Mengapa Bank Indonesia Tidak Di Bawah Pemerintah?

Summary

In this video, Luna from Ngomongin Uang discusses the role of central banks in a nation's economy, using Bank Indonesia as a case study. She explains that central banks, including Bank Indonesia, operate independently of government influence to maintain economic stability. Luna highlights how monetary policy, such as adjusting interest rates, impacts economic growth and inflation. She also addresses the potential implications of the draft revision to the 1999 Bank Indonesia Law, which may affect the bank's independence by allowing government participation in monetary policy decisions.

Takeaways

• 💼 Bank Indonesia (BI) is the central bank of Indonesia and operates independently from the government, as outlined in Law No. 23 of 1999.
• 🏦 Unlike commercial banks (like BCA, BRI, or Mandiri), BI does not seek profits or serve customers but focuses on maintaining economic stability.
• 📉 BI uses monetary policy tools, such as adjusting interest rates, to control inflation and stabilize the economy, especially in times of economic slowdown or excessive inflation.
• 📊 When the economy slows down, BI lowers interest rates to encourage investment and spending, stimulating economic growth.
• 📈 Conversely, if the economy is overheating with high inflation, BI raises interest rates to encourage savings and reduce spending, helping to balance economic activity.
• 🛑 The central bank's independence is crucial to avoid political interference in monetary policy, ensuring economic stability based on market conditions and research.
• 🤔 There are ongoing discussions about revising Law No. 23 of 1999, which could give the government more influence over BI’s monetary decisions through a proposed Monetary Council.
• ⚖️ Proponents of the revision argue that government involvement could help address economic recovery post-COVID-19 more efficiently.
• ❌ Opponents warn that losing BI's independence could lead to higher inflation and economic instability, recalling past crises like the 1997-98 financial crisis.
• 💬 The video encourages viewers to discuss whether BI should remain independent or allow more government influence in its decisions.

Q & A

What is the primary role of a central bank in a country's economy?

The primary role of a central bank is to maintain economic stability by implementing monetary policy. This includes managing inflation, controlling the money supply, and stabilizing the national currency.

Why is the central bank independent from the government?

The central bank is independent to ensure that monetary policy decisions are made based on economic conditions rather than political pressure. This independence allows it to focus on long-term economic stability without being influenced by short-term political goals.

How is the role of Bank Indonesia different from commercial banks?

Bank Indonesia, as a central bank, is not profit-driven and does not offer financial services to the public like commercial banks. Instead, it focuses on maintaining economic stability, controlling inflation, and managing the country's monetary policy, whereas commercial banks provide financial services like deposits, loans, and credit to individuals and businesses.

What is monetary policy, and how does it affect the economy?

Monetary policy refers to the actions taken by a central bank to manage the money supply and interest rates to influence economic activity. For example, lowering interest rates can encourage borrowing and spending, while raising rates can help control inflation.

What happens when a central bank lowers interest rates?

When a central bank lowers interest rates, it reduces the cost of borrowing, which encourages businesses to invest and individuals to spend more, stimulating economic activity. It also makes saving less attractive, prompting people to invest or spend their money instead.

Why is controlling inflation important for a central bank?

Controlling inflation is crucial because high inflation reduces the purchasing power of money, leading to rising costs of goods and services. A central bank aims to keep inflation at a manageable level to ensure economic stability and maintain consumer confidence.

What are the potential risks if the government interferes in central bank decisions?

Government interference in central bank decisions could lead to short-term policies that prioritize political objectives over long-term economic stability. For example, artificially lowering interest rates to boost economic growth could lead to inflation spiraling out of control, as seen during Indonesia's financial crisis in the late 1990s.

What changes are proposed in the draft revision of Indonesia's central bank law?

The proposed draft revision includes allowing the government to participate in monthly central bank meetings and have a say in monetary policy decisions. It also proposes the formation of a Monetary Council, which would include key government officials.

What are the arguments in favor of government involvement in Bank Indonesia’s monetary policy?

