REPUBLIKA.CO.ID, JAKARTA - Indonesia's fuel import has caused current account deficit. Bank Indonesia (BI) record shows that the state own oil company, Pertamina, spent 150 million USD a day, whenever the company entered money market.

"The amount also causes currency in the market become thin," Director of Economic Research Group of Economic and Policy Department at BI, Endy Dwi Tjahjono, said on Wednesday.

To overcome such problems, BI provides foreign exchange in the form of USD only for Pertamina and state electricity PLN. The total current account deficit in 2012 reached 24 billion USD, with surplus only 150 million USD. If the price of fuel remains low, it will burden BI to maintain IDR.

Executive Director of Indonesia Deposit Insurance Corporation (LPS), Mirza Adityaswara, agreed that low price of fuel caused the poor balance. Low price triggered people to consume more fuel, prompting high import of fuel. Meanwhile, alternative energy and gas cannot cover public demand.

Indonesian export cannot counterbalance the import. But, LPS predicts export will increase as Chinese economy recovers.

However, Adityaswara also predicts that while the export is increasing, the import of oil and non-oil will surge as well. He suggests BI and government to encourage the growth of sustainable real sector to prevent the worrying situation.

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