Indonesian Pres. Widodo: Economy's capacity to manage global economic risks, disaster must be expanded

In a state of the union address to parliament on Friday, Indonesian President Joko Widodo spoke about the economic situation and its capability to fend off the mounting global risks.

Key Quotes:

Economy's capacity to manage global economic risks, disaster must be expanded.

Country should push further for downstream industry in resources, including nickel, coal and bauxite.

Wants to develop 100% palm-based biodiesel.

Deregulation, consistency needed to support economic strategy.

Country needs new rules to protect from cybercrime.

Amid comments from President Widodo, the Indonesian Rupiah is seen strengthening, with USD/IDR now extending the fall towards 14,200 levels. The spot is seen reversing more than half of Thursday’s rally to 14,310 levels.