Weakening IDR

[snpark]

Even getting stuck in the traffic for an hour can cost you money!

30-Mei-2024 / 15:05 WIB

USD 16.255,00 16.285,00
SGD 12.030,16 12.044,12
EUR 17.579,84 17.599,16
AUD 10.750,17 10.766,91

 

[snpark]

That's quite a jump in a day

Somethings going on ;-)

 

[Samoerai]

Slightly going down ...

 

[jstar]

With the US elections coming up, nobody expects the interest rates to be cut before that. So in 2024.

 

[snpark]

Back up she goes

31-Mei-2024 / 15:04 WIB

USD​ 16.245,00​ 16.275,00​ SGD​ 12.014,76​ 12.028,71​ EUR​ 17.590,16​ 17.606,24​ AUD​ 10.776,07​ 10.792,8​

 

[pantaiema]

Here's another update for those interested in investing in physical gold in Indonesia.
https://www.tribunnews.com/nasional...k-2010-hingga-2022-cek-logam-mulia-milik-kamu 109 Tons of Antam Gold Faked, Circulating From 2010 to 2022, Check Your holding.

 

[snpark]

6-Jun-2024 / 09:51 WIB

USD 16.267,00 16.287,00
SGD 12.089,00 12.103,03
EUR 17.720,84 17.736,98
AUD 10.854,05 10.865,98

 

[pantaiema]

I understand it's the weekend, so the exchange rate probably won't be published unless there's an extraordinary event. However, could someone please keep updating the BCA exchange rate directly from their mobile apps please?

 

[Samoerai]

 

[snpark]

 

[snpark]

And here is HSBC. Shit rates of course This is notes

of June 7 2024 11:13 AM)

Currency Bank Buys Bank Sells

United States Dollar (USD) 15,935 16,535

Australian Dollar (AUD) 10,548 11,102

British Pound (GBP) 20,264 21,268

Hong Kong Dollar (HKD) 2,034 2,122

Euro (EUR) 17,270 18,112

Japanese Yen (JPY) 101 106

Singapore Dollar (SGD) 11,790 12,344

Swiss Franc (CHF) 17,799 18,672

Canadian Dollar (CAD) 11,593 12,163

New Zealand Dollar (NZD) 9,801 10,307

Renminbi Chinese Yuan (RMB) 2,187 2,288

 

[snpark]

HSBC transfers

(as of June 7 2024 11:13 AM)

Currency Bank Buys Bank Sells

United States Dollar (USD) 16,010 16,460

Australian Dollar (AUD) 10,617 11,030

British Pound (GBP) 20,397 21,130

Hong Kong Dollar (HKD) 2,049 2,108

Euro (EUR) 17,384 17,993

Japanese Yen (JPY) 102 106

Singapore Dollar (SGD) 11,870 12,261

Swiss Franc (CHF) 17,914 18,553

Canadian Dollar (CAD) 11,675 12,078

New Zealand Dollar (NZD) 9,859 10,246

Renminbi Chinese Yuan (RMB) 2,203 2,272

 

[pantaiema]

The exchange rate at HSBC depends on the type of account you hold. So comparing BCA rate with HSBC worst rate is not comparing like for like.

There is nothing to prevent people to have multiple accounts on the same banks. To get the best exchange rate, you'll need to open a specialist account. This principle applies to many banks. For example, with HSBC, if you use the HSBC Global Money Account, the exchange rate you receive will be quite similar to the midrate/interbank exchange rate, like the one shown on xe.com. I am not quite sure whether you could get it from hsbc.co.id though. It might be worth asking.

HSBC Global Money Account | Accounts - HSBC Expat

HSBC Expat customers can open a Global Money account in 19 currencies and send money like a local from anywhere in the world. Find out more today.

www.expat.hsbc.com

 

[jstar]

Doesn’t XE just show an average between Buy and Sell? The spread is rather important to see how attractive a financial institution is for exchange.

 

[Samoerai]

"We don't want leaks. We don't want the people's money not being accounted for. We must secure every rupiah and we have to make sure that they are useful for the nation and the people," Prabowo was quoted.

'I will secure every rupiah': Prabowo - Economy - The Jakarta Post

Prabowo made the statement before holding a private meeting with outgoing President Joko "Jokowi" Widodo at the Presidential Palace in Jakarta on Monday.

www.thejakartapost.com

 

[jstar]

The Saudi’s will sell their US bonds, impact on USD expected.

 

[Samoerai]

Why Japan, China, and Saudi Arabia Are Selling U.S. Treasuries

Introduction Japan, China, and Saudi Arabia are accelerating their sell-off of U.S.

www.linkedin.com

 

[pantaiema]

"We don't want leaks. We don't want the people's money not being accounted for. We must secure every rupiah and we have to make sure that they are useful for the nation and the people," Prabowo was quoted.

'I will secure every rupiah': Prabowo - Economy - The Jakarta Post

Prabowo made the statement before holding a private meeting with outgoing President Joko "Jokowi" Widodo at the Presidential Palace in Jakarta on Monday.

www.thejakartapost.com

Evidence in the past have shown that a lot of money have lost in the corruption. Indonesia is not like the least developed countries in Africa frequently hit by civil wars, droughts and starvations. Indonesia is rich in minerals, marine, and other natural resources. It has abundant of arable land (not desserts or other uninhabitable land), forests, and seas. However, this wealth is currently enjoyed by only a limited number of people. These small group of people have exploited these resources as if they were inherited from their 'engkong'

As highlighted earlier " ...if corruption in Indonesia's mining sector could be eradicated, every Indonesian citizen could receive Rp. 20 million each month without the need to work"
https://www.cnbcindonesia.com/news/...g-mahfud-md-setiap-orang-bisa-dapat-rp20-juta

The quote about Rp20m per household is solely to the leak in the mining sector, without accounting for other natural resources. So let's wait and see what unfolds in the next five years of his presidency.

Regarding the weakening rupiah, a major upcoming issue not yet accounted for is the re-denomination of the IDR, as discussed here:
https://www.expatindo.org/community...his-re-denomination-of-idr1-000-to-idr1.7151/
When will it happen is everyone guess. However what is for sure here is that, someone will need to pull the trigger at the right moment; otherwise, the rupiah will continue to be among the world's lowest-valued currencies in the world.

 

[Samoerai]

As highlighted earlier " ...if corruption in Indonesia's mining sector could be eradicated, every Indonesian citizen could receive Rp. 20 million each month without the need to work"

... "Potential losses for 16 work contract areas in 2019 reached IDR 1.6 trillion, the estimate for 2022 is IDR 3.5 trillion" Minister Arifin stated.

Huh?

If every resident of Indonesia received 20 million rupiah every month without working, we can calculate the total cost:

Total cost=number of inhabitants × benefit per person
Total cost=240×million×20×million=4.8×10^15 rupiah = 4.8 trillion rupiah = 4800 x 10^12 rupiah = 4800 billion rupiah per month. Per month!

Doesn't fit his calculation.

Maybe if every household will receive 20 juta per year, his statement makes more sense.

 

[fastpitch17]

Bet some people were able to collect millions.