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Ada Pertanyaan? Hubungi Kami Fitri Novia Heriani, Yanuar Pribadhie
Due to current global economic turmoil and the weakness of the Rupiah, Bank Indonesia (BI) made a number of adjustments to its benchmark interest rate (BI Rate) in 2013. The most recent BI Rate was set at 7.5 percent in November last year, a 50 basis point hike over the directly preceding August.
Bayu Krisnamurthi, Deputy Minister of Trade, says that the current BI Rate will bring challenges and difficulties for the provision of credit by domestic banks. There will also be a similar impact on domestic businesses that wish to increase their bargaining power moving towards the implementation of the ASEAN Economic Community (AEC) in 2015 at which time competition between businesses in South East Asia will intensify.
Bayu notes that the current BI Rate remains considerably higher than other ASEAN countries’, even though in previous it has been even higher.
“This will create challenges for our businesses in how to compete with those other countries’ businesses which have a lower rate in their countries,” said Bayu during a seminar in Jakarta last Wednesday.
To deal with this issue, Bayu explained that the Government is planning to take necessary actions. As part of its response, the Government will issue a set of policies that will improve the competiveness of domestic businesses.
Bayu, however, asserts that the Government will not interfere with the determination of the BI Rate, as this falls under the authority of BI as the central bank and the supervisory institution for monetary issues.
Bayu also flagged another problem in welcoming AEC in 2015, Indonesia’s payment system. Bayu emphasizes that only 30 million out of the 150 million people of productive age in Indonesia are connected to the banking system. This number needs to be increased.
“Compared with the other countries, that number is significantly lower,” said Bayu.
In response to the payment system issue, BI has pledged to increase efficiency in industrial management systems. Rosmaya Hadi, Executive Director of the Payment System Policy and Oversight Department at BI, says that BI will improve payment system architecture such as development of the National Payment Gateway, as well as accelerating e-money processes in the transportation sector.
“This year, BI will issue regulations on e-money and foreign currency trade,” said Rosmaya.
(hot/kc)
Due to current global economic turmoil and the weakness of the Rupiah, Bank Indonesia (BI) made a number of adjustments to its benchmark interest rate (BI Rate) in 2013. The most recent BI Rate was set at 7.5 percent in November last year, a 50 basis point hike over the directly preceding August.
Bayu Krisnamurthi, Deputy Minister of Trade, says that the current BI Rate will bring challenges and difficulties for the provision of credit by domestic banks. There will also be a similar impact on domestic businesses that wish to increase their bargaining power moving towards the implementation of the ASEAN Economic Community (AEC) in 2015 at which time competition between businesses in South East Asia will intensify.
Bayu notes that the current BI Rate remains considerably higher than other ASEAN countries’, even though in previous it has been even higher.
“This will create challenges for our businesses in how to compete with those other countries’ businesses which have a lower rate in their countries,” said Bayu during a seminar in Jakarta last Wednesday.
To deal with this issue, Bayu explained that the Government is planning to take necessary actions. As part of its response, the Government will issue a set of policies that will improve the competiveness of domestic businesses.
Bayu, however, asserts that the Government will not interfere with the determination of the BI Rate, as this falls under the authority of BI as the central bank and the supervisory institution for monetary issues.
Bayu also flagged another problem in welcoming AEC in 2015, Indonesia’s payment system. Bayu emphasizes that only 30 million out of the 150 million people of productive age in Indonesia are connected to the banking system. This number needs to be increased.
“Compared with the other countries, that number is significantly lower,” said Bayu.
In response to the payment system issue, BI has pledged to increase efficiency in industrial management systems. Rosmaya Hadi, Executive Director of the Payment System Policy and Oversight Department at BI, says that BI will improve payment system architecture such as development of the National Payment Gateway, as well as accelerating e-money processes in the transportation sector.
“This year, BI will issue regulations on e-money and foreign currency trade,” said Rosmaya.
