Indonesian president says market turmoil not lead to repeat of '97 crisis
16/9/2008 18:03
Indonesian President Susilo Bambang Yudhoyono said today that the
volatility on the country's stock market from the impact of the global economy
would not lead to a repeat of the 1997's financial crisis, as the country
economic fundamentals remain strong.
The president said that the government
and central bank would cooperate to ease the turmoil in the country's stock
market.
"We do not need to worry that the shock to the global economy, which
has hit financial markets, will lead to a return to a similar situation as in
1997. It is because our economic fundamental is stable now," Susilo said at the
State Palace.
Nevertheless, the president asked to be cautious against the
external shocks.
Susilo also asked for a cooperation with domestic
businessmen to control the economic stability.
Indonesia would soon active
its 120 trillions rupiah state budget, which remains idle in an account at the
central bank to help shower the market with liquidity, Finance Minister Sri
Mulyani Indrawati has said.
Indonesia was hit by the Asian financial crisis
in 1997.
Xinhua
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