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Getting Out of External trap

By
A. PRASETYANTONO
· 6 minutes read
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KOMPAS/PRIYOMBODO

Lansekap Jakarta dengan gedung pencakar langit, Kamis (21/2/2019).

Fix the roof while the sun is shining. This advice is relevant in the event when external pressures such as those caused by the increase in the interest rates of the United States’ central bank, the Federal Reserves, have begun to subdue. Throughout 2018, there was a large fund outflow due to the increase in the Fed\'s interest rates. Bank Indonesia (BI) responded with an increase in its benchmark interest rates by 1.75 percent in total. Entering 2019, financial pressure has begun to ease. BI’s board of governors meeting in February decided to maintain the benchmark interest rate at 6 percent. It is now the best time "to repair the roof and pillars of our house".

If the pressure on the financial sector has begun to decline, pressure on trade is on the rise. In January 2019, the trade balance deficit was quite large, reaching US$1.16 billion. Trade pressure has continued to intensify since mid-2018 this year. According to Statistics Indonesia (BPS), the trade balance suffered a deficit of $8.57 billion in 2018, the worst performance since 1975. The trade balance has been under pressure due to a rising deficit in oil and gas trade and the increase raw and intermediate good imports over the last three years.

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