Indonesia re to reduce foreign exchange outflow to up to US$1.5 billion

Jakarta (ANTARA News) - State-owned reinsurance company Indonesia Re is ready to reduce foreign exchange outflow to up to Rp20 trillion, or about US$1.5 billion.

President Director of Indonesia Re, Frans Y. Sahusilawane, said in a statement received by ANTARA here on Monday that one of the main tasks of the company was to lower the number of foreign exchange that flows out of the country.

"We have a main task to reduce foreign exchange that flows abroad," he said.

According to Frans, foreign exchange rates flowing overseas affects the acceleration of economic growth in Indonesia.

"In two years, from 2014 to 2016, we have managed to increase the gross premium from Rp2 trillion to Rp5.1 trillion, which significantly reduces foreign exchange flows," he noted.

In fact, in 2013, the foreign exchange value abroad, which was about $1.03 billion, or Rp14 trillion, was successfully reduced to Rp3.5 trillion in 2016, or around $689 million, he added.

"This means that we have donated about Rp2 trillion of the Rp3.5 trillion foreign exchange that was saved, meaning that Indonesia Re contributes nearly 60 percent out of several other reinsurance companies," he revealed.

Frans urged all employees of Indonesia Re to jointly perform a smooth and fast transformation process.(*)

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