08 April 1998
Asian crisis hits Moslem festival

HUNDREDS of thousands of goats were killed yesterday at mosques throughout Indonesia to celebrate the Moslem festival Id-ul Adha.

But the currency crisis, which has seen the rupiah plunge more than 70% against the US dollar has meant goat-sellers have had a bleak seasons.

Sales were well down on last year, which was hardly surprising considering the price per animal had almost doubled to the equivalent of £35 for a large goat.

The price of meat and powdered milk have more than tripled in the past few months.

People have been led to believe that the $43 billion (£25.7bn) International Monetary Fund package will improve their lives. A revised package will be announced today, but the countrys realists know that there is likely to be little change in the short term.

  • Financial Times 08/04/98 page 6