Home » News » Lenders offer Coronavirus payment holidays previous nextProducts & ServicesLenders offer Coronavirus payment holidaysRBS is giving customers hit by Coronavirus a three-month mortgage-payment holiday, with other lenders likely to follow.Richard Reed11th March 202001,769 Views Moves by mortgage lenders to offer payment holidays over the Coronavirus outbreak will reassure agents fearing the imminent collapse of chains.The Royal Bank of Scotland is giving customers affected by the virus a three-month mortgage-payment holiday, with other lenders likely to follow suit.With the fallout from COVID-19 likely to last many months, and some experts predicting another financial crash, the speedy move will go some way to maintain confidence in the market.Stephen Jones, Chief Executive of trade body UK Finance, said: “Banks, building societies and credit card providers understand that some of their customers may be worried about the effect that contracting the Coronavirus could have on their finances, for example due to a drop in income or because of unexpected expenses or bills to pay.“All providers are ready and able to offer support to their customers who are impacted directly or indirectly by COVID-19, which could include offering or increasing an overdraft or allowing repayment relief for loan or mortgage repayments: asking for help early is key.”An RBS spokeswoman added: “We are monitoring the potential impact of Coronavirus across all our customers to ensure we can support them appropriately through any period of disruption.“We understand that there may be circumstances where a personal customer may fall into financial difficulty as a result of the impacts of Coronavirus, for instance, loss of income.“We will look to understand each customer’s situation on a case-by-case basis and can offer a number of options to help them manage their finances. We would encourage any customer experiencing financial difficulty to get in touch with us.” Business supportBoth RBS and Lloyds have also offered support to small businesses, which could prove vital for local agencies if the market falters, as they struggle to compete against the big chains.RBS has said it is putting aside £5bn to cover emergency loans and has contacted more than 5,000 business customers to offer support. Firms will be able to apply for loan repayment holidays of up to six months.mortgage holiday coronavirus mortgage lending RBS March 11, 2020Richard ReedWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021
Scholars from three continents gathered at Harvard recently to parse the Emancipation Proclamation, the earthshaking 1863 executive order from the Lincoln White House that proclaimed all slaves in the rebellious South “forever free.” It helped break the back of the Confederacy, gave the war its moral center, and rejuvenated federal forces starved for new regiments. (By the end of the war, about 180,000 black soldiers had served — 10 percent of the Union army.)But for a century afterward, the proclamation also represented a historical irony: Until the 1960s, arguably, generations of American blacks were re-enslaved socially and economically by a recalcitrant South and a forgetful North.On May 2-4, “Freedom Rising” expanded the celebration of this epic moment 150 years ago. It grappled with the facts of African-American service during the Civil War. It also explored the emotional antecedents of that service in what is now called the Haitian Revolution (1791-1804). (Led by Toussaint Louverture, that conflict created the hemisphere’s first black state. It also inspired a cascade of 19th-century slave rebellions.)Among the sponsors of “Freedom Rising” were Harvard’s W.E.B. Du Bois Institute, the Charles Hamilton Houston Institute for Race and Justice at Harvard Law School, and the National Park Service’s Boston African American National Historic Site.Stars in the firmament of Civil War scholarship were drawn to the event. Eric Foner, a Pulitzer Prize-winning historian from Columbia University, delivered “Lincoln, Emancipation, and African-American Soldiers,” the May 2 keynote address, at the Museum of African American History on Joy Street in Boston.The African Meeting House there, built in 1806, was the site of the founding of the New England Anti-Slavery Society in 1832. By 1863, it was also the main recruiting site for the storied 54th Regiment Massachusetts Volunteer Infantry, which was among the first black units assembled during the Civil War.On May 3, Yale University’s David Blight delivered remarks at a public symposium. Blight’s “Race and Reunion: The Civil War in American Memory” (2001) is regarded as a classic study of the war’s aftermath — which included, he wrote, “the attempted erasure of emancipation from the national narrative.”A detail of an image of Nonice Wilkinson, who was a soldier in the Haitian Revolution (1791-1804). The revolution inspired a cascade of 19th-century slave rebellions. Courtesy of Houghton Library/Harvard UniversityThe symposium filled the Radcliffe Gymnasium nearly to capacity. Its points of focus: the impact of Lincoln’s proclamation on the rest of the world (dramatic) and the recruitment of black soldiers during the war (triumphal and — given the collapse of Reconstruction — poignant).On the conference’s final day, actor Danny Glover participated in a pageant that was part of “Roots of Liberty: The Haitian Revolution and the American Civil War.” The setting was the Tremont Temple Baptist Church, where the proclamation was first read in Boston.The spirit of the conference will live on in an exhibit, “Boston’s Crusade Against Slavery,” at Houghton Library through Aug. 23. It is the work of students in a two-semester course on Boston and emancipation, taught by John Stauffer, chair of the History of American Civilization Program.Stauffer anchored a conference panel on the art and music of emancipation. Karen C.C. Dalton, editor of the Image of the Black in Western Art Research Project and Photo Archive at the Du Bois Institute, looked at three works that expressed the arc of the document itself, from hope for freed slaves, to despair, and back to hope again. A sentimental magazine illustration from 1863 showed the history of slavery. Its violent past ends with the centrality of a happy black household. By 1868, as shown in an illustration by Thomas Nast, a black soldier rests atop a monument, but behind him is a backdrop of violence; by then, Reconstruction was crumbling.Then she showed an 1872 statute of a muscular and triumphant freed slave. It was made in Europe, where the joy of the proclamation still appealed to audiences. But in America by 1873, when the statue was displayed in Philadelphia, the triumphant freed man no longer embodied an appealing sentiment, said Dalton.It took until 1897 for an artistic counterpart of that triumphal European image to appear in the United States, said Dalton: the dedication of the Robert Gould Shaw Memorial in Boston Common. The bronze relief sculpture celebrates the 54th Massachusetts, with Shaw on horseback leading a troop of black soldiers. Panelist and Duke University art historian Richard J. Powell called the work, by Augustus Saint-Gaudens, “an anomaly … a shimmering envoy from the fated past.”The relief was radical in its day. It conveyed African-Americans as dignified, soldierly, and strong, in an era when representations of black Americans were starting to sink into the morass of minstrel-show blackface. Powell called the sculpture a “nondenominational American altar piece” that compressed into one work the “alchemy of moral imperative” in American race relations that had gone suddenly absent by 1897.New York University’s Deborah Willis guided the audience through photography that represented blacks in time — and how such images, in the end, gave them a means to “self-emancipation” through dignified portrayals.But first there were representations of American blacks as commodities. One showed a poster advertising a reward of $50 for Dolly, an escaped slave who was “rather good looking … with a fine set of teeth.”A poster featured a $50 reward for Dolly, an escaped slave who was “rather good looking … with a fine set of teeth.”Then came representations of violence, in images intended to make the case for abolition. One ex-slave modeled torture instruments; another showed his bare back, crisscrossed with silvery scars from the lash. Then there were images of triumph, as in a series of before-and-after pictures. One showed a black man in rags, and then in a smart Union army uniform. The images, said Willis, showed “the promise of emancipation through photographs.”Stauffer ended the panel on a musical note, delivering a compressed version of his newest book, due in June: “The Battle Hymn of the Republic: A Biography of the Song that Marches On.” It was a song whose easily memorized tune originated as a camp spiritual among black slaves; was revived as “John Brown’s Body,” a Union army marching song popularized by the 2nd Infantry Battalion of the Massachusetts Militia; and appeared again as Julia Ward Howe’s “Battle Hymn of the Republic,” whose lyrics she wrote in November 1861. Her version was said to be Lincoln’s favorite song, said Stauffer — a tune that made him weep and, on one occasion, stand up and shout, “Sing it again!”“Battle Hymn of the Republic” remained popular well beyond the Civil War, and took on the stature of a national anthem. By 1880, said Stauffer, even Southerners had embraced the song as a musical emblem of national reconciliation. It lived far into the future too, he said — “one of the legacies of the abolitionist movement.” Martin Luther King Jr. took it up as a freedom song during the Civil Rights Movement. That was an era, said Stauffer, that some scholars call “second Reconstruction.”Blight, the specialist in how the Civil War is remembered, agreed that the Civil Rights era was a moment of triumph, and that it seemed to right the injustices of the century following the Emancipation Proclamation. But he added a warning, by way of a Ralph Ellison essay. “Even in our greatest moments of triumph … watch out. History is getting ready to come at us again.”A detail from a bronze relief sculpture in the Boston Common that celebrates the 54th Massachusetts Volunteer Infantry. The relief was radical in its day because it conveyed African-Americans as dignified, soldierly, and strong.
