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August 11, 2015 edition

FINANCE
IMF Postpones Making Yuan a World Currency
THE International Monetary Fund (IMF) has delayed deciding on whether or not to adopt the Chinese yuan as a reserve currency until September 2016. The decision was made after IMF officials declared they needed more information before making a decision. "This is in order to avoid any money market disturbances," one IMF official explained, as quoted by Reuters last Wednesday.

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More Weekly Business articles in other editions

July 28, 2015 edition

IMPORT TARIFFS
Government raises import duties
The Finance Ministry has issued a new rule concerning duty rates on imported goods. As outlined in Ministerial Regulation No. 132/2015, a number of products will be subjected to tariff increases of between 10 percent and 150 percent.

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July 14, 2015 edition

INVESTMENT
Indonesia Investment Club Established
The Government formed the Indonesia Investment Club, a forum where investors and investees are able to exchange information relating to infrastructure funding.

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June 30, 2015 edition

OIL AND GAS
Pertamina Backs East Kalimantan in Mahakam Block
The government has instructed state-owned PT Pertamina to guarantee regional governments in East Kalimantan a participating interest in the Mahakam Block. Support will be required if regionally owned enterprises have financial trouble jointly operating what is the largest gas field in Indonesia. "Engineers will be replaced when the profits are distributed," said I Gusti Nyoman Wiratmaja Puja, the Energy and Mineral Resources Ministry's Director-General for oil and gas, on Thursday last week.

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June 16, 2015 edition

MINING
Freeport Operation Extended for 20 Years
Freeport Indonesia's license to mine in its Papuan project area is to be extended for a further 20 years. This assurance follows Freeport's agreement to speed up the process of renegotiating its Contract of Work (CoW) into a Special Mining Business Permit (IUPK) before the contract expires in 2021.

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