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Home >> Business
UPDATED: 15:36, July 17, 2006
Indonesia plays down oil price impacts
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An Indonesian senior official Monday called on people to refrain from getting "too worried" about the soaring global oil prices, saying the economic fundamentals are strong enough to deal with the impacts.

"We must remain vigilant, but we don't need to expect worse things to come. Our economy is strong," said Coordinating Minister for Economic Affairs Boediono.

Indonesia is the only OPEC member in Southeast Asia, but national oil production has declined to below 1 million barrels per day and the country already becomes a net oil importer.

The Indonesian rupiah has suffered the biggest loss among other Asian currencies and the composite index in the Jakarta Stock Exchange fell for a third day in the last few days, when oil price touched the all-times high.

Source: Xinhua


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