Despite their excitement upon returning to their ‘home under the Dome,’ many Notre Dame students find they struggle to adjust to life stateside after a semester immersed in another culture abroad. Junior Kathleen Ryan said she was surprised at the challenge readjusting to her daily routine presented upon her return from a fall semester in Toledo, Spain. “My mom would fix a big family dinner at 6 p.m. but I wouldn’t get hungry until 9 p.m. [because that was dinnertime in Spain],” Ryan said. The biggest difference in her daily schedule abroad, at home and at Notre Dame was that her days abroad were more variable, Ryan said. “I miss the exploration aspect and that there was really no daily routine,” Ryan said. “It was different every day.” Ryan said she was relieved to return to the strong faith present at Notre Dame. “The Notre Dame kids in our program were great and they stuck together, but just little things like not being able to go to English Mass were difficult,” Ryan said. After living as a foreigner in Spain for several months, Ryan said it was a relief to assimilate easily into the community around her. “I was walking around campus and thought, ‘Wow, no one’s looking at me,’” Ryan said. “I don’t stand out here, which is kind of nice.” Ryan said her fall semester in Toledo, Spain, challenged her to expand her grasp of the Spanish language. “The language barrier was the most difficult aspect of study abroad, because everyone tells you that you’re going to have a little bit of culture shock, because literally everything is in Spanish,” Ryan said. “You can’t really comprehend that until you get there.” Ryan said she embraced the opportunity to make a new home abroad. “Some people complain that the [new] culture and families are so different, but I always felt that I could have encountered my host family in any city in the United States,” Ryan said. Junior John O’Brien, who studied in Ireland at University College Dublin, said he noticed an increase in his workload upon returning to campus. “It’s definitely been difficult acclimating back to life on campus,” O’Brien said. “The workload is a lot different from study abroad, and it’s been tough trying to get myself motivated to do homework that I might not have done while abroad. I am slowly getting back in the routine and back to work … Being around other people has been helpful because you see how hard they’re working and it motivates you to work harder.” After returning stateside, O’Brien said he missed the mobility of his abroad experience, which let him travel to other countries on a whim. “I miss the freedom of it– while you’re here you’re a bit more confined to campus,” O’Brien said. “Every weekend I was going to different cities, it was really awesome.” While abroad, O’Brien said he missed the most distinctive camaraderie of campus life at Notre Dame. In particular, he said living in a singlenin Dublin differed sharply from residence life in a 200-person dormitory. “I missed being with all the guys around the dorm,” O’Brien said. “I missed going to football games and going out on the weekends.” Contact Peter Durbin at [email protected]
Editor’s Note: Throughout the 2016 presidential campaign, The Observer will sit down with Notre Dame experts to break down the election and its importance to students. In this tenth installment, Associate News Editor Rachel O’Grady asks associate professor of economics and former Senior Economist to the White House Council of Economic Advisers, Abigail Wozniak, about the economic implications of the 2016 election. Rachel O’Grady: As an economics professor, particularly in relation to your focus on labor economics, how will the results of this election effect the economy?Abigail Wozniak: The candidates — even within parties — have fairly different visions for the major changes they would advocate, both in terms of how the government raises funds (fiscal policy) and how it spends them. Given these differences, the ultimate outcome of this election will matter for the economy, but it is difficult to say how it will matter without knowing the winner. Because their plans are so different, it will matter for the economy who the ultimate winner is, but as of right now there is no single answer to the question of how the results will affect the economy.That said, I see at least three areas where the next president will face critical tests. These are: [first], income inequality and shared economic opportunity; [second] trade; and [third] guidance through the next phase of the business