REPUBLIKA.CO.ID, JAKARTA -- Bank Indonesia (BI/the central bank) and the government signed a memorandum of understanding (MoU) on inflation control coordination in the region, on Monday.

BI Governor Agus Martowardojo stated that the MoU was very strategic in the sense that both parties show their commitment to jointly realizing price stability in the region.

He noted that the implementation of the control system will be carried out by a national working group of the Regional Inflation Control Team (Pokjanas TPID).

"We need extra effort in the coordination to control inflation because the country is challenged to cut the inflation to a rate that could increase the economic competitive edge," the BI governor explained after the signing ceremony, which was also attended by Chief Economic Minister Hattar Rajasa and Home Affairs Minister Gamawan Fauzi.

Agus emphasized that 2013 constituted an important moment in the development of the TPID across the country. The matter was marked by the increasing number of TPIDs set up across the country's various districts and municipalities.

At the end of March, about 168 TPIDs were set up in 33 provinces. "They need to be balanced with coordination so that the national target could be achieved," he added.

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