Govt. asks state companies to bring their dollars to the country

The Jakarta Post , Jakarta | Mon, 10/06/2008 11:52 AM | Business

State Ministry of State Enterprises has asked state-owned companies to move their U.S. dollar savings from abroad to the country as a measure to protect the national reserves needs amidst the global financial crisis.

"We are calling (state enterprises) to move their dollars to national banks, unless they are needed for projects or other needs abroad," said Sofyan Djalil, the State Minister of State Enterprises, as quoted by Tempointeraktif.com on Monday.

The minister said the appeal was made especially to enterprises that have many dollars abroad -- including state oil company PT Pertamina, state power company PT Perusahaan Listrik Negara, state mining company PT Aneka Tambang, state telecommunications
compan PT Telekomunikasi Indonesia, state tin company PT Timah, and state gas company PT Perusahaan Gas Negara.

Sofyan also said he would call several other state companies who use large sums of dollars in their projects. The projects "need to be reconsidered, especially the ones with mismatches", he
said.

However, the ministry, he said, would not take the same measure with state banking companies, which are already under close supervision by the central bank.

Sofyan said the global crisis has not affected any state company listed on the stock market. "Thus far, the crisis has had little effect on the domestic economy," he said. (dre)

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