Jakarta culls banks in IMF deal to salvage economy

Monday 03 November 1997 00:02 GMT

Your support helps us to tell the story

From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.

At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.

The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.

Your support makes all the difference.

Indonesia today announces details of deregulation measures aimed boosting the economy after closing 16 banks in a quick start on an IMF- backed economic-reform programme. Sources said several of the banks liquidated on Saturday were associated with politically well-connected business figures, including members of President Suharto's family.

The banking and financial sectors are key areas for reform under a package agreed with the IMF, World Bank, Asian Development Bank and individual donors. Indonesia went to the IMF last month to stabilise the tumbling rupiah and restore confidence in financial markets, battered by currency turmoil across South-East Asia. - Reuters

Join our commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Stay up to date with notifications from The Independent

Thank you for registering

Jakarta culls banks in IMF deal to salvage economy

Join our commenting forum

Thank you for registering