Indonesia announces steps to stem currency slide

Staff Writer
Columbus CEO

JAKARTA, Indonesia (AP) — Indonesia has announced measures to reduce its current account deficit as Southeast Asia's largest economy suffers a slumping currency and stock market.

Coordinating Minister for the Economy Hatta Rajasa told a news conference Friday in the capital, Jakarta, the government was relaxing mineral export quotas and streamlining the investment permit process.

Rajasa said the government will increase the import tax on luxury cars and branded products, provide tax incentives for investment in agriculture and metal industries and seek to reduce oil imports.

The country's currency, the rupiah, has sunk to its lowest level in over four years. It traded Friday at 10,902 per dollar, according to Bank Indonesia.