Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: lorne who wrote (6210)	1/18/1998 10:35:00 AM
From: JD	Read Replies (2) \| Respond to of 116790

First step to ACU ?? From Kompas Online (content changes daily) NB. I have bolded a couple of passages for skimmers ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Sunday, 18 January 1998 Soeharto-Mahathir Talked 1.5 Hour RI-Malaysia Agreed Increase of Trade Without Foreign Currency Jakarta, Kompas Online Indonesia and Malaysia agreed to increase their trade volume without foreign currency. This step has been taken as one effort to overcome the monetary crisis which is happening in the SE Asia region and the fact of scarcety of dollars in that region. That clarification was conveyed by the PM of Malaysia Mahathir Mohamad in the meeting with the press at President Soeharto's residence at Jalan Cendana, Jakarta, Saturday (17/12) afternoon. In the press meeting PM Mahathir was sided by President Soeharto. The Premier held a work visit to Jakarta for one day to have a private talk with the President. It lasted from 11.30 till 13.00 WIT. Mahathir who used the Malayan and English language said that he came to meet President Soeharto because the latter was hindered to attend the Informal ASEAN Summit which was held in Kuala Lumpur, so he intended to report to the President. Due to the President's health condition he was forced to postpone the report about the resolutions made during the negotiation of ASEAN Heads of State, Japan, China and S Korea. Besides that Mahathir also wanted to hear directly from President Soeharto Indonesia's steps to overcome the monetary crisis. "As we have no dollars in sufficient amounts, we need other strong currencies fore export and import activities. We need to find a method to perform trade transactions without using our foreign exchange reserves," said Mahathir. With ringgit and rupiah According to the Premier that step is conform the agreement between the ASEAN Heads of State to increase trade among ASEAN countries without using foreign exchange. "But with our own money. Namely, if Indonesia wants to buy from Malaysia in rupiah currency, and if Malaysia buys in ringgit currency," Mahathir clarified. "It is now more important, because both countries face the problem to decrease the use of dollars which are already scarce, to buy from each other of the same area, but without using dollars among us," he continued. Answering the question of the impact of Indonesia's monetary crisis for Malaysia, the Premier said, "yes, our opinion is always that it is better to have a neighbour with a better life. With the proverb 'a warm water well from the neighbour will make that we also feel the warmth'. Therefore we must always speak to each other, because the problem faced by the neighbour will always spread, what we naw call an impact, has a contagious effect," said Mahathir. About the question of the plan to send expatriate workers home, Mahathir said that in this case Malaysia actually did not want to send the expatriate workers home. "But we have to remind them that we have not many fields of employment anymore. But we will do what is best by transfering those from the construction sector which is not so active anymore to the plantation sector where we still need workers," Mahathir clarified. About Malaysia's comment about 50 agreements between the RI-IMF, the Premier clarified, "That is a matter decided by Indonesia itself, we have no vision. That goes back to Indonesia's policy itself." After escorting the Premier to Halim Perdanakusuma Airport, the State Minister/Secretary Moerdiono added that the talk between Prresident Soeharto and Prime Minister Mahathir continued in an open atmosphere with much friendship. Mahathir expressed his gladness because President Soeharto was in good health. On the other hand the President clarified the economical situation in Indonesia, particularly about the monetary upheaval which recently happened in Indonesia until the signing of the Letter of Intent by the President and the Executive Director of the IMF. He said that both leaders studied together how to use each of their currency as means for payment which was also useful for ASEAN. The Premier also disclosed the concept of coperation in tourism. Particularly the possibility that tourists from one ASEAN country could visit other ASEAN countries with using their respective currencies. "Once again, this needs of course to be thought together at an expert level," said the State Minister and Secretary. (*) ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ JD