JAKARTA - According the Indonesia’s trade ministry in a statement on Wednesday. Indonesia plans to switch to a single time zone on Oct. 28, allowing Southeast Asia’s biggest economy to align clocks same as Singapore and Malaysia if slow-moving bureaucracy does not prevent it from doing so. The committee, which is chaired by President Susilo Bambang Yudhoyono, had proposed that the change take effect at mid-night on Saturday, when business is usually low, before deciding on Oct. 28, a Sunday.
The Indonesian archipelago now has three time zones and Jakarta lies in the western time zone, which is one hour behind Asean neighbours like Singapore, Malaysia, Taiwan, China, Hong Kong and Philippines. Jakarta’s clocks are two hours behind cities in eastern Indonesia like Fakfak and Papua.
The change will put Indonesia eight hours ahead of Greenwich Mean Time (GMT). Currently, Jakarta is seven hours ahead of GMT which is GMT+7 (Same time zone with Thailand and Vietnam).
The move will help accelerate economic development across the country. After the change in clocks, Indonesia’s stock market will open 30 minutes after bourses in Singapore and Malaysia, from 90 minutes at present.
“The benefit will be in synchronized trade and financial transactions with regional markets.” said Mr. Anton Gunawan, chief economist at PT Bank Danamon Indonesia.
A unified time zone will help improve communication and productivity of Indonesia’s bureaucracy and help the spread of information through medium such as television broadcasts, also it will spur foreign exchange trading and tourists will find it more convenient to travel within a country that operates on one time zone instead of three.
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