Indonesia strengthens financial crisis protocol amid coronavirus

Few vehicles are seen on the usually busy Sudirman street as the government called on people to stay home amid the COVID-19 coronavirus outbreak in Jakarta on March 31, 2020. (File/AFP)
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Updated 01 April 2020

Indonesia strengthens financial crisis protocol amid coronavirus

  • Southeast Asia’s largest economy is expected to grow 2.3 percent in 2020
  • The rupiah will fall further to average between 17,500 to 20,000 to the dollar, Finance Minister Sri Mulyani Indrawati said

JAKARTA: Indonesia has improved its protocol to prevent a financial crisis amid the coronavirus outbreak, its finance minister said on Wednesday as she flagged a worst case scenario of contraction in 2020 GDP growth and the rupiah falling to a historic low.

Finance Minister Sri Mulyani Indrawati said the protocol to help failing banks has been upgraded to allow for early responses by all financial authorities as part of an emergency regulation that President Joko Widodo announced on Tuesday.

Southeast Asia’s largest economy is expected to grow 2.3 percent in 2020, but the government has prepared for a worse scenario of a contraction of 0.4 percent, Indrawati said. Her scenarios also include the rupiah falling further to average between 17,500 to 20,000 to the dollar, the weakest on record, compared to the 16,380 exchange rate at 0320 GMT on Wednesday.


World rallies against Floyd’s death

Demonstrators occupy outside the building housing the DC Mayor's Office, during a protest against racial inequality in the aftermath of the death in Minneapolis police custody of George Floyd, in Washington, U.S. June 6, 2020. (REUTERS)
Updated 47 min 1 sec ago

World rallies against Floyd’s death

  • Yet tens of thousands of Australians defied Prime Minister Scott Morrison’s call to “find a better way”

LONDON: Taking a knee, banging drums and ignoring social distancing measures, outraged protesters from Sydney to London on Saturday kicked off a weekend of global rallies against racism and police brutality.
The death at police hands of George Floyd, an unarmed black man in the US state of Minnesota, has brought tens of thousands out onto the streets during a pandemic that is ebbing in Asia and Europe but still spreading in other parts of the world.
“It is time to burn down institutional racism,” one speaker shouted through a megaphone at a hooting crowd of thousands outside the parliament building in London.
“Silence is violence,” the throng shouted back in the rain.
Officials around the world have been trying to balance understanding at people’s pent-up anger with warnings about the dangers of a disease that has officially claimed nearly 400,000 lives globally.
Yet tens of thousands of Australians defied Prime Minister Scott Morrison’s call to “find a better way.”