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Ada Pertanyaan? Hubungi Kami Jasmine Abdurrachim, Kartini L Makmur
A Regulation mandating the use of the Indonesian rupiah in all transactions has now been in force for the last two months, however a majority of the country’s business sectors have yet to move from USD to IDR. One of these business sectors involves the sales of avtur, a special type of fuel produced for aircrafts.Regarding BI Regulation No. 17/3/PBI/2015 on the Obligation to Utilize the IDR in the Indonesian Jurisdiction ("PBI"), Dwi Soetjipto, the Chief Director of PT. Pertamina (Persero) has admitted that the state-owned enterprise still utilizes the US dollar for sales of avtur, due to an importation process which involves various foreign agencies and which forces Pertamina to have a large amount of US dollars in stock.
“We have sent a letter to BI regarding our use of US dollars and our need to purchase a large amount of the American currency in order to facilitate our imports of gas and crude, and we have managed to secure an exemption from them. The usage of US dollars only applies to export activities in fact, while the use of the Indonesian rupiah is mandated for import activities, however the government has also requested that Pertamina’s export activities are to gradually switch over to the Indonesian currency as well,” explained Mr. Soetjipto on 28 August, 2015
Mr. Soetjipto added that BI has allowed them to use US dollars for large-scale purchases, as the current exchange rate would prove devastating to the company’s finances if it had to sell its goods in IDR whilst making purchases in USD.
Air Carriers Business Agents and The Indonesia National Air Carriers Association (INACA) however have expressed their desire for Pertamina to begin conducting its transactions in rupiah, as well as to engage in more efficient pricing practices. Arif Wibowo, Chairman of INACA, has criticized the price of avtur here, which remains 12 – 13 percent higher than it is in neighboring countries.
Agreeing the Chairman of INACA is economic analyst Purbaya Yudhi Sadewa, who has also expressed the hope that Pertamina will soon conduct its business transactions in IDR, including sales of avtur. Sadewa considers Pertamina’s refusal to sell avtur in rupiah to be both unacceptable and unjustifiable.
Mr. Sadewa has also offered an illustration of how the use of IDR may strengthen the stability of the exchange rate. According to Sadewa, US dollar transactions made by the public in the country amount to some USD 75 billion a year, and more than half of this amount is used to purchase goods and services. This has caused demand for the dollar to be higher than supply, hence the weakening rupiah.
“If we allow Pertamina to continue selling avtur in USD, then we all will suffer a great loss. The company should see that in the long run, the use of IDR will provide a strong platform and improve the stability of the exchange rate,” concluded Mr. Sadewa.
(sp)
Jasmine Abdurrachim, Kartini L Makmur
A Regulation mandating the use of the Indonesian rupiah in all transactions has now been in force for the last two months, however a majority of the country’s business sectors have yet to move from USD to IDR. One of these business sectors involves the sales of avtur, a special type of fuel produced for aircrafts.Regarding BI Regulation No. 17/3/PBI/2015 on the Obligation to Utilize the IDR in the Indonesian Jurisdiction ("PBI"), Dwi Soetjipto, the Chief Director of PT. Pertamina (Persero) has admitted that the state-owned enterprise still utilizes the US dollar for sales of avtur, due to an importation process which involves various foreign agencies and which forces Pertamina to have a large amount of US dollars in stock.
“We have sent a letter to BI regarding our use of US dollars and our need to purchase a large amount of the American currency in order to facilitate our imports of gas and crude, and we have managed to secure an exemption from them. The usage of US dollars only applies to export activities in fact, while the use of the Indonesian rupiah is mandated for import activities, however the government has also requested that Pertamina’s export activities are to gradually switch over to the Indonesian currency as well,” explained Mr. Soetjipto on 28 August, 2015
Mr. Soetjipto added that BI has allowed them to use US dollars for large-scale purchases, as the current exchange rate would prove devastating to the company’s finances if it had to sell its goods in IDR whilst making purchases in USD.
Air Carriers Business Agents and The Indonesia National Air Carriers Association (INACA) however have expressed their desire for Pertamina to begin conducting its transactions in rupiah, as well as to engage in more efficient pricing practices. Arif Wibowo, Chairman of INACA, has criticized the price of avtur here, which remains 12 – 13 percent higher than it is in neighboring countries.
Agreeing the Chairman of INACA is economic analyst Purbaya Yudhi Sadewa, who has also expressed the hope that Pertamina will soon conduct its business transactions in IDR, including sales of avtur. Sadewa considers Pertamina’s refusal to sell avtur in rupiah to be both unacceptable and unjustifiable.
Mr. Sadewa has also offered an illustration of how the use of IDR may strengthen the stability of the exchange rate. According to Sadewa, US dollar transactions made by the public in the country amount to some USD 75 billion a year, and more than half of this amount is used to purchase goods and services. This has caused demand for the dollar to be higher than supply, hence the weakening rupiah.
“If we allow Pertamina to continue selling avtur in USD, then we all will suffer a great loss. The company should see that in the long run, the use of IDR will provide a strong platform and improve the stability of the exchange rate,” concluded Mr. Sadewa.
(sp)