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— This is the script of CNBC's news report for China's CCTV on October 8, 2018, Monday.
The earthquake this time and the following tsunami caused destroys buildings and infrastructures, taking direct economic loss over ten trillion rupiah, which is around $6.6 million, according to Indonesia local government estimate. And the re-construction fee also requires trillions rupiah, putting Indonesia government under financial pressure.
Indonesia disaster relief agency has four trillion rupiah reserves to cope with various disasters, additionally, Indonesia financial minister has allocated funds to relief disaster 2 times and has added funds for recovery and re-constructions, with 1.06 trillion rupiah now. But we have to know that funds requirement brought by re-building is a mounting pressure to Indonesia government, while the local government said for refugees who live in temporary settlements and shelters, the government will make sure they can move to temporary housing in the following 2 to 6 months, after that, the government will build new housing to people whose home destroyed and arrange them to move, that will last for 2 years.
Meanwhile, there is news pointed out that Indonesia financial minister will consider to issues "disaster bonds" to help with the recovery in disaster area, improving anti-disaster ability for whole Indonesia. Apart from the reconstruction expense, another toll is on tourism. Sulawesi, which happened earthquake this time, is a famous dive resort. Tourists from different countries have confirmed to be lost or killed. What's more, this island is also rich in coffee and nickel. But not long before, the earthquake happened in Bali causing a decline in the number of tourists, and this a series of natural disasters maybe make Indonesia economy, which is already under challenge, worse. On the backdrop of international environment, the U.S. Fed hiked interest rates, fueling the greenbacks, while Indonesia is facing the risk of currency depreciates and capital flow outs.
In the recent 1 year, U.S. dollars against Indonesia Rupiah have gained more than 12.3%, means Indonesia Rupiah is under great pressure of depreciations. And Rupiah's current level is at the worst situation since Asia financial crisis in 1998.
Indonesia central bank has raised benchmark interest rates 5 times since May in order to defend Rupiah, but failed to comfort market sentiment. And investors is concerned that Indonesia will follow in the footsteps of Turkey and Argentina, get stuck into the financial turmoil by the current account deficit.
Tourism is one of the economic pillars for Indonesia, but the recent turbulence may lead to an unstable in tourists' numbers, and its tourism also gets influenced by seasons. In the 2018 Asian development outlook released by the Asian development bank, Indonesia economy is expected to grow 5.2%, which is below the increasing target of 7% set by local government, and Indonesia economy maybe face greater improving pressure.