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Bank Indonesia projects national economic growth in Indonesia in 2022 in the 4.7-5.5% range, up from 3.2-4.0% in 2021, driven by ongoing global economic improvements that are driving solid export performance, coupled with growing domestic demand in terms of consumption and investment. This is supported by a faster vaccination rollout, reopening of economic sectors and policy stimuli. “Close policy synergy and economic performance in 2021 represent capital to rise and be optimistic concerning a stronger national economic recovery in 2022. Strengthening synergy and innovation aims to create herd immunity from the Covid-19 pandemic and reopening priority economic sectors will expedite economic recovery in the near term through policies to increase demand as well as bolster a higher growth trajectory in the medium term through structural reform policy," stated Bank Indonesia Governor, Perry Warjiyo, at the hybrid Bank Indonesia Annual Meeting 2021 event held today (24/11). The President of the Republic of Indonesia, Joko Widodo, took the opportunity to express appreciation for the intense synergy and clear communication between authorities, including Bank Indonesia, the Indonesia Financial Services Authority (OJK), Indonesia Deposit Insurance Corporation (LPS) and Government, mainly Ministry of Finance, which has been key to containing the economic impact of the highly contagious Delta variant of coronavirus in 2021. Moving forward, the Indonesian President also urged further development of the green economy, while strengthening economic digitalisation, specifically targeting MSMEs.
The BI policy mix response in synergy with national economic policy will continue to safeguard the economy in 2022. Low and under control inflation within the 3.0%±1% target corridor in 2022 will be supported by increasing national production capacity through efficiency and productivity gains to meet higher aggregate demand in the economy. The current account deficit will remain low and manageable in the 1.1-1.9% range in 2022. Financial system stability will be maintained, coupled with a high Capital Adequacy Ratio (CAR) and loose liquidity conditions. Deposit and credit growth are projected at 7.0-9.0% and 6.0-8.0% respectively in 2022. The digital economy and finance will also expand quickly. In 2022, the value of e-commerce transactions is projected to reach Rp530 trillion, with electronic money predicted at Rp337 trillion and digital banking expected to exceed Rp48,000 trillion.
The BI policy mix in 2022 will remain synergised as part of the national economic policy direction to accelerate recovery while maintaining economic stability. The policy mix comprises five salient policy instruments as follows:
In line with the risk of increasing global financial market instability pressures from monetary policy normalisation (tapering) by the Fed and in several other advanced economies, BI monetary policy in 2022 will be oriented towards maintaining stability (pro-stability), in terms of the inflation target and rupiah stability, as well as macroeconomic and financial system stability. Monetary policy normalisation will be performed in a measured and prudent way to avoid disrupting the national economic recovery process.
Meanwhile, the remaining four policy instruments in 2022 will remain oriented towards the joint efforts to accelerate national economic recovery (pro-growth) as follows:
Accommodative macroprudential policy will be maintained and expanded to revive bank lending to priority sectors and MSMEs, thereby accelerating the national economic recovery while maintaining financial system stability and pursuing development of the green economy and finance.
Programs to develop an inclusive economy and finance for MSMEs as well as the sharia economy and finance will be expanded through digitalisation and by expanding domestic and export market access.
Bank Indonesia also took the opportunity to present the Bank Indonesia Awards in 2021 to 57 individual/group stakeholders as appreciation for their support of task implementation at BI (Appendix). The awards also reflect synergy between Bank Indonesia and its stakeholders in conjunction with the Government, OJK and IDIC to accelerate the national economic recovery. The Bank Indonesia Annual Meeting is a regular event held to present Bank Indonesia's perspective on the latest economic conditions, challenges and outlook moving forward as well as policy direction as a form of public accountability and to receive direction from the Indonesian President. The Bank Indonesia Annual Meeting in 2021 was attended by the Indonesian President, Joko Widodo, leaders of MPR, DPR and Commission XI, leaders of state institutions, including the Audit Board of the Republic of Indonesia and Onward Indonesia Cabinet, provincial governors, leaders of the banking industry and nonbank corporations, academics, economists, mass media and representatives of several international organisations. Members of the public could also live stream the Bank Indonesia Annual Meeting through Bank Indonesia social media channels and Bank Indonesia Representative Offices throughout Indonesia.
The speech of the Governor of Bank Indonesia is available in full via the following
Jakarta, 24th November 2021
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Bank Indonesia Award 2021
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Jam operasional Senin s.d. Jumat Pkl. 08.00 s.d 16.00 WIB
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