14 Jan '11, 10am

Indonesia bank chief signals policy change

JAKARTA - Indonesian central bank governor Darmin Nasution said Friday the time was approaching when monetary policy would have to tighten to tackle rising inflation in Southeast Asia's biggest economy. "Going forward, inflation will tend to be on the rise and sooner or later, so will the core inflation," he told reporters. Bank Indonesia's benchmark rate "will be in an upward trend as well," he said. "We're looking for the best time." Rising food prices and their potential to spill over into core inflation have been blamed for selling on the local share market in recent weeks. The Jakarta Composite Index soared 46 percent last year but lost almost 10 percent over three days last week as foreign funds took profits ahead of a predicted interest rate rise. Indonesia's consumer price index rose 6.96 percent in 2010, far higher than the government's 4.0-6.0 percent target, as ...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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