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Technology Stocks : INDONESIA'S PT TELECOM(TLK)
TLK 20.56-3.0%Nov 13 3:59 PM EST
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To: Jyoti sharma who wrote (331)2/13/1998 10:54:00 AM
From: tom  Read Replies (2) of 947
 
Hmmmmm....I think I have found out why the Rp is tanking - someone else agrees with you on the CB not making any sense. This may cause a few problemettes for Indo.

WASHINGTON, Feb 13 (Reuters) - International Monetary Fund Managing Director Michel Camdessus warned Indonesia on Friday against implementing a rigid currency regime now, saying it could damage its crisis-torn economy.
"We are of the strong view that this moment has not yet come in Indonesia," Camdessus told the annual meeting of the Bretton Woods Committee. He said he was speaking with the unanimous backing of the IMF executive board.
Against the advice of the IMF and major lenders such as the United States, President Suharto's government has said it will quickly establish a currency board to fix the value of the rupiah currency.
Camdessus said that a number of preconditions needed to be satisfied before a currency board was implemented, and it could harm the $40-billion IMF-led package put in place last year to help Indonesia recover from its financial crisis.
"Should it not work properly it could damage programs that are designed to help economy of Indonesia recover," Camdessus said.
"This is why we believe it would be proper to wait a little bit more to let these reforms take hold," he added.
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