When President Susilo Bambang Yudhoyono nominated Boediono as the sole candidate to head the country's central bank, Bank Indonesia (BI), everyone seemed to know somehow that he was going to be the next BI governor.

The House of Representatives' Commission XI overseeing financial affairs then held a "fit-and-proper" test, which proved Boediono's capability in dealing with monetary affairs. Only one of the 46 Commission XI members, Dradjad H. Wibowo, rejected Boediono, saying he was involved in the BI liquidity funds (BLBI) case.

Despite his objection, Dradjad acknowledged that Boediono was an expert when it came to monetary policy. Other commission XI members also commented on Boediono as an excellent figure to head BI, especially since the country was facing a troubled economy due to a U.S. recession and high global oil prices.

Unlike the previous candidates nominated by Yudhoyono -- Bank Mandiri president director Agus Martowardojo and PT Perusahaan Pengelola Aset vice president Raden Pardede, who the House deemed incapable of leading BI -- Boediono's nomination received much praise from House members.

Economists, such as Faisal Basri and Fauzi Ichsan, say Boediono is the right person to head BI: Faisal said Boediono's monetary knowledge was undisputable, while Fauzi said Boediono would be able to restore market confidence.

If Commission XI's decision is approved in the House's plenary session, Boediono would become the eighth BI governor after Radius Prawiro (1966-1973), Rachmat Saleh (1973-1983), Arifin M. Siregar (1983-1988), Adrianus Mooy (1988-1993), J. Soedradjad Djiwandono (1993-1998), Syahril Sabirin (1998-2003) and Burhanuddin Abdullah (2003-2008).

The current BI head, Burhanuddin, will end his term on May 17.

Boediono, who is currently the Coordinating Minister for the Economy, managed to fix the country's economy and financial system when he was finance minister in 2001. Under Boediono's leadership, the country's economy managed to get back on track and grew 4 percent in 2002.

Boediono ended his term as finance minister in 2004. While many analysts expected him to be reelected as finance minister in Yudhoyono's cabinet, it was Jusuf Anwar who took his place.

However, when Yudhoyono decided to reshuffle his cabinet in late 2005, Boediono, who said he wanted to teach again at Gadjah Mada University in Yogyakarta, was chosen to replace the coordinating minister for the economy, Aburizal Bakrie, who failed to develop the country's economy.

"I know that you want to teach, but the country and the people need you. I hope everything will work accordingly," Yudhoyono reportedly told Boediono.

The market responded positively to Yudhoyono's decision, which saw the Jakarta Composite Index rise and the rupiah strengthen against the U.S. dollar.

Boediono's experience, and his calm and cool demeanor, was considered more than satisfactory to head BI, which is highly responsible for controlling the country's inflation rate.

His cooperation with current Finance Minister Sri Mulyani Indrawati is also a crucial point as BI and the government need to attune their monetary and fiscal policies to boost the country's economy.

The 65-year-old Boediono, who was born in Blitar, East Java, is a smart, yet humble person. Prior to his nomination, Boediono would only smile and saying: "I'm old. Let young people take the job."

This kind of disposition, Faisal said, indicates that Yudhoyono chose the right person.

"I despise people who promote themselves," says Faisal, referring to some candidates who were earlier mentioned by the mass media.

Boediono earned his bachelor's degree in Economics from the University of Western Australia in 1967. He received his master's degree in Economics from Monash University in Melbourne, Australia, in 1972.

In the late 1970s, Boediono studied at Wharton School of the University of Pennsylvania and earned a Business Economics doctorate degree in 1979.

When the House's Commission XI approved him as the next BI governor, Boediono said he would work to manage the country's monetary stability and restructure BI's internal management, complying with good governance.

"Although BI will remain independent, it doesn't mean BI can freely manage itself without complying with good governance," he said.

Boediono told all Commission XI members that he was involved in the BLBI case because he was the BI director (now known as deputy governor) from 1996-1998: The father of two worked at BI in the 1996-1997 period as the BI third director overseeing rural banks, before he was appointed as the BI first director overseeing monetary operation and control between 1997 and 1998.

"But I swear I did not receive any money," he said.

Boediono said he would examine the alleged misappropriation of BI funds, which was said to be transferred to some House members.

The weight of a tough job ahead rests on Boediono's shoulders: He is expected to wrap up the bill on Financial Service Authority and to finish consolidating the country's banking sector by 2010, in line with the Indonesian Banking Architecture.

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