Bank Indonesia Sets 6 Strategies to Support Economic Recovery

TEMPO.CO, Jakarta - Bank Indonesia Governor Perry Warjiyo said he would continue to optimize all policy mix to maintain macroeconomic and financial system stability.

“As well as supporting efforts to further improve the economy through various steps,” said Perry in a virtual press conference on the results of the BI Board of Governors' Meeting on Thursday, August 19.

The first strategy is to continue the rupiah exchange rate policy in order to maintain the exchange rate stability in line with market fundamentals and mechanisms. The second is to keep strengthening the monetary operations strategy to maintain the effectiveness of the accommodative monetary policy stance.

The third strategy is to encourage intermediation through strengthening the policy of transparency in the basic lending rate (SBDK). The fourth strategy is to accelerate the use of the Quick Response Code Indonesian Standard or QRIS, including inter-country QRIS, and boost the implementation of the National Open API Payment Standard (SNAP) for the expansion of digital economic and financial integration.

The fifth strategy is to maintain the smoothness and reliability of the payment system and support government programs through cooperation in the digitalization of social assistance and the Electronification of Government Transaction program.

The sixth strategy, Perry went on, is to facilitate the trade and investment promotions as well as continue to disseminate the use of Local Currency Settlement (LCS) in ties with relevant agencies.

“In August and September 2021, investment and trade promotions will be held in the United Arab Emirates, China, Australia, Sweden, England, Singapore, and Malaysia,” said the Bnak Indonesia Governor.

Read: Bank Indonesia, Bank of Thailand Launch International QR Code

MUHAMMAD HENDARTYO