Indonesia will impose a series of regulations, including temporary anti-dumping import duties, to help narrow the current account deficit and prop up a weakening rupiah in Southeast Asia's largest economy, the finance minister said. The rupiah slipped as low as 13,090 to the dollar on Tuesday, the lowest since August 1998. After Malaysia's ringgit, the Indonesian currency is the worst performing emerging Asian currency so far this year, with a 5.2 percent loss against the dollar, Thomson Reuters data showed. "The condition currently is stable, maintained, but despite that, we in the government always watch the movement of the rupiah and of course we have to make policies to strengthen the currency," Finance Minister Bambang Brodjonegoro told reporters, adding that the regulations will address the problem of Indonesia's current account deficit. Under the new regulations, the finance ministry will be allowed to impose a temporary tax on imported goods suspected of being sold below fair market value. That allows the ministry to take action against anti-dumping immediately, instead of waiting for the trade ministry to complete its analysis. Officials declined to say which imported goods could be targeted. The trade ministry is currently investigating possible dumping of cold rolled stainless steel imports from China, Thailand, South Korea, Taiwan and Singapore. It was also investigating dumping of polyethylene products from China, India and Thailand. The finance ministry will also offer tax breaks to companies that export at least 30 percent of their products in a bid to develop the country's manufacturing industry. Indonesia's current account deficit narrowed to 2.95 percent of gross domestic product last year from 3.18 percent the previous year. At times, the size of Indonesia's current account deficit has reached 4 percent of GDP, which has worried investors and put pressure on the rupiah. The central bank said a current account deficit of 3 percent of GDP this year would be acceptable. Indonesia's financial regulator said it would also encourage companies to use domestic reinsurance instead of paying for the coverage overseas. Indonesia's domestic reinsurance business is relatively small. Officials want to merge the reinsurance operations of state-owned enterprises to boost capacity. The Financial Services Authority has sought to merge state-owned reinsurers PT Reasuransi Internasional Indonesia (Reindo) with PT Asei Reasuransi Indonesia to create Indonesia Re. (Reuters)