{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='INDONESIA: PLAN TO PEG THE RUPIAH TO THE US DOLLAR LOOMS CLOSER' data-url='/boclips/videos/5c54befad8eafeecae13faa2' data-video-url='/boclips/videos/5c54befad8eafeecae13faa2' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nINDONESIA: PLAN TO PEG THE RUPIAH TO THE US DOLLAR LOOMS CLOSER\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eEnglish/NatA controversial plan to peg the battered Indonesian rupiah to the U-S dollar through a currency board is looming closer.The central bank governor was fired by President Suharto on Tuesday over his opposition to the scheme -...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eEnglish/Nat\u003cbr/\u003eA controversial plan to peg the battered Indonesian rupiah to the U-S dollar through a currency board is looming closer.\u003cbr/\u003eThe central bank governor was fired by President Suharto on Tuesday over his opposition to the scheme - and he is not the only one who objects to fixing the rupiah's exchange rate.\u003cbr/\u003eSuharto's chief advisor for the currency board idea, Steve Hanke, has been trying to overcome public and international objections to the proposal.\u003cbr/\u003eThe rupiah was back on its way up on Tuesday, in the currency rollercoaster which has world financial-watchers on the edge of their seats.\u003cbr/\u003eHaving reached record lows against the dollar in mid-January, the Indonesian currency has now shot back up due to speculation that a new currency board system will fix the rupiah's exchange rate.\u003cbr/\u003eAt the close of markets in Jakarta on Tuesday, the rupiah remained steady in spite of objections by the International Monetary Fund, and other organisations, to the plan.\u003cbr/\u003ePresident Suharto has brought in American professor, Steve Hanke, to study the currency board issue.\u003cbr/\u003eOn Tuesday the U-S advisor faced the media in an effort to stem criticism of the project.\u003cbr/\u003eIn an attempt to sell the idea Hanke cited the success of currency boards in Argentina, Lithuania and Bulgaria.\u003cbr/\u003eHe also pointed out that the international financial community had reacted very positively to the idea of a board for Indonesia since it first surfaced more than a week ago.\u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"The spot exchange rate for the rupiah went up on the rumour that the currency board was coming but the most important thing wasn't that, it was the fact that the interest rates implied in the swap market or the forward market came down sharply.\"\u003cbr/\u003eSUPER CAPTION: Steve Hanke, Financial advisor to President Suharto\u003cbr/\u003eUnder the plan, the Bank of Indonesia would lose its role in setting monetary policy.\u003cbr/\u003eBut Hanke deflected objections about Indonesia's low foreign reserves, saying the board could exist without any at all.\u003cbr/\u003eHe also added that there would be full convertibility of the rupiah with his plan, and suggested that the I-M-F's opposition was of a personal or political nature.\u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"I've reviewed by the I-M-F agreement in quite great detail and there is nothing that is in conflict or contradicts the agreement if you put in a currency board so you're right - it's quite a mystery what's going on, it has nothing to do with economics or currency boards.\"\u003cbr/\u003eSUPER CAPTION: Steve Hanke, Financial advisor to President Suharto\u003cbr/\u003eThe I-M-F has voiced strong and unambiguous criticisms of the proposal.\u003cbr/\u003eFund director Michel Camdessus has even suggested that the 43 (b) billion U-S dollar bailout he signed with Indonesia's President could be scrapped if a board was instituted.\u003cbr/\u003eLocal economists and the Indonesian Chamber of Commerce have also voiced scepticism\u003cbr/\u003eTuesday's shake-up at the Central Bank, and the sacking of its governor Soedradjad Djiwandono, seemed to be centred around his opposition to the currency board plan.\u003cbr/\u003eAfter serving for 5 years Soedradjad was fired personally by Suharto.