This is adequate to pay for 7.5 months of imports."Jakarta (ANTARA News) - President Joko Widodo (Jokowi) reiterated here on Wednesday that Indonesias economy now is much better than in 1998 or 2008.
"Our economic condition right now, as compared to 1998 or 2008, based on figures I received is said to be better," he stated at a plenary cabinet meeting at his office.
He however noted that Indonesia is now racing against time with regard to deregulating regulations that have so far hindered business and investment despite the fact that on-field data revealed positive developments in the countrys economy.
"We are racing against time although data such as the capital adequacy ratio at Indonesias banks is still above 20 percent," he emphasized.
He pointed out that the figure was still good compared to those in other countries in the world and was even one of the best in Asia.
He stated that Indonesias foreign exchange reserves were now recorded at US$107 billion.
"This is adequate to pay for 7.5 months of imports," he noted.
He added that Indonesias foreign debt ratio is at 34 percent, which implies that it is far below the 120 percent recorded in 1998 that had led to a monetary crisis.
(Reporting by Hanni Sofia Soepardi/Uu.H-YH/INE/KR-BSR/A014)
Editor: Priyambodo RH
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