(hot/kc)
Fitri Novia Heriani, Yanuar Pribadhie
Due to current global economic turmoil and the weakness of the Rupiah, Bank Indonesia (BI) made a number of adjustments to its benchmark interest rate (BI Rate) in 2013. The most recent BI Rate was set at 7.5 percent in November last year, a 50 basis point hike over the directly preceding August.
Bayu Krisnamurthi, Deputy Minister of Trade, says that the current BI Rate will bring challenges and difficulties for the provision of credit by domestic banks. There will also be a similar impact on domestic businesses that wish to increase their bargaining power moving towards the implementation of the ASEAN Economic Community (AEC) in 2015 at which time competition between businesses in South East Asia will intensify.
Bayu notes that the current BI Rate remains considerably higher than other ASEAN countries’, even though in previous it has been even higher.
“This will create challenges for our businesses in how to compete with those other countries’ businesses which have a lower rate in their countries,” said Bayu during a seminar in Jakarta last Wednesday.
To deal with this issue, Bayu explained that the Government is planning to take necessary actions. As part of its response, the Government will issue a set of policies that will improve the competiveness of domestic businesses.
Bayu, however, asserts that the Government will not interfere with the determination of the BI Rate, as this falls under the authority of BI as the central bank and the supervisory institution for monetary issues.
Bayu also flagged another problem in welcoming AEC in 2015, Indonesia’s payment system. Bayu emphasizes that only 30 million out of the 150 million people of productive age in Indonesia are connected to the banking system. This number needs to be increased.
“Compared with the other countries, that number is significantly lower,” said Bayu.
In response to the payment system issue, BI has pledged to increase efficiency in industrial management systems. Rosmaya Hadi, Executive Director of the Payment System Policy and Oversight Department at BI, says that BI will improve payment system architecture such as development of the National Payment Gateway, as well as accelerating e-money processes in the transportation sector.
“This year, BI will issue regulations on e-money and foreign currency trade,” said Rosmaya.
(hot/kc)
Due to current global economic turmoil and the weakness of the Rupiah, Bank Indonesia (BI) made a number of adjustments to its benchmark interest rate (BI Rate) in 2013. The most recent BI Rate was set at 7.5 percent in November last year, a 50 basis point hike over the directly preceding August.
Bayu Krisnamurthi, Deputy Minister of Trade, says that the current BI Rate will bring challenges and difficulties for the provision of credit by domestic banks. There will also be a similar impact on domestic businesses that wish to increase their bargaining power moving towards the implementation of the ASEAN Economic Community (AEC) in 2015 at which time competition between businesses in South East Asia will intensify.
Bayu notes that the current BI Rate remains considerably higher than other ASEAN countries’, even though in previous it has been even higher.
“This will create challenges for our businesses in how to compete with those other countries’ businesses which have a lower rate in their countries,” said Bayu during a seminar in Jakarta last Wednesday.
To deal with this issue, Bayu explained that the Government is planning to take necessary actions. As part of its response, the Government will issue a set of policies that will improve the competiveness of domestic businesses.
Bayu, however, asserts that the Government will not interfere with the determination of the BI Rate, as this falls under the authority of BI as the central bank and the supervisory institution for monetary issues.
Bayu also flagged another problem in welcoming AEC in 2015, Indonesia’s payment system. Bayu emphasizes that only 30 million out of the 150 million people of productive age in Indonesia are connected to the banking system. This number needs to be increased.
“Compared with the other countries, that number is significantly lower,” said Bayu.
In response to the payment system issue, BI has pledged to increase efficiency in industrial management systems. Rosmaya Hadi, Executive Director of the Payment System Policy and Oversight Department at BI, says that BI will improve payment system architecture such as development of the National Payment Gateway, as well as accelerating e-money processes in the transportation sector.
“This year, BI will issue regulations on e-money and foreign currency trade,” said Rosmaya.
(hot/kc)