ID :
22952
Mon, 10/06/2008 - 21:30
Auther :
Shortlink :
http://m.oananews.org//node/22952
The shortlink copeid
MAJOR STATE ENTERPRISES TO TRANSFER OVERSEAS HOLDINGS TO DOMESTIC BANKS
Jakarta, Oct 06 (ANTARA) - The State Enterprises Ministry has asked major state-owned companies with US dollar or other foreign currency holdings overseas to transfer the funds to domestic banks in anticipation of a worsening of the global economic crisis, the ministry's chief said.
"Instead of keeping the funds overseas, it's better for the companies to transfer the funds to the domestic banking system, because we (Indonesia) are now in need of foreign exchange." State Enterprises Minister Sofyan Djalil said at his office here Monday.
He said some of the major state enterprises that were soon to move their foreign currency funds overseas to domestic banks were oil and gas company Pertamina, telecommunications company Telkom, state electricity company PLN, mining company Aneka Tambang, gas company Perusahaan Gas Negara (PGN), and tin-ming company Timah.
"These companies with excess liquidity keep their dollar funds in foreign banks. In withdrawing those funds from the foreign banks, they will, of course, also have to take account of their need for stand-by funds overseas," he said.
Djalil also said he as the minister overseeing all state enterprises he would synchronize the companies' foreign currency spendings with the projects they were implementing.
"Projects that are overexposed (to global financial turmoil) need to be reviewed," he said.
"Instead of keeping the funds overseas, it's better for the companies to transfer the funds to the domestic banking system, because we (Indonesia) are now in need of foreign exchange." State Enterprises Minister Sofyan Djalil said at his office here Monday.
He said some of the major state enterprises that were soon to move their foreign currency funds overseas to domestic banks were oil and gas company Pertamina, telecommunications company Telkom, state electricity company PLN, mining company Aneka Tambang, gas company Perusahaan Gas Negara (PGN), and tin-ming company Timah.
"These companies with excess liquidity keep their dollar funds in foreign banks. In withdrawing those funds from the foreign banks, they will, of course, also have to take account of their need for stand-by funds overseas," he said.
Djalil also said he as the minister overseeing all state enterprises he would synchronize the companies' foreign currency spendings with the projects they were implementing.
"Projects that are overexposed (to global financial turmoil) need to be reviewed," he said.
