Former BI Governor Arifin Siregar Dies at 85
Jakarta. Arifin Mohamad Siregar, the former Bank Indonesia governor, passed away on Monday at the age of 85 years.
Arifin served as the country's top central banker between 1983 and 1988. During his time at the central bank, he was part of the economic team that convinced President Soeharto to devalue the rupiah by 47 percent in 1986 following a drop in the price of oil, which at the time was still Indonesia's main export commodity.
Arifin went on to serve as Trade Minister from 1988 to 1993, continuing deregulation policies by his predecessors to boost Indonesia's manufacturing exports.
He was the one to throw up the idea of "Indonesian Incorporated," taking a cue from the Japanese government that successfully directed its industries to dominate the global market by providing guidance, research and development support and cheap capital for certain sectors.
"The government and business world need to work together to win tenders in the international market, work together to win the market and work together to defend that market," Arifin wrote in a book about President Soeharto, "Di Antara Para Sahabat: Pak Harto 70 Tahun" (Among Friends: Pak Harto at 70).
Arifin then became the Indonesian Ambassador to the United States until 1997.
He completed his study at the Nederlandsche Economische Hogeschool in Rotterdam (1953-1956) then pursued his master's and doctorate degrees at the Westfälische Wilhelms-Universität Münster in West Germany (1958-1960).
Arifin was one of only a few Southeast Asian economists working at the International Monetary Fund in the 1960s. He acted as the Fund's advisor for the government of Laos for two years before being called home to become a director at Bank Indonesia in 1971.
Arifin had three children including Ananda Siregar, the founder of the Blitz Megaplex cinema chain, rebranded as CGV Cinema following a takeover by the South Korean investor.
The family plans to hold Arifin's funeral at San Diego Hills cemetery in Karawang, West Java, on Tuesday.
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