BI Pertahankan Suku Bunga 3,5% dan Perkuat Digitalisasi Pembayaran

Summary

Bank Indonesia is taking strategic measures to stabilize the economy and support its recovery amidst global financial uncertainty. By maintaining interest rates at 3.5% and focusing on digital payment systems and financial inclusion, the central bank aims to control inflation, stabilize the Rupiah, and improve economic conditions. Despite challenges, Indonesia is seeing signs of recovery, reflected in improving consumer expectations and business activity. The cooperation between Bank Indonesia and the government is crucial to reduce credit costs and stimulate key sectors to drive economic growth.

Takeaways

• 😀 Bank Indonesia has decided to keep the interest rates unchanged at 3.5% in May 2021 to address global financial uncertainty.
• 😀 The interest rates for credit and banking have not yet decreased significantly, despite a reduction in base interest rates by 174 basis points in March 2021.
• 😀 Bank Indonesia's decision is in line with low inflation expectations and the goal to stabilize the Indonesian Rupiah exchange rate while supporting economic recovery.
• 😀 Global economic recovery is progressing, especially in the United States and China, although global financial market uncertainties persist.
• 😀 Domestic economic growth improved in Q2 2021, as seen in indicators like consumer expectations, retail sales, and the manufacturing PMI.
• 😀 Bank Indonesia is continuing to optimize monetary and macroprudential policy to strengthen national economic recovery efforts.
• 😀 Digital payment systems are being further developed in Indonesia, with significant growth in electronic transactions and digital banking.
• 😀 Bank Indonesia aims to enhance financial inclusion by accelerating the expansion of digital systems and supporting non-cash transactions.
• 😀 The maximum interest rate for credit cards has been reduced from 2% to 1.75% per month starting in July 2021, to support the transmission of monetary policy.
• 😀 Bank Indonesia is promoting the National Movement for Proudly Made in Indonesia products and expanding the use of digital financial systems in government transactions and social aid disbursements.
• 😀 A collaborative approach is being taken with the government and financial authorities to strengthen policies that reduce credit rates and boost financing for priority sectors in the national economy.

Q & A

What decision did Bank Indonesia make regarding interest rates in May 2021?

Bank Indonesia decided to maintain the 7-day reverse repo rate at 3.5%, keeping the deposit facility rate at 2.75% and the lending facility rate at 4.25%.

Why did Bank Indonesia decide to keep interest rates unchanged?

The decision was made to maintain low inflation, stabilize the Rupiah, and support ongoing efforts to accelerate economic recovery amid global uncertainties.

What global economic factors did Bank Indonesia consider in its decision?

Bank Indonesia noted that there were signs of economic improvement in the United States and China, but global financial market uncertainties persisted.

How did domestic economic indicators perform in Q2 of 2021?

Domestic economic indicators showed positive trends, with improved consumer expectations, retail sales, and manufacturing PMI, reflecting stronger economic growth.

What measures is Bank Indonesia taking to support the national economy?

Bank Indonesia is optimizing monetary and macroprudential policy mixes, accelerating digital payment system adoption, and expanding financial inclusion.

What change in credit card interest rates is being introduced in July 2021?

Starting in July 2021, the maximum credit card interest rate will be reduced from 2% to 1.75% per month.

How has the banking sector's base lending rate changed in recent months?

The banking sector's base lending rate has decreased by 174 basis points annually, reaching 8.9% as of March 2021.

What discrepancy exists in the changes to new loan interest rates across different banks?

While there has been a significant decrease in the interest rates of foreign banks (158 basis points), the rate reductions in local banks, such as regional development banks and state-owned banks, have been much smaller (34 to 55 basis points).

How is Bank Indonesia supporting the digitalization of payments in Indonesia?

Bank Indonesia is accelerating digital payment systems by expanding e-money usage, digital banking, and financial literacy efforts to enhance financial inclusion.

What were the transaction figures for electronic money in April 2021?

In April 2021, the transaction value for electronic money reached 22.8 trillion IDR, marking a 34.17% year-on-year increase.