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Crypto gaining favour
The Straits Times
|April 12, 2025
na is close to achieving. If expansion is to approach anywhere near Mr Prabowo's objective, it would require massive government spending.
Investors worry this could lead to greater fiscal deficits, increased debt and tax hikes, not to mention more widespread inflationary pressures.
While the current wave of outflows does not compare with the exodus in 1998 when Indonesia was hit by the Asian economic crisis, the turn towards the exits is escalating, the people said.
In several instances, the money is being used to buy residential and commercial property under the names of family members and friends to avoid detection, the private banker said. Some clients have managed to obtain working visas in Dubai, for instance, which then allows them to set up a shell company and use that to purchase real estate, the person said.
This story is from the April 12, 2025 edition of The Straits Times.
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