BI plans with the government, which will issue the bond stabilization funds (BSF), responded to cold by the bankers. They assess the two authorities are less assertive in dealing with an increasingly hot money flooded the money market in this country.
Why should act half-heartedly? This is strange, let alone our finance minister is a former banker. He should know, would be very dangerous if the hot money coming in, said a director at a government bank.
As reported heavily in recent foreign funds into short-term instruments kept flowing. In just a matter of days, the numbers go up trillions of rupiah.
It is estimated that, this weekend, the figure has reached Rp270 trillion. The majority still ngendon in Government Securities (SUN), which as of 9 November to reach Rp195 trillion. Following in belakanganya SBI (Bank Indonesia Certificate) and the last in stock.
Now, if funds are withdrawn at the same heat (and it certainly happens), then the financial world of this country certainly broke down. Not only the financial sector and capital markets that would hit hard, the real sector would be affected due to the weakening rupiah. BSF will not be able to stabilize the situation like that, said the banker.
That is why, governments are advised to imitate the steps Brazil and Thailand who impose taxes on the funds coming from abroad. Rules that will be more complete if the deadline acquisition of securities in Indonesia (especially SUN and SBI) extended.
Nothing to be ashamed to imitate. Moreover, the hot money was almost pointless for us. Only adding to the burden alone, he said. He estimates that hot funds that will go home cages next year in line with the improving U.S. economy and Europe.
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