JAKARTA: Legislators are urging Bank Indonesia to take all necessary measures to push its income up next year in order to decrease the bank's likely deficit.
Bank Indonesia is expecting to suffer a Rp 22.4 trillion (US$2.35 billion) deficit in 2010, more than 11 times higher than this year's deficit estimated at Rp 1.91 trillion, due to high costs of operating its monetary policies, in particular the high interest rates payable on Bank Indonesia Certificates (SBIs).
Deputy chairman of the House of Representative's Commission XI (on financial affairs) Achsanul Qosasi urged the central bank to re-examine all its income and expenditure plans to maximize revenue.
"They can do it *maximize income*, because the global economy will be much better next year," he told reporters Thursday.
The central bank has estimated it will spend up to Rp 37 trillion to cover the costs of monetary policies only. The overall expense is predicted to hit Rp 42 trillion, Rp 22 trillion higher than the estimated income accruing from issuing SBIs.
Legislators have ordered BI to manage its deficit so as not to exceed Rp 18 trillion. "We and BI have agreed to revise some elements in its budget plan," Achsanul said. - JP/bbs
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