Proponents argue that government involvement could help align monetary policy with fiscal policy, ensuring a coordinated response to economic crises, such as the recovery from the COVID-19 pandemic. They believe this could result in faster and more targeted economic recovery.

What are the concerns about the proposed changes to Bank Indonesia's independence?

Critics are concerned that reducing Bank Indonesia's independence would expose monetary policy to political influence, which could undermine its ability to manage inflation and maintain economic stability. They argue that the central bank needs to remain free from government pressure to make objective, data-driven decisions.

Outlines

00:00

💡 The Role and Independence of Central Banks

In this section, Luna introduces the topic of central banks and their role in national economies. She explains that central banks, including Bank Indonesia, are generally independent from the government, meaning they make monetary policy decisions without interference from the executive branch (e.g., president and ministers). Luna uses the example of the U.S. President Donald Trump and his critical tweets about the Federal Reserve to illustrate how even heads of state have no direct power over central banks. This independence is crucial for ensuring objective economic management, as enshrined in Indonesia’s Law No. 23 of 1999. Luna also compares Bank Indonesia’s role with other independent institutions like the KPK and explains that central banks, unlike commercial banks, do not operate for profit.

05:03

📉 How Central Banks Influence Economic Activity

Luna dives deeper into how central banks, such as Bank Indonesia, influence the economy through monetary policy. She explains how the central bank controls interest rates to stabilize the economy, using examples of lowering interest rates during slow economic periods to encourage business investments and consumer spending. Lower interest rates make borrowing cheaper, which stimulates economic activity. Conversely, when inflation is high, central banks raise interest rates to control excessive economic growth and bring inflation down. Luna emphasizes the importance of careful monetary policy, as any mistakes can lead to severe consequences, such as runaway inflation or economic stagnation.

10:05

🔍 The Importance of Central Bank Independence

Luna continues by exploring why central banks need to remain independent from political pressures. She explains that if governments could interfere with monetary policy, it could lead to excessive inflation or economic instability, as was the case in Indonesia before the 1999 law that granted Bank Indonesia independence. For instance, during the New Order regime, Bank Indonesia was pressured to finance government deficits, leading to inflation and a weakening currency. She uses the 1997-1998 economic crisis as a cautionary tale of what can happen when a central bank is not independent. Luna then mentions current debates about revising Law No. 23, which could involve giving the government more influence over Bank Indonesia’s monetary policies.

💬 The Debate on Central Bank Reform

In this final section, Luna discusses the ongoing debate about potential reforms to Law No. 23 that could reduce Bank Indonesia’s independence. The proposed draft includes giving the government a voice in the central bank's decision-making and creating a new Monetary Council led by government officials. Proponents argue that this could help speed up economic recovery post-COVID-19. However, opponents fear that it would politicize the central bank and compromise its ability to maintain stable monetary policies. Luna invites viewers to share their thoughts on whether Bank Indonesia should remain independent or if the government should have a role in monetary policy decisions.

Keywords

💡Central Bank

A central bank is an independent national institution responsible for managing a country’s monetary policy and regulating its financial system. In the video, Bank Indonesia is highlighted as the central bank of Indonesia, and its independence from the government is a key point of discussion. The central bank's primary role is to maintain economic stability, such as controlling inflation and managing currency value.

💡Monetary Policy

Monetary policy refers to the actions taken by a central bank to control the money supply, interest rates, and other financial factors to ensure economic stability. In the video, Bank Indonesia’s role in setting monetary policy is contrasted with fiscal policy, which is managed by the government. For example, Bank Indonesia may adjust interest rates to stimulate or cool down the economy.

💡Fiscal Policy

Fiscal policy is the government's strategy for managing public revenues and expenditures to influence the economy. Unlike monetary policy, which is controlled by the central bank, fiscal policy is managed by the government through actions such as adjusting tax rates and public spending. The video explains that the government handles fiscal policy, while the central bank is in charge of monetary policy.