cycle. In all three areas, long-run trends will continue to play out but will require leadership to deal with their consequences over the next four to eight years. Income inequality and, more broadly, equality of opportunity, are key issues of concern to primary voters across the political spectrum. This is a four-decade long trend that has reached a point where large numbers of voters are asking for policy to directly address this. Any winner will need to take steps in this area. Rising trade is another multi-decade trend that is unlikely to reverse in a major way. The next president will need to work with Congress to keep the U.S. competitive and involved in the global marketplace while also putting in place protections for U.S. workers affected by trade. And finally, we have reached a record business cycle expansion. Were the business cycle to turn, executive branch leadership would be key to minimizing the negative effects of this. What we learned from the Great Recession is that appropriately timing relief — in adequate amounts — for workers and states affected by downturns can prevent longer, deeper slumps and is key to making sure families have the safety net they need when the business cycle turns negative.ROG: You served as Senior Economist to the White House Council of Economic Advisors (CEA) last year. What did you learn in the White House, and more importantly, what areas did you see for the improvement in the coming years? Are these candidates forgetting to address anything?AW: I had a great experience on the CEA staff, and I take every chance to say that people in Washington are working incredibly hard, with the best of intentions, on very difficult problems. This actually became more clear from working with them for fourteen months. On issues that are being forgotten: Immigration has been addressed, but useful specifics are missing. The economic case for immigration — which is a complicated one — also often gets inadequate attention. The reality is that many natives benefit from admitting immigrants, but some do not benefit, and we rarely have a conversation about how those two groups need to be brought together to reach a solution that helps both. It’s also not as simple as saying that we should imitate other national systems that prioritize skilled migrants. That’s a policy that should be on the table, but the U.S. has a long and I think admirable history of admitting individuals who are seeking a better life, and we should not ignore either that history or the fact that it has brought us certain benefits that other countries lack, like a diverse workforce and a population of entry-level workers with a strong work ethic.ROG: The minimum wage debate is gaining traction nationwide, but has seen little play in the recent presidential debates. Do you think this will be a key issue in the election and beyond?AW: Yes, this absolutely will be a key issue in the national election and beyond, and for space I’d say see my response to the first question.ROG: Both parties propose pretty radical economic ideas. Do any of them hold water, i.e. could Sanders or Cruz’s plans actually work?AW: Economists are often cautious of plans that say they are going to fix complicated problems in a simple way. Many economists agree that the tax code could be simplified. Many also agree that college financial aid could be simplified. But radically simplifying such policies is often difficult. This is because things that sound simple, like “income,” have to be defined and monitored, and that is harder than it sounds. Such policies also create incentives for individuals and businesses to try to avoid being in the category that has to pay for a program, not because they are bad people necessarily but because this is a fairly natural response to a situation where you’re asked to share a lot with strangers. So what seemed simple then requires monitoring and exceptions, and these make the reality likely to be more complicated than expected.ROG: Taking it back to college campuses, particularly here at Notre Dame, what is something we, as college students, should be paying particular attention to?AW: I think college students have a responsibility to pay attention to the election and get out and vote. The issues are many, but the worst outcome would be a divisive election in which the turnout was low. And, as I already noted, I think the outcome of this election matters a great deal. Don’t believe those who say all the candidates are the same — just a quick look at their websites will tell you otherwise.Tags: 2016 Election, 2016 Election Observer, Abigail Wozniak, White House Council of Economic Advisers
