REPUBLIKA.CO.ID, JAKARTA -- Sharia economy can reduce disruption to exchange rate stability, Bank Indonesia (BI) Governor Perry Warjiyo said. According to him, the disruption to the exchange rate stability is part of usury economy.
He stated that BI's decision to raise its 7-Day Reserve Repo Rate by 50 basis points is aimed at coping with the onslaught of global speculations that put the rupiah under pressure. "
If sharia economy can make further progress in Indonesia, we will be able to reduce intervention (in the money market) or the frequency of raising interest rate," he noted at an Eid al Fitr gathering with the Indonesian Association of Muslim Economists (IAEI) here, on Friday night.
The BI governor further asked all related parties to catch up with other countries in developing sharia economy in Indonesia.
Sharia economy in many countries, including Thailand and Australia where Muslims do not make up majority group, has made more progress than that of Indonesia, he revealed.
The National Sharia finance Committee (KNKS) must be able to implement a national strategy to develop sharia economy as a new mainstream to develop economy in the country.