💡Inflation

Inflation refers to the general increase in prices of goods and services over time, leading to a decrease in purchasing power. In the video, Bank Indonesia’s role in managing inflation through monetary policy is discussed. For example, when inflation rises too quickly, the central bank may increase interest rates to control the situation.

💡Independence

Independence in this context refers to the ability of the central bank to operate without direct influence or control by the government. The video emphasizes the importance of Bank Indonesia's independence in making unbiased decisions based on economic research rather than political pressure. This independence is essential for ensuring that monetary policy is not influenced by short-term political goals.

💡Interest Rate

The interest rate is the cost of borrowing money, usually expressed as a percentage. It is a key tool used in monetary policy by central banks. In the video, it is explained that Bank Indonesia can lower or raise interest rates to influence economic activity. For instance, lowering interest rates can encourage borrowing and stimulate economic growth during a downturn.

💡Deflation

Deflation is the opposite of inflation, characterized by a general decrease in the prices of goods and services. The video explains how Bank Indonesia may respond to deflation by lowering interest rates to stimulate spending and investment, which can help revive economic activity. Deflation can lead to economic stagnation if not addressed promptly.

💡Exchange Rate

The exchange rate refers to the value of one country’s currency in relation to another. The video mentions that one of Bank Indonesia’s key functions is to maintain a stable exchange rate for the Indonesian Rupiah, which is crucial for international trade and investment. A stable exchange rate helps prevent sharp fluctuations in the cost of imports and exports.

💡COVID-19 Recovery

The COVID-19 recovery refers to efforts by governments and institutions like central banks to revive economies hit by the pandemic. The video discusses the potential revision of Bank Indonesia's independent status to accelerate economic recovery from the pandemic, highlighting the debate over whether government involvement in monetary policy could speed up recovery efforts.

💡Draft Revision of Law No. 23 of 1999

This is a proposed legislative change that could alter the structure and independence of Bank Indonesia. The video highlights ongoing debates about whether the government should have more say in monetary policy, specifically through participation in Bank Indonesia’s decision-making processes. This draft law has sparked concerns about the potential loss of central bank independence.

Highlights

Introduction of Luna and the channel Ngomongin Uang, focusing on the role of central banks in national economies.

Explanation that central banks, including Bank Indonesia, are independent from the government, ensuring that their monetary policies are free from political interference.

Comparison between the roles of central banks and commercial banks, highlighting that central banks focus on economic stability, while commercial banks are profit-driven businesses.

Discussion of the primary role of Bank Indonesia as maintaining economic stability through monetary policies, particularly by managing inflation and the Rupiah's exchange rate.

Clarification of monetary policy tools, such as adjusting interest rates to either stimulate economic activity or control inflation.

Illustration of how central banks can lower interest rates during economic downturns to encourage borrowing and investment, leading to economic growth.

Explanation of the consequences of high inflation, where central banks may increase interest rates to encourage saving and reduce excessive spending.

Detailed analysis of the importance of central bank independence, emphasizing that it allows monetary policies to focus solely on market conditions rather than political agendas.

Historical reference to Indonesia before 1999, when Bank Indonesia was not independent, leading to monetary policy issues like high inflation during the 1997-98 financial crisis.

Overview of recent discussions about revising the law governing Bank Indonesia, including proposals for more government involvement in monetary policy decision-making.

Presentation of arguments supporting the proposed revision, claiming it could help Indonesia recover more quickly from the economic impacts of the COVID-19 pandemic.

Counterarguments from critics who oppose the revisions, warning that government involvement could undermine Bank Indonesia's independence and lead to economic instability.

Description of how central banks in other democratic nations like the U.S., U.K., and Germany operate independently to safeguard their economies from political influence.

Introduction of the debate over whether Bank Indonesia should remain independent or allow some government influence in monetary policy decisions.

Engagement with viewers, encouraging them to share their thoughts on whether Bank Indonesia should remain independent or include government voices in decision-making processes.