\u003cbr/\u003eNo reason for the dismissal was given.\u003cbr/\u003eFor the past eight months the bank has floundered as the rupiah slid dramatically in value.\u003cbr/\u003eWhile serving as governor, Soedradjad shut down the bank of Suharto's son Bambang during the height of the crisis.\u003cbr/\u003eSoedradjad had also been a major player in securing the I-M-F's negotiations rescue package for Indonesia.\u003cbr/\u003eBut his opposition to the currency board plan has been echoed, no only by the I-M-F but also by other countries in the region.\u003cbr/\u003eA Japanese delegation met Suharto this week, and while pledging help to get the country out of its slump, also urged caution in embracing the new programme.\u003cbr/\u003eSingapore has also come out more strongly against the proposal.\u003cbr/\u003eThailand's foreign minister, meanwhile, had little to say about the plan in a bilateral meeting in Jakarta on Tuesday.\u003cbr/\u003eThere have been no suggestions about such a system for Thailand despite talk round the region of more currency cooperation.\u003cbr/\u003eThe Indonesian foreign minister acknowledged the challenges ahead, but seemed positive about adopting the board.\u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\" We are aware that this option requires the marshalling of vast, foreign exchange resources, and the exercise of tremendous fiscal and economic discipline but we are looking carefully in all the pros and cons of adopting this system and making the necessary preparations.\"\u003cbr/\u003eSUPER CAPTION: Ali Alitas, Indonesian Foreign Minister\u003cbr/\u003eThe rest of the region will surely be watching what Indonesia does.\u003cbr/\u003eThe rise and fall of the Rupiah has appeared to cause fluctuations in the baht, ringgit and peso in the past few weeks.\u003cbr/\u003eNeighbours can only hope that whatever policy Indonesia adopts, it will bring short-term and long-range stability.\u003cbr/\u003eJakarta, Indonesia - February 14/15/17th, 1998 and recent file\u003cbr/\u003eAPTV - February 17\u003cbr/\u003e1. Various shots money changers exchanging money\u003cbr/\u003e2. Currency exchange rate board\u003cbr/\u003ePOOL - February 14\u003cbr/\u003e3. Indonesian President Suharto meeting US economist Steve Hanke\u003cbr/\u003eAPTV - February 17\u003cbr/\u003e4. Steve Hanke addressing a meeting\u003cbr/\u003e5. Cutaway press\u003cbr/\u003e6. SOUNDBITE: (English) Steve Hanke, financial advisor to President Suharto\u003cbr/\u003e7. Mid shot presser\u003cbr/\u003e8. Cutaway photographer\u003cbr/\u003e9. SOUNDBITE: (English) Steve Hanke, financial advisor to President Suharto\u003cbr/\u003eAPTV - January 15 \u003cbr/\u003e10. Suharto meeting I-M-F President Michel Camdessus\u003cbr/\u003e11. Cutaway press\u003cbr/\u003e12. Camdessus with Suharto\u003cbr/\u003eAPTV - February 17\u003cbr/\u003e13. Various exteriors of Central Bank in Jakarta\u003cbr/\u003eAPTV - February 14\u003cbr/\u003e14. Sacked Governor of the Bank Indonesia, Soedradjad Djiwandono\u003cbr/\u003eAPTV - February 17\u003cbr/\u003e15. Indonesian Foreign Minister Ali Alitas meeting Thai Foreign minister\u003cbr/\u003e16. SOUNDBITE: (English) Indonesian Foreign Minister Ali Alitas\u003cbr/\u003e17. 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class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eDate\u003c/dt\u003e\n\u003cdd\u003e1998\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003ci aria-hidden='true' class='fai fa-solid fa-language'\u003e\u003c/i\u003e\n\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eAudiences\u003c/dt\u003e\u003cdd\u003e\u003cspan\u003e\u003ca href=\"/search?audience_ids%5B%5D=371079\u0026amp;grade_ids%5B%5D=259\u0026amp;search_tab_id=1\"\u003eFor Teacher Use\u003c/a\u003e\u003c/span\u003e\u003c/dd\u003e\u003cdd class=\"text-muted\"\u003e\u003ci class=\"fa-solid fa-lock mr5\"\u003e\u003c/i\u003e2 more...\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='concepts-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' 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