University of Georgia plant pathologist Bhabesh Dutta is confident that Georgia watermelon growers will encounter downy mildew at some point during the growing season — it’s just a matter of timing and severity.Dutta encourages farmers to be proactive when dealing with this devastating disease.“It’s going to happen. It happens every year. The severity and degree of the outbreak will vary depending on when it gets in. If it happens early in the growing season, it can cause considerable economic losses,” Dutta said.Harvest season for watermelons in Georgia runs from the first week of June to the second week of July. Farmers should be applying chemical treatments for downy mildew even if they don’t see signs of the disease, Dutta said. Waiting until it’s too late can result in the watermelon crop becoming damaged very quickly.Downy mildew can degrade or destroy the plant’s foliage very rapidly. It thrives in a wet, humid environment, and the fungi need the water on plant tissue to germinate and infect the plant.Under favorable conditions, severe foliar infection can occur and cause the leaves to curl and eventually die. If the leaves are damaged, they cannot protect and shade the fruit. As a result, the watermelons can develop blisters or sunscald. This is especially concerning during hot summer days in south Georgia, where the bulk of the state’s watermelons are produced. Damage to the watermelons results in an unmarketable crop.Last year, sunscald was a big problem for Georgia-grown watermelons and cucurbits like cucumbers, cantaloupe and squash, Dutta said. “The hardest-hit crops, though, were cucumbers and watermelons. It’s a problem every year, but there are degrees. Some years are much worse than others, like last year,” he said. “This year, though, we haven’t experienced an outbreak in watermelons. However, limited outbreaks on cucumbers and cantaloupes have already been reported.”The pathogen that causes downy mildew cannot survive hard frost, so it overwinters in frost-free regions like southern Florida. Every year during late May and into June, those spores are blown by wind currents into Georgia and other, more northern states.“It’s mainly a weather-related pathogen. It loves fairly low temperatures and high humidity. Longer duration of leaf wetness and cooler night temperatures promote downy mildew infection,” Dutta said. “If you remember, from April until the first week of May last year, we had low temperatures, but high humidity. That triggered the downy mildew outbreak.”At UGA, Dutta devotes almost half of his research to watermelons and onions, the top two vegetable crops in Georgia. Both crops are susceptible to several fungal and bacterial diseases. On watermelons, Dutta focuses on disease management and evaluates existing fungicides available to farmers.According to the UGA Center for Agribusiness and Economic Development, watermelons generated $134.2 million in farm gate value in 2014. Georgia’s top three watermelon producing counties are Tift, Crisp and Turner.
By Lorena Baires/Diálogo July 10, 2017 Gray clouds shroud the sky as evening falls over the Pacific Ocean. Two attack patrol boats glide smoothly along the horizon. They belong to the Navy Task Force Trident (FTNT, per its Spanish acronym), an elite group of the Salvadoran Navy (FNES, per its Spanish acronym). On board, teams of military interceptors are keeping their eye on the surroundings. Suddenly, an alarm is heard. A boat with three outboard motors is traversing the peaceful seascape at high speed, and water splashes four large black packages at its stern. Its movement is raising suspicion. FNES First Lieutenant Alejandro Posada, a member of the FTNT Maritime Interdiction Operations group, has command of one of the patrol boats. He orders his team into position while observing the radar. Seconds later, he accelerates the engines and changes course to reach the suspicious vessel, escorted by a second patrol boat. As they attempt to flee, the boats throw their packages into the sea, and the escort patrol boat intercepts them. A few minutes later, First Lt. Posada reaches them. Two sharp turns around the boat are sufficient to immobilize the small vessel. Once detained, and their packages recovered, the boatmen claim the packages contain the product of their work – fish. But FNES Lieutenant Miguel Flores, the FTNT commander, can be heard clearly on the