Indonesia issues rule on export facility to cope with financial crisis
9/12/2008 16:37
Indonesia's central bank has issued a new rule which could make exporter
to receive payments faster, as an effort to ease the impact of the global
financial routs in the country which rely on its exports, a statement from the
bank website said today.
The squeeze on the US dollars liquidity due to
investors fears on the global capital flight from risky assets at emerging
market has caused complaints among companies over obtaining financing, amid the
wakening of monthly export due to the fall of demand.
Indonesia's export
begun to drop in October by 11.61 percent to US$10.81 billion compared to those
of in September, the statistic agency said.
The country exports includes oil,
coal, palm oil, rubber, and fabricated goods such as textiles.
The new policy
rules that commercial banks may sell export receivables, the monies owed to an
exporter by the importer, to the central bank.
This shortened the time for an
exporter to get payment, which typically can be as long as 6 months, and may
help decline demand for foreign currencies and weakened selling pressure on the
rupiah.
"The exporters, through the bank," will obtain export proceed faster
to get working capital needs than waiting for the deadline of the payments from
overseas buyers, " the bank said in a statement in website of
www.bi.go.id.
The central bank governor Boediono said in the statement that
exporters can have liquidity both in foreign exchange and in rupiah, so that it
would ease pressure on the rupiah exchange rate, saying that this should be good
for the economy.
Xinhua
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