No. 23/117/DKom
The 24th
ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting underscored the
importance of increasing regional financial cooperation to strengthen economic
and financial resilience in the face of Covid-19 and prepare for the
post-pandemic era. That was the shared
view of finance ministers and central bank governors at the virtual meeting
held on 3rd May 2021.
“Bank Indonesia has
instituted the various policies required to stimulate economic recovery,
including by lowering the policy rate to its lowest historical level of 3.5%,
injecting liquidity into the markets through quantitative easing, and
stabilising exchange rates in line with the rupiah's fundamental value and
market mechanisms,” stated Bank Indonesia Governor, Perry Warjiyo, who attended
the virtual meeting with Finance Minister Sri Mulyani Indrawati. Furthermore, Bank Indonesia has maintained an
accommodative macroprudential policy stance and accelerated digitalisation of
the economy and finance to support the domestic economic recovery.
The meeting welcomed
commitments to strengthen financial cooperation based on the amendment to the
Chiang Mai Initiative Multilateralization (CMIM)[1], effective from 31st
March 2021. The amendment includes
the increase
of the IMF De-Linked Portion (IDLP)[2] from 30% to 40% and
greater flexibility by institutionalising local currency contributions in the CMIM
on a voluntary and demand-driven basis for both requesting and providing
countries. In addition, member countries
also welcomed the signing of the Regional Comprehensive Economic Partnership
(RCEP) agreement as a milestone and strong impetus to regional trade and
investment, looking forward to its earliest entry into force to further
contribute to regional economic integration.
ASEAN+3 Macroeconomic
Research Office (AMRO), Asian Development Bank (ADB) and International Monetary
Fund (IMF), as ASEAN+3 partners, were also present at the meeting. Their presence intended to provide view of
the latest economic and financial conditions, regionally and globally, as well
as offer policy recommendations to overcome the impact of the Covid-19
pandemic.
Head of Communication Department
Erwin HaryonoExecutive Director
Information about Bank Indonesia
Tel. 021-131, Email: bicara@bi.go.id
[1] CMIM
is a form of financial cooperation amongst ASEAN+3 members as a multilateral
currency swap arrangement to provide liquidity support for members experiencing
a short-term liquidity mismatch or balance of payments difficulties. CMIM was
established in 2010 with commitments totalling USD240 billion.
[2] CMIM
IMF De-Linked Portion are CMIM facilities granted to member countries that are
not linked to IMF programs.
