June 05, 1999
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| June 05, 1999 | atimes.com | |
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| Southeast Asia Indonesian textile export earnings banked abroad JAKARTA - At least 75 percent of Indonesia's $7.8 billion earnings from textile exports last year were deposited in foreign banks abroad. Chamroel Djafri, an adviser to the Indonesian Textile Association (API), said that exporters put their funds in banks abroad as they were worried about security in the run up to the June election in the country. ''Only a small part of the funds were transferred to the country, [those] needed mainly to pay their factory workers and buy raw materials,'' he said, adding most of the funds were deposited in banks in Singapore. He said part of the reason was the fact that Indonesian banks have not fully regained confidence in issuing letters of credit. ''This should not be seen as a capital flight. I think not only textile producers but exporters of other commodities do the same,'' he said. (Asia Pulse/ANTARA) | |||||||||
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