The Car Insurance :Kemenkeu: 2013 growth target of 6.3 percent

Fiscal Policy Board Chief, Bambang Brodjonegoro (Between)

We drop 6.3 percent as an optimistic, "

Jakarta (The Car Insurance)-acting head of Fiscal Policy Agency Ministry of finance Bambang Brodjonegoro says growth target will undergo revision in the BUDGET changes before 2013, from 6.8 percent in the NATIONAL BUDGET, to 6.3 percent.

"We put the 6.3 percent as an optimistic," he said in Jakarta on Wednesday.

Bambang said the projection had been considering the condition of the global economy has not improved and investment sector was experiencing a slowdown due to the decrease in imports of capital goods, in quarter I, 2013.

Despite the revision, he expects the national economy conditions can be better than a quarter I 2013 which only recorded 6,02 percent, mainly from investment sector that still has the potential to grow.

"During the FDI (foreign direct investment) is still coming in, it means investment can still be driven anymore, because we need some growth investments of at least eight percent," he said.

In addition, assuming the macro will change the price of ICP (crude oil prices Indonesia) changed below 112 u.s. dollars per barrel and the lifting of oil decreased from 900,000 per day be 840.000 per day.

"For the ICP, we see if the 100 u.s. dollar still valid not as an average of 2013. While the ' lifting ' is (currently) 840.000, we realistically, "he said.

Bambang added the rupiah exchange rate assumptions are expected to rise from Rp 9.300 per u.s. dollar in STATE BUDGET, the range of Rp 9,600 – Rp 9700 per u.s. dollar in STATE BUDGET changes.

"We see to this day (assuming the exchange rate) to Rp 9,600, almost Rp 9700, later ranged it," he said.

He said the tax revenue target will also undergo revision downwards because of the influence of the global economic slowdown, although the target is still higher than the tax revenue in 2012.
(SYS/B/A035)

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The Car Insurance Info : Hatta make sure economic growth target was revised

Jakarta (The Car Insurance Info)-the Coordinating Minister for the economy, also acting Finance Minister, Hatta Rajasa, making sure that the Government will revise its economic growth target 2013 from listed in the STATE BUDGET amounted to 6.8 per cent, given the condition of the global economy has not improved.

"Economic growth is still 6.8 percent must be revised, we have to be realistic that the world economy is still like this," he said.

According to Hatta, assuming growth in 2013 is expected to be in the range of only 6.3 percent-4 percent and the current tally is still being in the study, prior to the submission of the BUDGET changes.

"If we see that much for us, range, we still dalami," said Hatta.

Hatta also said oil lifting target in 2013 STATE BUDGET that reaches 900,000 barrels a day will be revised because oil production this year is expected to further drop.

"Lifting it may not reach the figure we are targeting 900,000 barrels a day, probably around 800,000-barrels," he said.

In addition the price of crude oil is also expected to Indonesia or ICP changes, although the current average world oil prices still appropriate BUDGET assumption of 100 u.s. dollars per barrel.

"The price of ' crude ' may we see something, and all of it will effect on acceptance. We will do that later discussion, "said Hatta.

The Government immediately filed a REVISED-Changes to do a discussion with PARLIAMENT, because the current number of assumptions macro already does not indicate conformance with current conditions and affect budget posture.

In addition, these changes-REVISED filings also discusses the addition of social assistance expenditures as compensation which has not been budgeted in the STATE BUDGET, in anticipation of the subsidized FUEL price hike plans.

Current macro assumptions in the BUDGET 2013, among others, economic growth of 6.8 percent, inflation rate of 4.9 percent (yoy), an interest rate of NES 3 months 5 percent, the exchange rate of Rupiah per u.s. dollars 9.300, ICP price 100 u.s. dollars a barrel, lifting 900,000 barrels per day of oil and oil equivalent gas-lifting 1.360.000

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Draghi: The Exchange Rate Is Not A Target Of The Policy

Monexnews-the exchange rate is not a policy of the central bank's target, according to the President of the European Central Bank Mario Draghi on Monday. However, Draghi stressed that if the exchange rate has had an important role to help central banks in judging price stability which becomes the main mandated. Those comments made before attending European Draghi Parliament's Committee on Economic and Monetary Affairs in Brussels.

The statement is in line with the results of Draghi group meetings and developing the G20 industrial Nations last weekend, where they announced the devaluation of the currency that the competition is not going to happen.

The issue of ' currency war ' increasingly heated up since the election of Shinzo Abe as Japan's new Prime Minister. Abe assessed market participants will encourage a more accommodating monetary policy, which will increasingly weaken Japan's currency.

A discussion of the currency war is also increasingly spread in Europe over spiralling Euro, which was helped by the growing belief that the worst phase of the crisis Europe has passed. The Euro has so far observed have been strengthened against other major currencies, thus presenting a threat to exports and the rate of eurozone economic recovery.

In this same time, Draghi also warned that the ECB is starting to realize the risks of holding policy in the period berkepanjangang. Low interest rates, which have been maintained since July last year, are at risk of triggering the penggelembunga housing prices or assets in the eurozone. "As with any painful crisis, bubble can also pose a huge cost for the real economy," added Draghi. (vid)

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