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Bank Indonesia has received the Best Systemic and Prudential Regulator in Asia Pacific Award 2021 from the Asian Banker. The award was presented to Bank Indonesia in recognition of successful accommodative macroprudential policy implementation to maintain financial system stability and mitigate the impact of economic moderation triggered by the Covid-19 pandemic. Bank Indonesia accepted the honour at the virtual Asian Banker Leadership Achievement Awards 2021 ceremony on Thursday, 29th July 2021. This is the second award from The Asian Banker received by Bank Indonesia under the leadership of Governor Perry Warjiyo after recognition as Best Macroeconomic Regulator in Asia Pacific 2020.
The Asian Banker recognises four salient achievements by Bank Indonesia in terms of maintaining financial system stability. First, BI's ability to implement a policy mix incorporating an optimal and accommodative macroprudential policy response, primarily to the Covid-19 pandemic. Second, Bank Indonesia reduced its policy rate (BI7DDR) by 125 basis points in 2020 and injected liquidity into the banking industry through quantitative easing totalling Rp740.7 trillion, or 4.8% of GDP. Macroprudential policy was oriented towards maintaining bank liquidity and, thus, supporting economic recovery, specifically financing exports-imports, MSMEs and priority sectors. Third, BI's macroprudential policy is considered a resounding success in terms of managing procyclicality to bolster financial system stability, supported by a solid banking sector. Fourth, The Asian Banker recognises BI's active contribution to the national economic recovery program through rapid, sizeable, innovative and unambiguous policy measures in line with good governance principles, primarily by providing liquidity through a burden sharing mechanism with the Government.
Accepting the award, Bank Indonesia Governor, Perry Warjiyo, acknowledged international recognition for Bank Indonesia's diligence in conjunction with the Government and other relevant authorities to navigate Indonesia's economy through extraordinary and unprecedented pandemic conditions. Bank Indonesia implemented three critical aspects of policy formulation and execution, macroprudential policy in particular, to safeguard financial system stability and support economic recovery. First, implementing macroprudential policy as an integral part of the policy mix together with monetary and payment system policies. Second, adopting an accommodative macroprudential policy stance and third, coordinating and synergising macroprudential policy with the Government and other relevant authorities under the auspices of the Financial System Stability Committee. Moving forward, Bank Indonesia's macroprudential policy focus will be oriented towards accelerating financial intermediation to support the business community and economic recovery.
Jakarta, 29th July 2021Head of Communication DepartmentErwin HaryonoExecutive DirectorInformation about Bank Indonesia
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