Asian crisis hits Moslem festival


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

See more