JAKARTA - Minister of Finance, Sri Mulyani, estimates that the escalation of tensions in Eastern Europe between Russia and Ukraine will make the prices of several world commodities skyrocket. This also applies to Indonesia's mainstay exports, which have been a source of foreign exchange for the country.
"Indonesia's leading commodities such as nickel, CPO, and rubber will also experience or remain in a high position", she said when holding a press conference on our State Budget on Tuesday, February 24.
According to the Minister of Finance, several important goods for the world's needs are quite vulnerable to being affected by negative issues that occur globally.
"Commodities, especially for energy, are really influenced by geopolitical conditions that are currently happening, including the imposition of sanctions (for Russia) that will affect sentiment and conditions of supply and demand", she said.
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From the data distributed by the state treasurer, it can be seen that the price of CPO in the first two months of this year (year to date/YTD) has increased by 33.2 percent while nickel has increased by 24.9 percent.
"The upward trend in the prices of Indonesia's leading commodities is expected to provide impetus to the prospects for future economic growth", she said.
On that occasion, the Minister of Finance also regretted the military action that occurred because economic activity in Europe had gradually recovered along with the easing of supply-side disruption issues.
"Geopolitical escalation and the problem of military tension in Ukraine will affect conditions, especially in Europe", said Minister of Finance, Sri Mulyani.
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