Transcripts

Halo semua, ketemu lagi sama aku Luna, selamat datang di channel Ngomongin Uang

Di video kali ini, aku mau bahas tentang peran bank sentral dalam perekonomian sebuah negara

Video ini sekaligus menjawab beberapa pertanyaan Sobat Ngomu

tentang status dan peran Bank Indonesia sebagai bank sentral

Di sisi lain, belakangan juga lagi heboh tentang draft revisi undang-undang

yang berpotensi mempengaruhi struktur posisi bank Indonesia

Tapi sebelum bahas tentang itu, kamu harus tau dulu

kalo bank sentral sebuah negara itu umumnya nggak di bawah kekuasaan pemerintah

termasuk presiden dan para menterinya sebagai pihak pelaksana kebijakan negara

Yang artinya, setiap keputusan bank sentral dalam nentuin kebijakan moneter itu

berdiri secara independen dan bebas dari campur tangan pemerintah maupun pihak-pihak lainnya

sebagaimana diatur sama Undang-Undang No. 23 tahun 1999 tentang Bank Indonesia

Konsep ini nggak cuma berlaku di Indonesia doang, tapi juga di banyak negara lain di dunia

Buat kamu yang suka main Twitter, mungkin kamu pernah ngeliat tweetnya presiden AS, Donald Trump

yang lumayan sering mengkritik kebijakan bank sentral Amerika

atau yang lebih sering dikenal dengan sebutan The Fed

Nah lho, padahal Trump itu presiden Amerika

tapi kok kayaknya presiden Amerika nggak punya kekuasaan buat mendikte bank sentral Amerika?

Jadi gini, di negara yang demokratis, presiden itu berperan sebagai pelaksana

atau eksekutif dalam ngejalanin pemerintahan, bareng sama para menterinya

Dalam konteks pengelolaan negara, khususnya di bidang ekonomi

presiden dan para menteri sebagai pihak eksekutif cuma bisa ngelakuin kebijakan fiskal

Kebijakan fiskal adalah semua bentuk kebijakan

yang berhubungan sama penerimaan dan pengeluaran anggaran belanja negara

Misalnya, penyelenggaraan proyek pemerintah, kelonggaran pajak, dll

Tapi, pemerintah itu nggak bisa mengintervensi kebijakan moneter

yang ditetapin sama Bank Indonesia selaku bank sentral di Indonesia

Kenapa bisa gitu? Karena, posisi Bank Indonesia sebagai bank sentral itu

bukan bagian dari lembaga eksekutif negara kayak presiden maupun para menteri

Bukan juga bagian dari legislatif kayak DPR dan MPR

dan bukan bagian dari yudikatif kayak MK dan MA

Bank Indonesia adalah lembaga negara yang independen

yang berdiri secara mandiri dari lembaga negara yang lain

Contoh lain lembaga negara yang independen itu kayak KPK

Dewan Pers, Komnas HAM, dan Pengawas Pemilihan Umum

Sekarang, mungkin kamu penasaran, peran Bank Indonesia sebagai bank sentral itu apa aja?

Kalo peran KPK udah jelas buat memberantas korupsi

terus kebijakan moneter dari bank sentral maksudnya apa? Aku coba jelasin satu-satu ya

Pertama, kamu harus tau dulu kalau Bank Indonesia sebagai bank sentral itu

punya peran dan fungsi yang beda banget sama bank-bank umum yang kita kenal

Bank umum kayak BCA, BRI, dan Mandiri itu adalah perusahaan

yang nyari keuntungan dengan ngejual jasa layanan keuangan ke masyarakat dan institusi

Bank umum itu sama kayak bisnis pada umumnya yang ngejalanin aktivitasnya buat dapetin keuntungan

Mereka ngejual layanan simpanan sampai transfer

Di sisi lain, mereka juga ngejual layanan kredit

mulai dari kredit usaha sampai kredit cicilan rumah

Oh iya, sebagian dari bank umum ini juga nerbitin saham yang bisa dibeli sama masyarakat

Sementara, Bank Indonesia sebagai bank sentral itu

bukan perusahaan yang berbisnis dan nyari untung

Bank Indonesia itu nggak punya nasabah dan nggak ngasih layanan jasa keuangan buat masyarakat

Lho, terus Bank Indonesia sebagai bank sentral itu kerjanya ngapain?

