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Indonesia orders oil firms to use domestic banks

12/01/2008
The Indonesian government, in an effort to boost liquidity and shore up the falling rupiah, will order oil and gas companies to keep funds for energy projects in domestic banks, according to the country’s oil and gas regulator BPMigas.“This policy aims to increase our banks’ liquidity,” said BPMigas chairman R. Priyono. “As the oil and gas sectors use many dollars, it will also boost dollar liquidity in our domestic banks. It will have positive effects on our banks’ balance of payments.”The regulation could be implemented as soon as December and would be mandatory, applying to both national and international oil and gas operators.“Oil and ga...
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