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House approves macroeconomic assumptions in 2018 state budget
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Finance Minister Sri Mulyani Indrawati (right) and Bank Indonesia Governor Agus Martowardojo attend a hearing with House of Representatives’ budget committee in Jakarta i a file photo. The committee has approved macro-economic assumptions set in the 2018 state budget. (Antara/M Agung Rajasa)
T
he House of Representatives budget committee has approved the macro economic assumptions in the 2018 state budget with a slight change in the rupiah exchange rate and the exchange rate for three-month treasury bills (SPN).
On Thursday, lawmakers agreed to peg the value of the rupiah at Rp 13,400 per US dollar from Rp 13,500 earlier, as well as a lower rate for three-month treasury bills at 5.2 percent from 5.3 percent in the previous draft.
Prior to this approval, House Commission XI overseeing financial affairs had deliberated and agreed on the figures.
Read also: Draft 2018 state budget reported to House's plenary meeting"If the currency rate becomes Rp 13,400, our revenues in dollars will be valued less in rupiah," the Finance Ministry's fiscal policy head Suahasil Nazara told reporters after the working meeting.
"On the other hand, our obligations in dollars, such as loan payments, will also be smaller."
The government will recount the revenue and spending positions of the state budget draft and present it to lawmakers next Monday, he added.
In addition to the changes, the committee also approved an economic growth projection of 5.4 percent, inflation rate at 3.5 percent, the Indonesia crude price at US$48 per barrel as well as oil and gas lifting of 2 million barrels, all unchanged from what was earlier proposed by the government. (lnd)