Sederhananya, Bank Indonesia sebagai bank sentral itu

berfungsi buat menjaga stabilitas ekonomi negara melalui kebijakan moneter

Stabilitas ekonomi yang dimaksud misalnya jaga inflasi di angka yang wajar

dan jaga kestabilan nilai tukar Rupiah

Misalnya, kalo kondisi ekonomi secara umum itu lagi melambat

perdagangan sepi, pengangguran naik, tingkat inflasi menurun bahkan sampai deflasi

pertumbuhan ekonomi menurun bahkan sampai negatif

bank sentral bakal cenderung nurunin tingkat suku bunga, sebagai bentuk kebijakan moneter

Kenapa gitu? Kalo aktivitas ekonomi melambat

artinya, banyak uang yang numpuk di bank dan berbagai instrumen investasi

Banyak pengusaha yang nggak berani berbisnis

dan lebih milih buat ngendapin uangnya di instrumen investasi

Dalam situasi itu, suku bunga bank perlu diturunin

supaya hasil keuntungan investasi berbasis suku bunga jadi nggak menarik lagi

Hal itu bisa mendorong orang-orang buat nyairin investasinya

dan memutar uangnya dalam perdagangan, entah dipake buat konsumsi atau buat buka usaha

Turunnya suku bunga juga bikin para pengusaha jadi lebih berani minjem uang ke bank

buat buka bisnis atau ekspansi usaha karena bunga pinjaman bank jadi kecil

Penurunan suku bunga ini diharapkan bisa meramaikan aktivitas ekonomi

dan mendorong pertumbuhan ekonomi

Ini kebijakan yang diambil bank sentral beberapa bulan terakhir

nurunin tingkat suku bunga buat bikin ekonomi jadi bergairah lagi

Begitu juga sebaliknya, kalo aktivitas dan produktivitas ekonomi berjalan cepet banget

nyebabin kenaikan harga yang terlalu tinggi dan berujung pada tingkat inflasi yang gak terkendali

bank sentral bakal cenderung naikin suku bunga

Tujuannya, buat mendorong masyarakat untuk berinvestasi karena suku bunga lagi tinggi

Kapan lagi bunga deposito setinggi ini?

Dengan begitu, aktivitas ekonomi bisa seimbang lagi

Kenaikan harga atau tingkat inflasi bisa diredam supaya nggak terlalu tinggi

Itu adalah gambaran sederhana dari kebijakan moneter bank sentral

Kira-kira kebayang ya

Kebijakan moneter ini implikasinya luas banget

dan harus dijalanin dengan sangat hati-hati berdasarkan riset ekonomi yang cermat

karena kalau salah dikit aja, hal itu bisa bikin efek berantai

yang bisa berdampak ke pertumbuhan ekonomi sampai tingkat inflasi yang nggak terkendali

Oh iya, kami udah pernah ngebahas tentang inflasi dan deflasi di dua video ini

Buat kamu yang belum paham bisa tonton dua video itu

Link-nya aku simpan di deskripsi

Nah, karena implikasi yang sangat besar

dan berpengaruh pada banyak aspek kehidupan masyarakat

bank sentral umumnya ditempatin sebagai lembaga independen

sama kayak KPK, Dewan Pers, dan lain-lain

Tujuannya apa dibikin independen?

Tujuannya, supaya bank sentral bisa bebas dari tekanan politik

dan nggak bikin keputusan berdasarkan pengaruh dari dunia politik pemerintahan

dan cuma fokus ngejalanin tugasnya buat menjaga stabilitas ekonomi

berdasarkan kondisi pasar dan hasil riset ekonomi

Emang, kalo pemerintah ikut campur dalam kebijakan moneter, dampaknya apa?

