There is another week to go before the first 3month phase of the tax amnesty program ends. Although last week's preliminary results of repatriated funds from Indonesian tax payers' bank accounts, amounting to Rp75.3 trillion, remain disappointing and far below the Rp1 quadrillion target, there is an encouraging sign that government tax revenues, which are now at Rp33.5 trillion, are rising fast. Tax revenues under the program are derived from a tax rate multiplied against the current Rp1.395 quadrillion worth of undisclosed wealth held, both overseas and at home. In fact, the portion of undisclosed wealth reported locally, at Rp935 trillion, is surprisingly more than double the Rp385 trillion wealth kept abroad.

When the economy is in a prolonged slump, only the central bank can move the market. So once again, markets will keep their eyes glued on the US and Japanese central banks. On September 20-21, both the Bank of Japan (BoJ) and the US Federal Reserve (Fed), will convene and, no doubt, this will raise the pace of investors' pulse.