Indonesia to urge nationals to bring home funds, help rupiah
JAKARTA (REUTERS) - Indonesia is considering incentives to encourage its nationals to repatriate some of their vast overseas currency holdings and support the rupiah , Asia's weakest currency.
The rupiah has slumped nearly 20 per cent this year, more than any other currency in the region, and has taken a hit this month because of a shortage of dollars in the market ahead of the year-end.
"Together with the government, we are discussing a scheme that can ... (repatriate) Indonesian money overseas," Bank Indonesia Governor, Mr Agus Martowardojo, told reporters.
He did not say how much money Indonesians hold overseas but some economists have estimated it could be around US$100 billion (S$125 billion) , which is slightly higher than the country's foreign currency reserves.