radio: “Confirmed, packages are suspicious, may contain illicit substances, it is not fish.” This was how a maritime interdiction exercise concluded on June 17th along the coast of the Salvadoran region of Sonsonate. These types of operations are a daily occurrence for the FTNT interceptors. High-level training The high-profile operations team blocks the passage of drug-trafficking structures attempting to move drugs north. The specialists are deployed 24 hours a day, 365 days a year, along the 321 kilometers comprising the Salvadoran coastline. That is, from the Paz River at the border of Guatemala to the Gulf of Fonseca, which is shared with Honduras and Nicaragua. They are always on alert and strategically positioned. Their specialized tactical level is developed with the support of the U.S. Armed Forces, who have been training them since 2015 and sharing their knowledge about board and search, room clearing on large vessels, search-and- seizure procedures for illicit substances, and fast-roping for insertions from helicopters, capturing individuals, rescuing victims or amphibious reconnaissance, among other things. The training has come from specialized groups like the U.S. Naval Special Warfare Command (NAVSOC), Special Forces Operational Detachment Alpha, and special operations forces units such as Special Warfare Combatant-Craft Crewmen or the U.S. Navy Sea, Air and Land Teams, all sponsored by U.S. Southern Command (SOUTHCOM). “Our teams have a work cycle of three months of training and three months of operations at sea. When they come back from training, they have to pass on their newly acquired knowledge to the remaining members, in such a way that they are learning and practicing all the time,” Lt. Flores explained. The interceptors work with real-time information from the Combat Information Center (CIC), a specialized office that manages and organizes the operations. Thanks to the January 2009 Letter of Understanding of the Central American Regional Security Initiative, alerts also come from Joint Interagency Task Force-South (JIATF South), located in Key West, Florida. “Since our units are always in position when the CIC sends us a location where we need to go, it is a question of minutes for us to arrive there. The level of risk and cooperation by the suspects determines the level of force we need to use,” First Lt. Posada added. All the knowledge acquired and developed at sea is shared with the naval forces of Guatemala and Nicaragua, which share a maritime border with El Salvador. “Thanks to the support of SOUTHCOM, we have also had cargo-recovery exercises with Guatemala. For example, a C47 airplane launches a logistical supply package into the sea, and we carry out the rest of the rescue operation,” First Lt. Posada said. Key to success “We are making efforts to be a blue-water naval force; we are not in port but out at sea. Our strategic positions, the training we have received, and the current leadership of our force allows us to attain a high level of success in the naval operations we conduct,” Lieutenant Commander Francisco Mejía Martínez, an FTNT Maritime Interdiction Operations collaborator, proudly details. Day and night, the interceptor units navigate within the 200 nautical miles of Salvadoran territorial waters. This approach to maneuvers, plus the quality of information coming from CIC, allows them to exceed their own expectations. So far in 2017, they have seized 2,522 kilograms of cocaine, while in 2016, that number was 8,708 kilograms. “The threats are changing little by little. That’s why we have to maintain a high focus on training. Always in an ideal position at sea to continue the mission of protecting the security of the 200 miles of Salvadoran territorial sea,” Lt. Cmdr. Mejía concluded.
JOHNSON CITY (WBNG) — Wilson Medical Center has confirmed the hospital is no longer in lockdown. —– More information was not released. JOHNSON CITY (WBNG) — Police say a person was spotted around 9 a.m. but they fled from police. 1:01 P.M. UPDATE: 4:45 A.M. UPDATE This is a developing story. Stay with 12 News as we gather more information. A 12 News crew on scene saw a K-9 being used by the Broome County Sheriff’s Office. In a phone alert, Wilson Medical Center alerted employees the facility would be on lockdown while police searched for an “individual believed to be armed” near the WMC campus. —– Authorities say no known weapons were involved in this incident. JOHNSON CITY (WBNG) — Police are looking for a possibly armed man Thursday night.
