JP Morgan Dismissal Our Call, Not Theirs: Jusuf Kalla

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  • TEMPO.CO, Jakarta - The government is not deploring over their decision to end the partnership with JP Morgan Chase Bank N.A as a perceptive bank in the Tax Amnesty Program. Vice President  Jusuf Kalla said that it was not something extraordinary.

    "I think that's not a big deal," Kalla said on January 3, 2017, at the IDX building in Jakarta. 

    Kalla's statement is a response to the Finance Ministry's decision to end the partnership with JP Morgan, signed by Finance Minister Sri Mulyani Indrawati on November 17 last year.

    The Ministry said that JP Morgan's analysis to downgrade Indonesia's rating by two levels from overweight to underweight may jeopardize the state's financial stability.

    On December 9, the Finance Ministry issued a follow-up letter highlighting at least three main issues. First, the government will no longer receive state deposit from anyone through JPM's branches. The second, to finish all calculations regarding JP Morgan's rights and liabilities over its dismissal as a tax amnesty bank. The third is that the government will notify all units, staff and customers about the dismissal.

    The letter automatically scrapes JP Morgan from the Tax Amnesty program. The decision was effective as per January 1, 2017.

    Kalla said the decision fully belongs to the government, and that it was "our call, not theirs."