21.   The IMF and finance markets have also rejected moves by President Suharto to introduce a currency board to peg the rupiah to a fixed exchange rate.

22.   The International Monetary Fund opposes pegging the rupiah to the dollar.

23.   The IMF is also worried about a proposal being considered by President Suharto under which the rupiah would be pegged to the U.S. dollar through a currency board.

24.   The proposed currency board would peg the rupiah at a fixed rate against the dollar.

25.   The statement sparked speculation that the government might peg the rupiah at a fixed level against the greenback.

26.   U.S. economist Steve Hanke defended his proposal to peg the rupiah to the dollar.

27.   Under the system, money supply must be fully backed by foreign reserves in the currency to which the rupiah is pegged.