TEMPO.CO, Jakarta - Marwanto Harjowiryono, Director General of Treasury at the Finance Ministry said that the government has ended its partnership with JP Morgan Chase Bank N.A. "The decision was made in accordance with a letter issued by the Finance Minister on November 17, 2016, to JP Morgan," Marwanto said on Monday evening, January 2, 2017.
Marwanto said that the decision was also made based on the result of a meeting between the Directorate of State Treasury Management, Director General of Treasury, and JP Morgan. The meeting was held on December 1, 2016.
Marwanto said that the government's decision to terminate the partnership has been informed to JP Morgan through a letter on December 9, 2016. However, Marwanto said that the government will continue to build professional, credible, and accountable relationships and partnerships all stakeholders. "Including the banking [sector], which is the government’s work partner," Marwanto stated.
Based on the letter, the reason for the decision to end relationship with JP Morgan was that the result of the company's research towards the country's economy might disrupt the national financial system stability.