Coronavirus Outbreak; OJK Ready to Provide Additional Stimulus

Translator

Bisnis.com

Editor

Laila Afifa

5 March 2020 17:30 WIB

TEMPO.CO, Jakarta - The Financial Services Authority (OJK) said it will provide new stimulus if the coronavirus continues to impact the economy. OJK board of commissioners' member and executive director for banking supervision Heru Kristiyana said the regulator has contemplated several policies.

"If the corona situation has a long-term effect, we have thought of several things to do. But later. We will not announce it now. Please be patient," Heru said here on Thursday, March 5.  

So far, the OJK has announced two stimulus for the banking sector—both related to credits. The first is a relaxation in credit assessments for debtors affected by the viral outbreak, with up to Rp10-billion worth of loan ceiling eligible to those who pay their debts and interests on time.

The second relaxation is to restructure the debts of those affected by the COVID-19, with loans above Rp10 billion.   

These credit relaxations is in effect for up to one year after its announcement, and can be extended if necessary.

OJK Board of Commissioners chairman Wimboh Santoso said the coronavirus impact could be lessened if the banking industry optimizes the stimulus given by the authorities. If there is no impact of collectability easing, the room for business financing will be reduced.

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