In the recent past, most African central banks assumed developmental roles by directly intervening in the real sector of the economy. With this role, monetary policy formulation in the early 1970s was directed at financing large fiscal deficits incurred in the pursuit of accelerated growth and development.
We also recognized that the upward trend of consumption and investment has brought on high rate of import activities. The rise of import activities was still met by adequate export revenues hence could keep a net surplus on Indonesia’s current account balance amounting to USD 6.2 billion or 0.9% of GDP. Distinguished guests, ladies, and gentlemen, 12.