Indonesia: The dollar is going crazy again to IDR 15,730, the effect will reach Eid 2023

Published 2022년 12월 1일

Tridge summary

The article highlights the expected rise in beef prices in Indonesia until Eid 2023, attributed to the weakening of the Indonesian rupiah against the US dollar. The depreciation of the rupiah increases the cost of imported cattle, a significant source of Indonesia's beef supply. The country's meat import plan for the year stands at 382,214 tonnes, while the demand is projected to be 720,131 tons and the production is expected to be 437,322 tons. The article also mentions that the current beef market in Jakarta has seen a decrease in prices, with the highest price for hash meat at IDR 170,000 per kg and pure cattle at IDR 160,000 per kg, while the national average price for pure beef is IDR 133,990 per kg.

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Original content

Jakarta, CNBC Indonesia - The price of beef is predicted to continue to increase until Eid 2023. As a domino effect, the current weakening of the rupiah against the United States (US) dollar. Where, on Wednesday (30/11/2022), the dollar was observed to close at IDR 15,730. In fact, at the beginning of September 2022 it was still at IDR 14,880 per US dollar, then it increased to IDR 15,300 per US dollar on October 3, 2022. And it continues to fluctuate and tends to strengthen to its current position. Suhandri, Secretary General of the Indonesian Meat Importers Association (Aspidi), said that the strengthening of the US dollar exchange rate greatly affects the price of beef, especially imported beef. This is because the purchase price of cattle automatically becomes more expensive with an increase in the US dollar exchange rate. The reason is, until now, Indonesia not only imports beef, but also feeder cattle. These imported feeder cattle then become a source of domestic beef ...

Source: Cnbcindonesia