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3/24/2020 1:00 PM
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Development of Measures Taken by BI in Facing COVID-19

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Closely monitoring the economic condition of Indonesia, primarily as a result of COVID-19 spread, Bank Indonesia announces measures taken from humanitarian and economic aspects to address impacts on the public, MSMEs, and businesses. In addition, announcement is also made on periodic development of indicators of Rupiah rate stability. In relation thereto, today (24/3), Bank Indonesia Governor, Perry Warjiyo, announces the following 5 points:

  1. COVID-19 has spread to many parts of the world including developed countries.
    In connection therewith, last night through video conference, BI and the Ministry of Finance attended G20 session, which was attended the Minister of Finance and central bank governor of each country and international agencies, such as IMF, the World Bank, UN, and OECD. The following four aspects were agreed:
    1. Increase prevention and handling of COVID-19 from humanitarian aspect, especially health aspect.
    2. Coordination of monetary, fiscal, and financial policies is jointly conducted on a global level in accordance with the authority of each country.
    3. Roles of international agencies (IMF and the World Bank) to increase funding in order to address USD liquidity tightening globally.
    4. Joint collective action to address the impacts of COVID-19 means a joint, global action from each aspect, namely humanitarian aspect, primarily health, policy coordination, and roles of international agencies.

  2. BI, Ministry of Finance, and the Financial Services Authority (OJK) consistently and closely coordinate from monetary stability, financial system stability, and fiscal aspects to boost economy and reduce public burden in addressing the impacts of COVID-19.
    Macroeconomic assessment is being discussed at length between BI and the Ministry of Finance, which will be timely announced in relation to the change of macro assumptions and budget implications.
     
  3. Together with the Government and OJK, BI continuously take measures to strengthen stable foreign currency market and financial market in financing extension from banks.
    BI has taken policy measures, such as reduction of policy interest rate, stabilization of rupiah exchange rate, injection of rupiah and foreign currency liquidity in an enormous amount, facilitation of money market and foreign currency market operations within and outside the country, relief of provisions for foreign investors in relation to hedging and net open position, macroprudential ease to make funding available for exporters, importers, and MSMEs. Further, in the Payment System, BI guarantees availability of hygienic money fit for circulation and promotes cashless payments including through the validity extension of MDR 0% for QRIS from May until September 2020, which is jointly agreed by ASPI and PJSP.
     
  4. Update of Latest Indicators
    1. Based on Price Monitoring Survey in the third week of March 2020 by calendar year of 0.78% (ytd) and yearly of 2.98% (yoy).
    2. Exchange rate is moving in a quite stable manner. For stabilization of rupiah exchange rate, BI has adopted triple intervention policy, where purchase of sovereign securities in the secondary market reaches Rp168.2 Trillion (ytd).
    3. Foreign capital flow. In total, foreign capital outflow reaches Rp125.2 Trillion (ytd).
    4. Liquidity condition. BI has injected liquidity of almost Rp300 trillion (ytd).

    BI will consistently coordinate in taking the measures with the Financial System Stability Committee (KSSK). Bank Indonesia also continuously strengthens coordination with the Government and OJK to closely monitor the dynamic COVID-19 spread and its impacts on Indonesia’s economy from time to time, and further policy coordination measures necessary to be taken to maintain macroeconomic and financial system stability, and to support favorable and enduring Indonesia’s economic growth.

  5. Adjustment to Operational Hours
    To support measures to mitigate the spread of COVID-19 taken by the Government, Bank Indonesia and the relevant authority and industries are committed to maintaining smooth payment system and financial transaction services to support different economic activities. Observing humanitarian and public health aspects in mitigation of COVID-19 spread and considering coordination result between OJK, banking industry, and payment system service providers, BI has determined adjustment to the schedule of operational activities and public service from 30 March until 29 May 2020.

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​Contact Center BICARA : 1500-131 e-mail : bicara@bi.go.id
Working hours: Monday to Friday, 08.00-16.00 West Indonesia Time
Halaman ini terakhir diperbarui 9/21/2020 8:57 PM
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