Word: rupiah
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...silence he can get. He himself disclosed sorrowfully that the army-backed anti-Communist purge had taken a toll of 87,000 known dead. And demonstrations occurred in Djakarta nearly every day last week, protesting the government's harsh new economic measures, which included the revaluation of the rupiah, to combat inflation. The result has been a severe reduction in the average Indonesian's buying power...
Bananas & Barter. Then came an effort to cope with Indonesia's chaotic currency. Since the coup attempt, the rupiah's black-market price has soared from 10,000 for one U.S. dollar to a still-climbing 30,000. Rice prices rocketed from 310 rupiahs per liter last summer to the current high of 2,000 rupiahs. The generals announced that over the next six months, all old rupiahs would be withdrawn from circulation and replaced by new rupiahs at a rate of one new rupiah for each 1,000 old. The move would have limited value, since...
Friends & Enemies. One way to aid the economy would be to end the "confrontation" with Malaysia and Singapore, a Sukarno fancy that took 20% of Indonesia's 390 billion rupiah budget last year. That the generals are thinking of terminating the expensive program of armed hostility came out fortnight ago, when the Foreign Ministry casually offered to negotiate with the states of Malaysia and with newly independent Singapore. The offer was rejected by Malaysian Deputy Prime Minister Tun Abdul Razak as an attempt to "disintegrate the unity of Malaysia," but Singapore's Prime Minister Lee Kuan Yew welcomed...
...Suharto are carrying their struggle to reorganize the nation beyond the mere killing of Reds. Last week the entire Indonesian price-wage structure was shaken up by what could only be army orders. Fuel, postal and railway rates were upped by roughly a factor of 100 to bring the rupiah (currently 22,500 to $1 on the black market) into realistic line. Agents hustled off to other Southeast Asian nations in search of rice for the food-short nation. Wages must still be brought up to meaningful levels, but that much-needed step could well lie in the near future...
...country's current eight-year plan at the halfway mark, the government announced that fully 200 of its 335 economic projects had not yet been begun, added morosely that none of the programs aimed at earning foreign exchange had worked. Indonesia's flashily colored currency, the rupiah, last week skidded to a hundredth of its official value: 4,500 to the U.S. dollar on the free market v. a government-controlled rate of 45. At the annual congress of the Civil Servants Union, government clerks demanded a raise. They had cause; a bachelor clerk today earns only...