Kadin pegs riot-inflicted trade transaction losses at Rp1.5 trillion

Kadin pegs riot-inflicted trade transaction losses at Rp1.5 trillion

Tanah Abang wholesale market area in Jakarta.

The transaction losses were huge. I think it may range from Rp100 billion to Rp1.5 trillion.
Jakarta (ANTARA) - Potential losses in trading transactions ensuing from the protest against the election result that took a violent turn in Jakarta could reach Rp100 billion-Rp1.5 trillion, the Jakarta Chamber of Commerce and Industry (Kadin) stated.

"The transaction loss was quite huge, I suppose it may range between Rp100 billion and Rp1.5 trillion. That was only from the trade transaction," Deputy Chairman of Jakarta Kadin Sarman Simanjorang stated here on Thursday.

Simanjorang elaborated that the rioting on May 21-22 had left operators with no choice but to close the Tanah Abang and Thamrin City wholesale markets.

Tanah Abang market, the largest textile wholesale market in Southeast Asia, has some 11 thousand kiosks, with each averaging a daily turnover of Rp15 million. The market could have incurred financial losses totaling Rp165 billion owing to the shutdown.

During the fasting month of Ramadan, traders in the market could boost their turnover by twofold in line with the rise in demand ahead of Eid al-Fitr.

"On an average, 11 thousand kiosks, with Rp15 million of daily turnover, will bring the total losses to Rp165 billion. That was just for the Tanah Abang market," he pointed out.

At some other malls, including Mangga Dua and Glodok in West Jakarta, though not completely shut, most shops were closed at 2 p.m. local time. The number of visitors has plummeted some 60 percent.

"People opted to stay at home and not venture out, and the number of visitors to the malls dropped," he explained.

Simanjorang is upbeat that the situation in the capital city would normalize, and businesses would operate as usual.

"It is expected that no further (action) would take place, and tomorrow, normalcy in (the situation) can be restored," he added.

Eight demonstrators were killed and over 700 others were injured in clashes between demonstrators and police officers during the post-election protest in Jakarta, on May 21-22, 2019.  

EDITED BY INE

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