Categories: Letters to the Editor, OpinionI tried to read Mr. Randy Gray’s Dec. 6 letter regarding personal responsibility and the minimum wage lifestyle in the spirit it was intended. After all, someone who has several children by the age of 28 is probably not making the most sound economic choices. However, this has nothing to do with the buying power of the current minimum wage.Do you remember those heady days of the 1990s when everyone was concerned about “welfare cheats” and people getting something for nothing? This is before we had to bail out the banks that screamed to be unfettered by government regulation and then promptly destroyed the economy. Well, now it seems that people who work and want a fair wage, one they can actually live on, are the new beggars.The economic reality is that even if this 28-year-old mentioned in Mr. Gray’s letter and the article Mr. Gray was referencing had one child or two children, which by the way is the norm, minimum wage would still be a struggle. Rents keeping going up, even when the area in which you live does not seem to merit it. Food certainly has not gotten cheaper.I agree that personal responsibility is incredibly important. But society, to include all employers, also has a responsibility. If you cannot afford to live on a minimum wage, and I mean paying for rent, food and other basic expenses for yourself and one or two children, then basically society is telling workers that the gains made throughout the 20th century, and for which workers fought and even died, were meaningless.Now, it seems the good old days of the company store and forced labor are making a comeback.James CiminoSchenectadyMore from The Daily Gazette:Schenectady High School senior class leaders look to salvage sense of normalcySchenectady’s Lucas Rodriguez forging his own path in dance, theater, musicSchenectady department heads: Budget cutbacks would further stress already-stretched departmentsSchenectady, Saratoga casinos say reopening has gone well; revenue down 30%Schenectady NAACP calls for school layoff freeze, reinstatement of positions
The rupiah touched levels unseen since the 1998 crisis on Wednesday as fears of a global recession over the rapid spread of COVID-19 prompts investors worldwide to dump financial assets.The local currency depreciated around 0.3 percent to Rp 15,222 against the US dollar as of 12:52 p.m. Jakarta time, Bloomberg data shows. The last time it touched the level and reached Rp 16,650 was in June 1998 after widespread rioting that led to the downfall of president Soeharto, who led Indonesia for 32 years.The rupiah is now Asia’s worst-performing currency after depreciating around 10 percent so far this year from Rp 13,635 per US dollar on Jan. 24, a time when the rupiah was Asia’s best-performing currency. “Investors are fleeing out of the emerging market into safe haven assets because they fear that the probability of a global recession has heightened,” Bank Permata economist Josua Pardede told The Jakarta Post.Read also: Indonesian stocks succumb to the red despite global market jumps Foreign investors have dumped more than US$4 billion from rupiah bonds this year, on course for the biggest quarterly outflow ever, and have dumped about $600 million worth of shares, Bloomberg reported. Topics : The pneumonia-like illness has infected at least 227 people in Indonesia and killed 19, giving the country the highest death toll in Southeast Asia and the highest death rate in the world. Worldwide, the number of confirmed cases has reached more than 202,000 people with more than 8,000 deaths.As the situation has yet to show signs of improvement, Josua said Bank Indonesia (BI) should maintain close contact with foreign investors to give them assurances. At the same time, he also suggested that the central bank continue its market intervention in the bond market.“We hope BI can come up with significant policies that can complete the fiscal stimulus,” he said.He projected the rupiah to continue to fluctuate at around the Rp 15,000 level until the COVID-19 situation improves. BI cut its policy rate and announced five measures to stabilize the rupiah, including buying government bonds in the secondary market and cutting the reserve requirement ratio for banks’ dollar funds. The benchmark Jakarta Composite Index (JCI), the main gauge of the Indonesia Stock Exchange (IDX), has lost 31.25 percent of its value year-to-date (ytd), suffering three trading halts within a week as the index dropped 5 percent, triggering a circuit breaker.Josua said the rupiah’s depreciation was also influenced by the fact that the government had yet to allot a significant amount of funding from the state budget to tackle the virus. This is despite the government having allocated Rp 120 trillion ($7.7 billion) to stimulate the economy and cushion economic shocks from the COVID-19 pandemic.“From the government’s stimulus package, there has yet to be a special budget dedicated to tackling the virus,” he added.Read also: Disappearing act: Market braces for volatile March after $2.4b vanishes in a week