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Monday Business | BRIEFLY / ASIA

Indonesian Rupiah Falls 17% Amid Aid Delay

March 09, 1998|Bloomberg News

The Indonesian rupiah fell 17% against the U.S. dollar after the International Monetary Fund said it won't disburse the next $3 billion in aid to the country because of likely delays in implementing economic reforms, which include disbanding cartels and closing insolvent banks. President Suharto said over the weekend that the reforms are not in line with the constitution, Singapore's Straits Times reported. The rupiah fell to as low as 12,050 to the dollar. The International Monetary Fund confirmed on Friday that Indonesia won't receive the next $3 billion installment of a $43-billion IMF aid package until at least April. The money was due to be paid next Sunday.

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