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President Joko Widodo when announcing govt's economic policy package phase I. Photo by: RES
President Joko Widodo (“Jokowi”) has just launched Government Policy Package Phase I in a bid to improve the ailing national economy. On the official website of the Indonesian Cabinet Secretary, Jokowi states that this phase I package consists of three crucial steps.
The first step is to encourage industrial competitiveness at a national level through a process of deregulation and debureaucratization, as well as adequate law enforcement. The second phase involves speeding up the implementation of strategic national projects by eliminating the various obstacles and blockages currently standing in their way. And the third step is to increase investment in the property sector.
In order to support the Government's new policy package, Bank Indonesia (“BI”) has also just produced a policy package of its own. BI Governor, Agus DW Martowardojo, announced at Merdeka Palace on 9 September 2015 that the bank’s new policies have been fully coordinated with central government and the relevant related authorities, in particular the Finance Ministry.
Mr. Martowardojo went on to state that BI’s new policy package aimed to deal with five issues. The first aim is to get inflation under control and to thus stimulate the economy through a strengthening of coordination between the central and regional Inflation Control Teams (“TPI”). The aim is to also strengthen the regional economic outlook, as well as financial cooperation between BI, the Central Government and local governments.
The second issue in BI’s sites is to stabilize the IDR exchange rate by boosting foreign-exchange-market confidence. The bank is also seeking to boost market confidence in state-market securities (“SBN”) through purchases in the secondary market and taking into account its impact on the availability of state securities, as regards inflows and liquidity in the money markets.
The third aim is to strengthen IDR liquidity management by changing the mechanism of reverse repo auctions of state securities from variable-rate tender to fixed-rate tender, and to extend the tenor by issuing a three-month SBN reverse repo. The plan is to then reissue the BI certificate with nine and 12 month tenors through a fixed-rate tender auction mechanism and adjust the pricing.
The fourth measure that BI is looking to implement is to strengthen the management of foreign-exchange supply and demand by adjusting the frequency of foreign-exchange-swap auctions from twice a week to once a week. In addition, a change to the foreign currency term deposit auction mechanism from variable-rate tender into fixed-rate tender will also be undertaken.
Also, the bank is hoping to lower the foreign-exchange purchasing limit with proof of underlying documents, from the current limit of USD 100,000 to USD 25,000 per month per customer, and by also requiring Taxation Identification Numbers (“NPWP”). The bank is also hoping to accelerate the approval process for foreign-bank debt, as regards the principle of prudence.
The final step that BI has on its agenda is to take steps in financial markets, specifically by offering a hedging-swap facility in order to support investment in infrastructure and, at the same time, by strengthening the country’s foreign-exchange reserves. The bank is also looking to improve other provisions concerning financial markets, including components that relate to the development of the market, instruments, actors, and infrastructure.
The Financial Services Authority (OJK) has also just issued a package of policies in a bid to support the first stage of the government's policy. Muliaman D Hadad, Chairman of OJK Board of Commissioners, explained that the OJK has introduced a new policy which will allow foreigners to open a local bank account and deposit up to USD 50,000 in foreign exchange.
Mr. Hadad stated that 10-12 million foreign nationals (“foreigners”) come to Indonesia as tourists annually and that around 2.4 million (20 percent) comes regularly for various reasons, such as business, trade affairs, family and school matters. It has thus been decided then to offer facilities to these foreigners in order to encourage their activities in Indonesia.
"We've established this new policy, which will come into force next week, and it will now be possible to open an account of up to USD 50,000 balance, simply by showing a passport," explained Mr. Hadad.
Implementation of this new OJK policy has been coordinated with various stakeholders, and is expected to boost foreigner visitors to Indonesia. Putative bank customers will still be scrutinized, however the process of opening an account will now be greatly simplified. This new policy will be outlined in a circular letter addressed to foreign-exchange banks across Indonesia.
