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Textile industry wants stable currency
21
Sep '11
Textile entrepreneurs in Indonesia want their country's currency rupiah to be stable so that they can take better decisions.

They say the risk of doing business increases if the currency is volatile. While the strong rupiah will help companies decrease the cost of importing goods, it would increase the cost of companies exporting goods, they add.

Indonesian currency is currently under pressure as offshore investors are selling it.

Indonesian Textile Association (API) has said the country's textile industry would like the rupiah to stabilize around 9,000 against the US dollar, as at that level it must be good for both importers and exporters.

API added that favourable dollar would help buy raw materials from abroad, while favourable rupiah would help bring more foreign-exchange revenue from exports.

API estimates the revenue from textiles and textile item exports to increase to US$ 12.5 billion this year, up 13 percent from 2010. During January-July 2011, Indonesia has exported textiles worth US$ 8.2 billion, showing a year-on-year increase of 24 percent.

Fibre2fashion News Desk - India

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