Economics
Rupiah Stretches Gain to Longest in Two Months on Policy Package
- Government allows more companies to develop oil refineries
- ANZ remains bearish on rupiah as U.S. rates set to rise more
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Indonesia’s rupiah rose for a fourth day in the longest stretch of gains in more than two months after the government took measures to support growth in Southeast Asia’s biggest economy.
Under the country’s eighth policy package announced on Monday, private-sector companies will be allowed to build oil refineries as long as they sell the end product to state-owned PT Pertamina, said Coordinating Minister for Economic Affairs Darmin Nasution. The nation will also scrap import taxes on aviation spare parts to support that industry, he said. The rupiah’s advance was also underpinned by a new economic roadmap for China, which is Indonesia’s largest trading partner, according to Australia & New Zealand Banking Group Ltd.