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Indonesia seeks to slash three zeros


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https://coinpedia.org/news/rupiah-token-idrtb-stablecoin-binance-chain/...

Rupiah Token Issued IDRTB Stablecoin on Binance Chain

Qadir AK   6 hours ago
 1 minute read
 
rupiah

Rupiah Token, on the event of Indonesian 74th Independence Day, announced IDRTB to be introduced on Binance Chain. With this, IDRTB will be the first ever non-USD Asian Currency to be listed on Binance Chain. In addition, they plan to introduce IDRTB as a currency exchange pair on Binance DEX. 

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After the launch of IDRT – first Rupiah based stablecoin in beginning of August, 2019 this news has Asian Cryptocurrency market excited. IDRTB Purchase / Redemption will be open to the public by the end of the month.

IDRTB is built on Etherum blockchain and follows ERC-20 token standards making it compatible with the existing Etherum based wallets, global transactions, etc. IDRT inherits the speed, security, transparency, and other desirable characteristics of the Ethereum Blockchain.

IDRTB is Binance version of IDRT. 1 IDRTB is equivalent to 1 Rupiah (Indonesia’s Fiat Currency). For each IDRTB minted, 1 Rupiah is being stored into a bank account. If IDRTB is redeemed, the equivalent Rupiah will be burned

Birth of IDRTB – 

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This addition will be beneficial for Indonesian Traders as they will trade in their native currency and exchange rates won’t affect the economy. At present, USDSB is the USD -based stablecoin listed on Binance DEX. In the future, with enough votes, IDRTB may get traded against USDSB. This will cause a great peak in the Indonesian economy. 

Cryptocurrencies like Blockchain and Ethereum are volatile due to their price changes. To overcome this volatility, a stablecoin was introduced IDRT which has ratio 1:1 to Rupiah. IDRTB, being the blockchain version of IDRT functions in a similar fashion.

Swapping of IDRT and IDRTB will be made possible on the official website of rupiah token by the end of September, 2019.

IDRT and IDRTB are still in plans of partnering with other exchanges. In the future, we may be able to trade cryptocurrencies with IDRTB. Isn’t this exciting? Let us know your views.

 

 
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https://wkzo.com/news/articles/2019/aug/16/indonesia-president-proposes-178-billion-budget-for-2020-targets-53-gdp-growth/928135/?refer-section=national.....

Indonesia president proposes $178 billion budget for 2020 with focus on education

Friday, August 16, 2019 3:49 a.m. EDT
Indonesia's President Joko Widodo and Vice President Jusuf Kalla depart after the president's address ahead of Independence Day at the parli
Indonesia's President Joko Widodo and Vice President Jusuf Kalla depart after the president's address ahead of Independence Day at the parli

By Maikel Jefriando and Tabita Diela

JAKARTA (Reuters) - Indonesian President Joko Widodo on Friday proposed a 2,528.8 trillion rupiah ($177.56 billion) budget to parliament for 2020, focusing spending on human resources, which was central in his re-election campaign.

The 2020 budget proposals set a target of 5.3% growth in gross domestic product (GDP), the same as this year's, although officials have often said 2019 growth would probably range from 5.1% to 5.2%.

The proposed budget is 3% bigger than 2019's plans, but about 8% larger than the latest government estimate of what Jakarta will actually spend this year.

It will fund the president's programs in the first year of his second five-year term, which officially begins in October.

"The 2020 state budget policy is designed to be expansive, but to remain targeted and measured," Widodo told parliament.

To fund his budget, Widodo proposed to set a target of 2,221.5 trillion rupiah of state revenue. That brings the fiscal deficit in his budget proposals to 1.76% of GDP, which he said gave room to anticipate global uncertainties.

Juniman, chief economist of Maybank Indonesia, said Widodo's GDP growth assumption, which is used as the basis of the government's tax revenue target, is unattainable.

"I'm pessimistic the 5.3% growth can be achieved. Given the gloomy global condition and its slowdown trend this year and next, it will be hard for any emerging market to grow faster than this year," said Juniman, who uses one name, like many Indonesians.

He gave a 5% growth outlook for 2019 and 2020.

Though the president's GDP growth target was "slightly optimistic", the tax target was "cautiously realistic", said Bank Danamon economist Wisnu Wardana.

While Widodo promised to keep building infrastructure in 2020, the budget's main theme was improving human resources, with the president pledging to "answer to our demographic challenges".

Earlier on Friday, Widodo told parliament raising the quality of the labor market in his second term was key to reaping the benefit of a demographic dividend - a time when the number of people of working age exceeds those of non-working-age.

The government proposed to spend 505.8 trillion rupiah ($35.51 billion) for education in 2020, up 30% from 2015, to improve basic education as well as provide financing for 818,000 students to go to universities, Widodo said.

