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Creating a New Growth Model

The rupiah has been under pressure since April 20 amid the strengthening US dollar. The Indonesian currency, which was then worth Rp 13,770 per US dollar, has continued to decline.

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The Kompas daily held a panel discussion on the economy titled "Anticipating and Facing Volatile Economic Conditions" on June 6, 2018 at its editorial offices. The panelists comprised Bank Indonesia (BI) senior deputy governor Mirza Adityaswara, Indonesian Food and Beverage Association chairman, (GAPMMI) Adhi S Lukman; the chairman of the Indonesian Hotel & Restaurant Association (IHRI) Hariyadi B Sukamdani, Kalbe Farma president director Vidjongtius, Citi Indonesia economist Helmi Arman, and University of Indonesia economics lecturer Faisal Basri as moderator. Following is an excerpt from reports of the discussion, prepared by Ninuk M Pambudy, Dewi Indriastuti, Andreas Maryoto and FX Laksana AS. Related articles appear on print edition pages 24 and 25.

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A teller counts out 100- dollar US bank notes on Friday (2/3/2018) at the Bank Mandiri cash center in Jakarta. The rupiah continues to weaken against the US dollar.

Prior to the Kompas economic panel discussion, the central bank twice raised its benchmark interest rate, the 7-day reverse repo rate (7DRRR). The first hike of 0.25 percentage points (pp) was on May 17 and another hike of 0.25 pp was imposed on May 30. BI again raised the 7DRRR by 0.5 pp on June 30. BI\'s move was surprising, yet necessary, to stabilize the domestic financial market.

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