Policy Package: Phase I
Indonesia’s Economics Minister, Darmin Nasution, has detailed the first stage of the government’s new policy package. Among other aims is strengthening export financing through a national-interest account. The new Regulation of the Ministry of Finance (“PMK”) on Authorizing the Chief of the National-Export-Financing Agency is looking after this side of things.
Deregulation is being looked after by the Ministry of Finance Decree on the Establishment of a Special Assignment Committee for Exports. Members of this committee, explained Mr. Nasution, derive from several ministries/agencies, which will hopefully ensure the implementation of an effective national-interest account.
Other new policies relate to the pricing of gas for specific industries across the country. A policy relating to industrial-estate development is also to be issued by the Ministry of Industry. Moreover, a policy geared towards strengthening the economic function of cooperatives will be conducted through deregulation at the Ministry of Cooperatives and SMEs.
The benefits of this approach lie in a strengthening of cooperative function, said Mr. Nasution, who believes that economic from social functions needs to be separated, and by changing the economic function of cooperatives, they’ll become major partners of small and medium-sized enterprises in the region. Measures range from increasing capital and financial facility for cooperatives in order to boost their respective industry, goods production and the export volume of creative-economy products.
Other policies are aimed at simplifying trade-license procedures, as well as simplifying tourist visas and tourism rules. There’s also an LPG policy for fishermen that introduces converters for making fishing cost more efficient. Stability in regards to food prices is also important aspect, especially beef, which lately had undergone some problems. Protecting the low-income society is also being looked, where rural economies are being accelerated via the disbursement of village funds.
Where this deregulation is concerned, Mr. Nasution announced that a letter will be formulated specifically aimed at village funds. This will be a joint decree (SKB) issued by three ministers: the Minister of Interior Affairs; the Minister of Development of Villages, Underdeveloped Regions and Transmigration; and the Minister of Finance. The decree is set to contain rules aimed at simplifying the processes involved in the disbursal of village funds. And finally, a policy of supplying welfare rice to the poor is also set to be rolled out.
(SP/DS)
Jasmine Abdurrachim
President Joko Widodo when announcing govt's economic policy package phase I. Photo by: RES
President Joko Widodo (“Jokowi”) has just launched Government Policy Package Phase I in a bid to improve the ailing national economy. On the official website of the Indonesian Cabinet Secretary, Jokowi states that this phase I package consists of three crucial steps.
The first step is to encourage industrial competitiveness at a national level through a process of deregulation and debureaucratization, as well as adequate law enforcement. The second phase involves speeding up the implementation of strategic national projects by eliminating the various obstacles and blockages currently standing in their way. And the third step is to increase investment in the property sector.
In order to support the Government's new policy package, Bank Indonesia (“BI”) has also just produced a policy package of its own. BI Governor, Agus DW Martowardojo, announced at Merdeka Palace on 9 September 2015 that the bank’s new policies have been fully coordinated with central government and the relevant related authorities, in particular the Finance Ministry.
Mr. Martowardojo went on to state that BI’s new policy package aimed to deal with five issues. The first aim is to get inflation under control and to thus stimulate the economy through a strengthening of coordination between the central and regional Inflation Control Teams (“TPI”). The aim is to also strengthen the regional economic outlook, as well as financial cooperation between BI, the Central Government and local governments.
The second issue in BI’s sites is to stabilize the IDR exchange rate by boosting foreign-exchange-market confidence. The bank is also seeking to boost market confidence in state-market securities (“SBN”) through purchases in the secondary market and taking into account its impact on the availability of state securities, as regards inflows and liquidity in the money markets.
The third aim is to strengthen IDR liquidity management by changing the mechanism of reverse repo auctions of state securities from variable-rate tender to fixed-rate tender, and to extend the tenor by issuing a three-month SBN reverse repo. The plan is to then reissue the BI certificate with nine and 12 month tenors through a fixed-rate tender auction mechanism and adjust the pricing.
