President Joko Widodo Lead the Cabinet Meeting - Photo by President Office

JAKARTA (TheInsiderStories) – Good morning. Carry out the weakening of Rupiah, Indonesian President Joko Widodo called exporters to bring more U.S dollars to Indonesia to stabilize the local currency. The statement comes out during his meeting with 40 exporters at the Bogor Palace yesterday (26/07).

On Thursday, the Rupiah closed higher 12 points or up 0.08 percent to Rp14,463 per U.S dollar compared to previous day. The Rupiah strengthened in line with other emerging market eyes after U.S President Donald Trump and EU Commission President Jean-Claude Juncker agreed to suspend the application of trade tariffs.

The rupiah strengthened as other currencies in Asia moved mixed, with gains led by South Korea’s won appreciating 0.6 percent, followed by the Indian rupee, which gained 0.18 percent. Meanwhile, the US dollar index was observed rising 0.03 percent or 0.031 points to 94.264 at 17.01 local time.

According to Finance Minister Sri Mulyani Indrawati in the meeting, president wants the entrepreneurs to be able to bring in more U.S dollars and liquefy it in Indonesia. Widodo also like to hear input from the businessmen related to a number of policies that have been issued by the government, she added.

Chairman of the Association of Indonesian Entrepreneurs Hariyadi Sukamdani revealed there are still about 15 percent of foreign exchange that have not entered Indonesia. He said, president wants the 85 percent earning from export returned to the country.

Meanwhile Indonesia’s trade ministry has decided to postpone the application of rules requiring coal and crude palm oil export shipments to use Indonesian insurance for six months. The decision is the second time the rules, issued in October and due to come into effect on Aug. 1, have been postponed.

The rules were part of trade regulations issued in October that were intended to boost the role of the archipelago’s shipping industry and save foreign currency, part of which were postponed to 2020.

Email: linda.silaen@theinsiderstories.com