... Read More »

10% quota for general category poor may benefit 51.5 million households

An Act to provide 10 per cent reservations to the economically weaker sections (EWS) of forward/general category households could potentially benefit around 51.5 million households, an analysis by Business Standard shows. Of these, 9.35 million are Brahmin households, while 42.1 million belong to other forward/general caste households (at 2016-17 income levels). A closer look at the data reveals that 42 ... Read More »

Xiaomi produces 10 million smartphones in Indonesia factory

Xiaomi Indonesia has reached the milestone of producing 10 million smartphones in its factory in Batam, Riau islands. Xiaomi announced the company had achieved the figure since its official compliance with the local content regulation in February 2017 for its first locally-manufactured smartphone, Redmi 4A “We are happy that Xiaomi devices have received a positive response from Indonesia’s customers. Globally, ... Read More »

Grab to raise additional $2bn to accelerate Indonesia expansion

Grab plans to raise an additional $2 billion from SoftBank Group and other investors by the end of this year as it accelerates its expansion in Indonesia, Southeast Asia’s largest market, Grab President Ming Maa told the Nikkei Asian Review in an interview on Monday. Grab has raised $4.5 billion since last year, when the company received investments from global ... Read More »

Tax office receives 70.15 percent of all taxes

The Directorate General of Taxation has announced that 10.93 million taxpayers, or 70.15 percent of its target of 15.58 million taxpayers, had filed their annual tax returns (SPTs) one day before the March 31 deadline. Earlier, Finance Minister Sri Mulyani Indrawati announced that 10,051,101 individual taxpayers had filed their taxes by Saturday morning. “The 10.93 million taxpayers that submitted their ... Read More »

Indonesia, Thailand slowly reduce dependence on dollar in bilateral trade

Use of the local currency settlement (LCS) scheme between Indonesia and Thailand has grown substantially since its inception in late 2017, Bank Indonesia (BI) said in a statement on Monday. The LCS scheme promotes the use of local currencies to settle transactions between related parties to boost international trade and investment between countries and reduce reliance on third-party currencies like ... Read More »

Foreign Exchange Reserves Indonesia Rise to US 123.3 Billion in Feb 2019

The increase in Indonesia’s foreign exchange reserves last month was mainly caused by the central government’s global sukuk issuance (Islamic debt paper), oil & gas exchange receipts, and other foreign exchange receipts. The current level of foreign reserve assets (USD $123.3 billion) is equivalent to the financing of 6.9 months of imports or 6.7 months of imports and payment of ... Read More »

Indonesia nets $931.6m for cigarette exports

Industry Minister Airlangga Hartanto has said Indonesia exported cigarettes worth US$931.6 million last year, up 2.98 percent from $904.7 million in 2017. He added that the cigarette excise was recorded at Rp 153 trillion last year, up 3.9 percent from Rp 147 trillion in 2017. “Cigarette excise tax revenue contributed 95.8 percent of the national excise tax revenue,” Airlangga said ... Read More »

Australian fintech firm expands to Indonesia

Over the past few years, the Indonesian Central Securities Depository (KSEI) has consistently recorded a significant increase in the number of investors in the country, as shown in the issuance of Single Investor Identification (SID) numbers. Last year, the depository recorded a 44 percent increase in SIDs to 1.62 million, of which 988,946 were mutual fund SIDs. However, those numbers ... Read More »

Vietnam coffee trees face drought, trade picks up in Indonesia

HANOI/BANDAR LAMPUNG: Coffee farmers in Vietnam are struggling to secure sufficient water for their trees during the country’s dry season, while trading has started to pick up in Indonesia amid a mini harvest. The Vietnam Coffee and Cacao Association said earlier this week that low water levels and threat of a drought in the Central Highlands, the country’s main coffee ... Read More »

Indonesia and Australia Sign Pact Eliminating Many Tariffs

JAKARTA, INDONESIA (AP) — Indonesia and Australia signed a free trade agreement Monday that will eliminate many tariffs, allow Australian-owned hospitals to operate in the giant Southeast Asian country and increase work visas for young Indonesians. Trade ministers from the two countries signed the agreement, negotiations for which first began in 2010, at a Jakarta hotel with Indonesian Vice President ... Read More »

Increased tax refunds causes decline in revenue

The simpler process of claiming tax refunds has caused an increase in claims over the past few months and cut into the tax revenue, the tax office has said. The Finance Ministry’s Taxation Directorate General said that revenue from value-added tax (VAT; PPN in Indonesian) and luxury tax (PPnBM) had fallen as of recently, as it had paid a greater ... Read More »

Tax office gets data of Indonesian wealth in 65 countries

After joining 120 countries in the Automatic Exchange of Information in 2018, the tax office has obtained information about the wealth of Indonesian nationals that is deposited in financial institutions in 65 countries, according to the Finance Ministry’s Taxation Directorate General. Taxation Director General Robert Pakpahan said the tax office was scrutinizing the data. “We are cross-checking the data with ... Read More »