It would also use the budget to provide training for what Widodo called "emerging skills", such as coding, data analytics, graphic design and even training to become a coffee barista.

The budget proposals also assumed an inflation rate of 3.1%, a yearly average rupiah exchange rate of 14,400 to the dollar, a 5.4% average rate for 3-month treasury bills and an average crude oil price of $65 a barrel, Widodo said.

Parliament typically takes until October to approve the government's budget proposals.

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https://www.bloomberg.com/news/articles/2019-08-14/indonesia-s-trillion-dollar-economy-set-to-get-a-fiscal-reboot....

Indonesia’s Trillion-Dollar Economy Is About to Get a Reboot

By 
 and 
August 14, 2019, 4:00 PM CDT
  •  
    Government spending seen at record as economy needs stimulus
  •  
    Budget spotlight likely on infrastructure, labor reform, tax
Joko Widodo
Joko Widodo Photographer: Dimas Ardian/Bloomberg

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Indonesian President Joko Widodo is set to unveil measures to lift Southeast Asia’s largest economy from the stagnation that’s marked his first term, amid rising risks from a global slowdown and escalating trade war.

 
 

Jokowi, as Widodo is known, is set to lift government spending to a record in the 2020 budget due Friday, and is expected to set a higher target for economic growth. The president, who will begin a second five-year term in October, may also project a lower fiscal deficit target, while expanding the infrastructure drive that underpinned his first term.

 
 

With growth slowing to a two-year low last quarter, Jokowi will need to balance the need to stimulate the economy in the short term while pursuing longer-term reforms that can boost manufacturing and exports, creating jobs in a country of more than 260 million people. The president may announce steps to overhaul labor laws, address the labor force’s skills gapand shore up tax collection needed to fund welfare programs.

 
 

Growing Pains

Indonesia's GDP growth has been hovering around 5% since 2014

Source: Indonesian Ministry of Finance

* GDP growth figures for 2019 to 2020 based on most recent government forecasts

“They definitely have to keep in mind the external risks in drafting the budget, but I think Indonesia has plenty of fiscal space to generate growth internally,” said Euben Paracuelles, an economist at Nomura Holdings Inc. in Singapore. “If anything, this could be an opportunity to get legislative support to run a more expansionary fiscal stance in the face of greater external risks.”

The president heads into his second term with an increased majority that gives him greater authority over parliament and a mandate to push his agenda. He’s pledged to implement tough reforms to attract foreign investment and unleash the potential of Southeast Asia’s only trillion-dollar economy.

Here’s a look at what’s expected in Jokowi’s 2020 budget, to be presented to parliament Friday:

Outlook

With global demand waning and the U.S-China trade war escalating, Indonesia’s economy may struggle to clear 5% growth, where it’s hovered for several years. Gross domestic product rose 5.05% in the second quarter, its slowest pace in two years and the third quarterly decline in a row.

Jokowi is expected to settle for the mid-point of a growth range of 5.2% to 5.5% agreed by the government and parliament. That could still put Indonesia on course for the fastest expansion since 2013.

Spending Boost

Jokowi has lifted government spending almost 40% since 2014

Source: Badan Pemeriksa Keuangan

* Data for 2019 is budget target in trillions of rupiah

The budget deficit may be set in a range from 1.52% to 1.75% of gross domestic product, the government has said. That’s narrower than the 2019 estimate of 1.93%, and well below the legal limit of 3%.

Labor Reform

Indonesia’s labor force is larger than the combined populations of the U.K. and South Africa, but it has a productivity problem. Jokowi is promising sweeping changes, from making it easier to hire and fire workers to increasing funding for vocational training, to make Indonesia more competitive and attract foreign investment.

Steps to improve of labor-force quality could help Indonesia boost its economic potential, as the output gap -- the difference between actual and potential output -- has shrunk almost to zero. The president is expected to boost spending on education to lift workers’ skill levels, seen as a crucial step toward achieving economic growth of more than 6%.

“The government had repeatedly said its focus will be on human-resource development and social security,” said Dian Ayu Yustina, an economist at PT Bank Danamon in Jakarta. That would likely mean an increase in allocations for the relevant ministries, she said.

Infrastructure

Nation-building was the key theme of Jokowi’s first term as he rolled out new roads, ports and railways. That’s set to continue with the government drafting ambitious plans for more than $400 billion in projects, from 25 airports to new power plants.

The 2020 budget will be about “refining the spending focus toward improving quality,” said Aldian Taloputra, an economist at Standard Chartered Plc in Jakarta. Infrastructure will continue to be a “big-ticket item” as the government proceeds with a raft of projects already on the books, he said.