Sebetulnya, dampak baik atau buruknya sangat situasional

tapi aku coba bahas dari kejadian yang udah pernah kejadian

Dulu, sebelum ada Undang-Undang tentang independensi bank sentral di tahun 1999

Bank Indonesia itu nggak independen kayak sekarang

Di masa Orde Baru, ketika ada defisit anggaran APBN

pemerintah bisa mempengaruhi kebijakan bank sentral

buat beli obligasi yang dikeluarin sama pemerintah

untuk menambal defisit anggaran tersebut

Artinya apa? Ketika APBN defisit, defisitnya bisa ditambal terus sama bank sentral

Pembiayaan defisit kayak gitu bakal terus nambah jumlah uang yang beredar

dan akhirnya nyebabin inflasi yang tinggi dan merosotnya nilai tukar Rupiah

Hal ini juga yang jadi salah satu penyebab terjadinya krisis tahun 97 sampai 98

Contoh lainnya, misalnya pemerintah punya tujuan buat mendorong pertumbuhan ekonomi dengan cepat

Hal itu bisa dilakuin dengan nurunin suku bunga dan nambah jumlah uang beredar

Tapi tentu ada konsekuensinya, yaitu inflasi yang tinggi

yang ditandai sama kenaikan harga barang dan jasa yang terlalu cepat

jadi walaupun pemerintah punya kepentingan buat mendorong percepatan ekonomi

di sisi lain, bank sentral juga punya target inflasi yang nggak boleh kebablasan

supaya ekonomi negara tetep stabil dan nggak kolaps kayak yang pernah terjadi saat krismon 98

Coba bayangin, kalo bank sentral nggak independen, bank sentral bakal sulit banget

buat mencapai target inflasi dan menjaga kestabilan moneter

Dari situ kita bisa lihat

kenapa bank sentral di negara-negara maju kayak Amerika, Inggris, Jerman, Jepang, dll

berdiri secara independen di luar peran eksekutif pemerintah

Nah, belakangan ini lagi rame pemberitaan

tentang penyusunan draf revisi Undang-Undang No. 23 Tahun 1999

tentang Bank Indonesia oleh badan legislasi DPR

Salah satu rencananya adalah keikutsertaan pemerintah

dalam rapat dewan gubernur BI setiap bulan

di mana pemerintah bakal punya hak suara dalam penetapan kebijakan moneter

Ada juga usulan pembentukan Dewan Moneter

yang terdiri dari Menteri Keuangan sebagai ketua, Menteri Bidang Perekonomian,

Gubernur Bank Indonesia, Deputi Senior Bank Indonesia, serta Dewan Komisaris OJK

Sampai video ini dibikin, ini masih sebatas draf revisi yang bakal diajuin

jadi belum pasti bakal kejadian

Tapi kalo jadi disahkan, artinya

Bank Indonesia sebagai bank sentral statusnya

nggak akan sepenuhnya independen lagi kayak sekarang

Banyak perdebatan pro dan kontra terkait draf revisi Undang-Undang No. 23 ini

Ada banyak pihak yang mendukung, tapi ada juga pihak yang menolak

Ada pendapat yang bilang kalo kebijakan ini diperluin

supaya proses pemulihan ekonomi akibat pandemi COVID-19 bisa ditangani dengan cepat

dengan kebijakan yang tepat sasaran

Di sisi lain, banyak juga yang nggak setuju sama draf revisi undang-undang ini

karena independensi dari Bank Indonesia harus tetep dijaga

supaya terbebas dari dunia politik pemerintahan

Kalo Sobat Ngomu sendiri gimana?

Menurut kamu, sebaiknya Bank Indonesia tetep jadi lembaga negara yang independen

dan nggak dipengaruhi pemerintahan

atau justru sebaiknya pemerintah bisa ikut punya suara buat nentuin kebijakan moneter?

Yuk kita diskusi di kolom komentar. Kasih tau alasan dan sudut pandang kamu ya!

Oke deh segitu aja yang mau aku sampein, semoga bermanfaat buat kamu

Sampai ketemu lagi di video selanjutnya

Tetep di channel Ngomongin Uang, karena ngomongin uang, nggak ada abisnya!