Chairul Tanjung, in his capacity as chairman of National Economic Committee (appointed by President SBY), expressed his optimism in late August 2013 when Bank Indonesia decided to raise the benchmark BI rate to 7%. He expected the decision would strengthen rupiah. That time, rupiah already depreciated to Rp11,300/USD. Four months later, rupiah weakened further to about Rp12,300/USD. Chairul must be nervous like others.
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