The fourth measure that BI is looking to implement is to strengthen the management of foreign-exchange supply and demand by adjusting the frequency of foreign-exchange-swap auctions from twice a week to once a week. In addition, a change to the foreign currency term deposit auction mechanism from variable-rate tender into fixed-rate tender will also be undertaken.
Also, the bank is hoping to lower the foreign-exchange purchasing limit with proof of underlying documents, from the current limit of USD 100,000 to USD 25,000 per month per customer, and by also requiring Taxation Identification Numbers (“NPWP”). The bank is also hoping to accelerate the approval process for foreign-bank debt, as regards the principle of prudence.
The final step that BI has on its agenda is to take steps in financial markets, specifically by offering a hedging-swap facility in order to support investment in infrastructure and, at the same time, by strengthening the country’s foreign-exchange reserves. The bank is also looking to improve other provisions concerning financial markets, including components that relate to the development of the market, instruments, actors, and infrastructure.
The Financial Services Authority (OJK) has also just issued a package of policies in a bid to support the first stage of the government's policy. Muliaman D Hadad, Chairman of OJK Board of Commissioners, explained that the OJK has introduced a new policy which will allow foreigners to open a local bank account and deposit up to USD 50,000 in foreign exchange.
Mr. Hadad stated that 10-12 million foreign nationals (“foreigners”) come to Indonesia as tourists annually and that around 2.4 million (20 percent) comes regularly for various reasons, such as business, trade affairs, family and school matters. It has thus been decided then to offer facilities to these foreigners in order to encourage their activities in Indonesia.
"We've established this new policy, which will come into force next week, and it will now be possible to open an account of up to USD 50,000 balance, simply by showing a passport," explained Mr. Hadad.
Implementation of this new OJK policy has been coordinated with various stakeholders, and is expected to boost foreigner visitors to Indonesia. Putative bank customers will still be scrutinized, however the process of opening an account will now be greatly simplified. This new policy will be outlined in a circular letter addressed to foreign-exchange banks across Indonesia.
Policy Package: Phase I
Indonesia’s Economics Minister, Darmin Nasution, has detailed the first stage of the government’s new policy package. Among other aims is strengthening export financing through a national-interest account. The new Regulation of the Ministry of Finance (“PMK”) on Authorizing the Chief of the National-Export-Financing Agency is looking after this side of things.
Deregulation is being looked after by the Ministry of Finance Decree on the Establishment of a Special Assignment Committee for Exports. Members of this committee, explained Mr. Nasution, derive from several ministries/agencies, which will hopefully ensure the implementation of an effective national-interest account.
Other new policies relate to the pricing of gas for specific industries across the country. A policy relating to industrial-estate development is also to be issued by the Ministry of Industry. Moreover, a policy geared towards strengthening the economic function of cooperatives will be conducted through deregulation at the Ministry of Cooperatives and SMEs.
The benefits of this approach lie in a strengthening of cooperative function, said Mr. Nasution, who believes that economic from social functions needs to be separated, and by changing the economic function of cooperatives, they’ll become major partners of small and medium-sized enterprises in the region. Measures range from increasing capital and financial facility for cooperatives in order to boost their respective industry, goods production and the export volume of creative-economy products.
Other policies are aimed at simplifying trade-license procedures, as well as simplifying tourist visas and tourism rules. There’s also an LPG policy for fishermen that introduces converters for making fishing cost more efficient. Stability in regards to food prices is also important aspect, especially beef, which lately had undergone some problems. Protecting the low-income society is also being looked, where rural economies are being accelerated via the disbursement of village funds.
Where this deregulation is concerned, Mr. Nasution announced that a letter will be formulated specifically aimed at village funds. This will be a joint decree (SKB) issued by three ministers: the Minister of Interior Affairs; the Minister of Development of Villages, Underdeveloped Regions and Transmigration; and the Minister of Finance. The decree is set to contain rules aimed at simplifying the processes involved in the disbursal of village funds. And finally, a policy of supplying welfare rice to the poor is also set to be rolled out.
(SP/DS)