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Strategies & Market Trends : Asia Forum -- Ignore unavailable to you. Want to Upgrade?

To: Ramsey Su who wrote (2153)	2/14/1998 2:43:00 PM
From: Mohan Marette	Respond to of 9980

Ramsey: You said it, that is just about the size of it! Then again like we said the objective would have been attained nonetheless,and I assume we all know what the objective is,right? <gg>

To: Ramsey Su who wrote (2153)	2/14/1998 5:51:00 PM
From: Stitch	Read Replies (1) \| Respond to of 9980

Re: Indonesia'a Currency Board FYI: The following article appeared in K.L.'s "New Strait's Times on Saturday. RUPIAH: Move to peg without the forex Jakarta: The Central Bank of Indonesia said there was no need to fully match the issue of its rupiah currency with foreign exchange reserves under a proposed peg system, the state news agency Antara reported yesterday. Bank Indonesia director Miranda Goeltom was quoted as saying the country would introduce what the report called an "unorthodox" currency board system. An "orthodox" system requires backing of for all Rupiah in circulation at the fixed peg exchange rate. But the "unorthodox" option would allow for less then full backing of forex reserves it said. Goeltom said reserves stand at US$17 billion according to the report, against 78.3 trillion Rupiah in circulation at the end of last year and 356.6 trillion Rupiah held by banks. I do not have a clue what "unorthodox" means in this context but it appears to be simple double speak. As an aside there was a meeting in Manila on Thursday of the Association of Southeast Asian Nations Economists Forum. Opinions there ran high against Jakarta's plans for a currency board for the reasons most oft stated that Indonesia does not have the reserves to support such a system. There is widespread speculation that Indonesia intends to target 5-6,000 as the new exchange rate. Only takes simple math to figure out just how "unorthodox" Indonesia's incredibly corrupt leaders intend to be. Who are their advisers? Michael Milken, Ivan Boesky , and recently reincarnated Jay Gould and Charlie Soong? Best, Stitch