| Few would envy the task of Soedradjat Djiwandono, governor of Indonesia's central bank. A US-educated technocrat and formerly minister of trade, Soedradjat is charged with the management of the rupiah, the supervision of the banking system, the reorganization and merger of failed banks, the control of inflation and the monitoring of public and private sector foreign debt. Soedradjat recently gained some new duties: reassuring foreign investors during a period of political instability and co-ordinating policy with other central banks in the region to avoid a Mexico-style crisis in Southeast Asia. The governor has risen admirably to the challenge. Despite elections in prospect, rioting in Indonesian streets and concerns over the health of ageing president Suharto, he has calmed fears, controlled overheating, reduced inflation from nearly 10% to below 7%, and displayed a deft hand in currency management in the face of large inflows of hot money. Soedradjat has his eye on Indonesia's neighbours. Many of them face similar problems: high current -account deficits, inflation and pressure on the currency. The current shakeout in Thailand has particularly riveted the attention of policy-makers. "We see growth declining here a little this year to 7.5% |