IMF not worried about exchange rates in Indonesia, Philippines
The International Monetary Fund is not too concerned over recent pressure on exchange rates in Indonesia and the Philippines as it is not triggered by domestic factors and Asia has stronger reserves than in the past, an IMF official said on May 9.
Hanoi (VNA) – The International Monetary Fund isnot too concerned over recent pressure on exchange rates in Indonesia and thePhilippines as it is not triggered by domestic factors and Asia has strongerreserves than in the past, an IMF official said on May 9.
The Philippine peso (PHP), Indonesian rupiah(IDR) and Indian rupee (INR) have lost 5 – 6 percent from their peaks this yearas the three countries are seen to be the most vulnerable to external factors comparedto major Asian economies because of their current account deficits, the Reutersreported.
They have faceddouble challenges in recent weeks, following the United State 10-year bondyields reaching 3 percent, raising worries about capital outflows; and oilprices hitting 3.5-year high, increasing import costs.
ButChangyong Rhee, director of the IMF’s Asia-Pacific department, said that thecurrencies’ weakness was a “natural adjustment” and people should not panic asthe trio had more room for maneuver than during the Asian financial crisis in1997.
Thepressure on exchange rates mostly stemmed from tighter global financingconditions rather than domestic factors, Rhee noted.
Inits economic outlook update, the IMF said growth prospects in Asia remainstrong, but the region is vulnerable to sudden tightening in global financialconditions and trade protectionism policies.
Itforecast Asia to grow 5.6 percent in 2018 and the next year, up 0.1 percentagepoint from its previous update in October last year and accounting for abouttwo-thirds of global growth.-VNA
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Indonesian rupiah (IDR). (Photo: VNA)
