OJK Claims Financial Services Sector Stable Despite Pandemic

TEMPO.CO, Jakarta - The Financial Services Authority (OJK) continues to closely monitor the development of the financial services sector under the economic pressure from the COVID-19 pandemic and concludes that this sector is in stable condition. 

OJK spokesman Anto Prabowo says that it is supported by the intermediation of the financial services that have performed positively. He also claims the industry’s risk profile is under control. 

“Through a number of anticipatory policies and forward-looking assessments reflected by the financial sector’s stimulus, the fiscal and monetary, Indonesia is able to overcome financial market volatility that once spiked due to the spread of COVID-19 pandemic,” said Anto in a written statement on Thursday, April 30.

Moreover, the pandemic has presented significant pressure towards the global economy which was followed by the World Economic Outlook for April predicting that the global economy will contract sharply by 3 percent with the growth in emerging markets projected to contract by 1 percent.

Through the issuance of the regulation in lieu of law No.1/2020, known as Perpu COVID-19, Indonesia is projected to be one of a few other countries that will see positive growth this year. 

Up to April 24, the OJK spokesman says non-resident investors recorded a net sell of Rp11.8 trillion mtd, which is lower than March that recorded at Rp126.8 trillion. “The intermediation of Intermediary performance of the financial service industry is still positively growing.”

MUHAMMAD HENDARTYO