Business News
Bank Indonesia to close from June 3 to 7
Bank Indonesia (BI) has announced it will not operate from June 3 to 7, when Muslims celebrate the Idul Fitri holiday, marked by the exodus of millions of people to their hometowns.In a statement published on its official website, BI said the decision was made in reference to a joint…
Retail sales expected to increase 30-40 percent ahead of holiday
The Association of Indonesian Retailers (Aprindo) is projecting that retailers will see a 30 to 40 percent increase in sales during Ramadan and Idil Fitri, supported by the inflation rate, which was less than 3 percent in the first quarter.“This [low inflation rate] will create confidence that prices will remain…
Indonesia to boost modest fashion exports
As the country with the largest Muslim population in the world, Indonesia is aiming to promote its modest fashion scene to the global market through exports of Muslimwear.Modest fashion is a multibillion-dollar industry in Indonesia alone, having accumulated sales worth Rp 177 trillion (US$12.35 billion) in the domestic market last…
Jokowi vows to prioritize structural reforms in 'second term'
President Joko “Jokowi” Widodo has reaffirmed his commitment to structural reforms during his "second term" to attract more investment to the country and to boost exports, saying that Indonesia needed to work hard to realize its immense potential as an economic powerhouse.The unofficial quick count results point to victory for…