Tax Cuts

A plan to lower corporate tax also aims to boost Indonesia’s competitiveness. Jokowi wants to attract more foreign investment and revive the country’s manufacturing sector, which accounted for less than 20% of GDP in the second quarter compared to 26% a decade ago.

Lacking A Competitive Edge

Indonesia has one of the highest corporate tax rates in Southeast Asia

Source: KPMG corporate tax rates table

 

Jokowi said in July he would seek parliamentary support to reduce corporate taxes to 20% or lower. That can help Indonesia compete with regional rivals like Vietnam and Thailand in luring companies seeking to relocate business away from China amid the trade war.

With the government having already announced a slew of tax incentives for certain sectors, plans for additional tax benefits for companies makes it clear “stimulus for growth will be key,” Bank Danamon’s Yustina said.

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introduced IDRT which has ratio 1:1 to Rupiah. IDRTB, being the blockchain version of IDRT functions in a similar fashion.

Swapping of IDRT and IDRTB will be made possible on the official website of rupiah token by the end of September, 2019.

IDRT and IDRTB are still in plans of partnering with other exchanges. In the future, we may be able to trade cryptocurrencies with IDRTB. Isn’t this exciting? Let us know your views....this is indeed

Very exciting...iam invested as well...thanks BL....C cheers 

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https://jakartaglobe.id/business/bank-indonesia-reveals-six-monetary-policies-to-keep-financial-system-stable......

1589186948.jpg

An office worker walks through Jakarta's Kuningan business district on April 3. (Antara Photo/Dhemas Reviyanto)

Bank Indonesia Reveals Six Monetary Policies to Keep Financial System Stable

BY :HERMAN

MAY 11, 2020

Jakarta. Since the coronavirus crisis began, Bank Indonesia has been strengthening its policy mix to stabilize the rupiah, control inflation, support financial system stability and prevent a further decline in economic activities by working closely with the government and the Financial System Stability Committee, or KSSK.

Bank Indonesia Governor Perry Warjiyo revealed on Monday the central bank's policy mix contains six essential points.

The first is to lower its seven-day reverse repo rate twice by 25 basis points to 4.5 percent.

"The reduction is consistent with the low and controlled inflation forecasts within the target range of 3+1 percent to support the national economic recovery," Perry said in an online press conference.

At its board of governors' meeting on April 13–14, Perry said the central bank had decided to maintain its seven-day reverse repo rate seeing the need to prioritize interest rate policies to keep the rupiah stable in the short term.

However, the central bank said a window is still open for future interest rate cuts once financial market uncertainties have begun to die down.

The second point is to stabilize and strengthen the rupiah by intensifying interventions in the spot market, domestic non-delivery forward market and by buying bonds in the secondary market.

 

Indonesia's relatively large number of foreign exchange reserves is behind this policy.

Bank Indonesia has also established bilateral swap and repo line cooperations with several central banks in other countries, including the United States and China.

"The exchange rate stabilization measures have strengthened the rupiah, going from nearly Rp 17,000 per US dollar [earlier during the coronavirus crisis] to under Rp 15,000 per US dollar today. Bank Indonesia believes the current rupiah exchange rate is fundamentally undervalued. Going forward, it will stabilize and strengthen," Perry said.

The third point in the policy mix has Bank Indonesia continuing to expand instruments and transactions in the money market and foreign exchange market by providing more hedging instruments against the rupiah through domestic non-delivery forward transactions, increasing foreign currency swap transactions and providing term repo for banking needs.

The fourth point has the central bank injecting massive quantitative easing into the financial market and banks to encourage financing for businesses and kickstart a recovery of the national economy,

So far in 2020, Bank Indonesia has injected around Rp 503.8 trillion into the financial system by buying bonds in the secondary market, providing extra liquidity for repurchase agreement, foreign currency swaps and a reduction in the rupiah statutory reserve requirement.

The fifth point in the policy mix is to release macroprudential policies to encourage banks to finance businesses through reducing loan-to-value ratio provisions, macroprudential intermediation ratio (RIM) and lowering the rupiah statutory reserve requirement for business financing – especially for export-import operators and MSMEs – to counter the impact of the coronavirus crisis.

The last point in the mix is to ease payment constraints for both cash and non-cash payment systems to encourage more economic and financial transactions.

"This is done by encouraging people to make more non-cash transactions, such as using electronic money, internet banking and QRIS [QR Indonesian Standard]," Perry said.

 

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On 8/17/2019 at 8:01 PM, screwball said:

Yes great news let’s see if they revalue and remove zeros as well planned for 2020 but we could see it’s little earlier 

Well Screwball , Navira and everyone else . We are in to May 11th of 2020 ..........

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Posted (edited)
6 hours ago, blueskyline said:

Well Screwball , Navira and everyone else . We are in to May 11th of 2020 ..........

In the box seat....have to be in it to win it 

Edited by screwball
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