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Ada Pertanyaan? Hubungi Kami Marcell Sihombing, ANT
Bank Indonesia (BI). Photo by: Sgp
Bank Indonesia (BI) is currently preparing three instruments which it hopes will ensure the effective implementation of the forthcoming tax amnesty, subsequent to the passage of the Bill on Tax Amnesty (Bill) into law by the House of Representatives (House) on Tuesday, 28 June 2016. BI has prepared these instruments in order to accommodate repatriated assets from foreign countries into Indonesia as a result of the implementation of the tax-amnesty policy.
“It is BI’s duty to increase financial-market instruments [in order to support the tax-amnesty policy] in coordination with the Ministry of Finance, the Financial Services Authority [OJK] and relevant stakeholders within the financial market,” asserted Perry Warjiyo, BI’s Deputy Governor, during a press conference held to disseminate the tax-amnesty policy in Jakarta on Wednesday, 30 June 2016.
Mr. Warjiyo went on to describe the first instrument, which relates to the central bank’s monetary operations, which will accommodate the influx of repatriated assets before they are channeled into productive real sectors.
“We [BI] will increase financial-market instruments which relate to foreign-currency deposits and foreign-currency securities, and these will serve as an outlet which will accommodate the repatriated assets. Such assets can temporarily be invested in these instruments before they are channeled into real sectors,” asserted Mr. Warjiyo.
The second new instrument relates to money-market instruments such as commercial papers and negotiable certificates of deposit, including the issuance of medium-term notes. And finally, the third instrument relates to hedging products (produk lindung nilai), including the issuance of several type of derivatives products.
“These instruments will facilitate the needs of taxpayers whose repatriated assets are in US dollars (USD), because they can utilize these hedging instruments to meet their needs for Indonesian rupiah (IDR),” asserted Mr. Warjiyo.
Mr. Warjiyo also emphasized that the implementation of the tax-amnesty policy would ultimately stimulate the influx of capital into Indonesia. Moreover, this policy is also predicted to greatly improve Indonesia’s financial liquidity, which is an essential factor for boosting the country’s economic growth as a whole.
“Substantial amounts of repatriated assets will greatly improve the country’s liquidity and loans, resulting in a boost to economic growth as a whole. Moreover, the influx of funds should also increase the foreign-currency market’s supply and ultimately strengthen the IDR exchange rate against foreign currencies,” Mr. Warjiyo asserted.
Mr. Warjiyo further revealed that the influx of repatriated assets would be followed by the implementation of various macro-prudential and monetary policies by BI, as well as a fiscal stimulus resulting from the revision of the state budget (Anggaran Pendapatandan Belanja Negara Perbaikan). It is predicted that these measures will ultimately help to maintain national economic stability, despite the current slowdown in the global economy. Moreover, any influx of repatriated assets should also contribute to relatively stable macroeconomic conditions (i.e. low inflation rate, improved foreign-currency exchange rate, balance-of-payment surplus), thus allowing BI to eventually loosen its macro-prudential and monetary policies.
“In this situation, BI believes that there is room to loosen macro-prudential and monetary policy. If we can maintain stability, we can provide greater support to the country’s ongoing economic performance, specifically as regards economic growth,” Mr. Warjiyo concluded.
Marcell Sihombing, ANT
Bank Indonesia (BI). Photo by: Sgp
Bank Indonesia (BI) is currently preparing three instruments which it hopes will ensure the effective implementation of the forthcoming tax amnesty, subsequent to the passage of the Bill on Tax Amnesty (Bill) into law by the House of Representatives (House) on Tuesday, 28 June 2016. BI has prepared these instruments in order to accommodate repatriated assets from foreign countries into Indonesia as a result of the implementation of the tax-amnesty policy.
“It is BI’s duty to increase financial-market instruments [in order to support the tax-amnesty policy] in coordination with the Ministry of Finance, the Financial Services Authority [OJK] and relevant stakeholders within the financial market,” asserted Perry Warjiyo, BI’s Deputy Governor, during a press conference held to disseminate the tax-amnesty policy in Jakarta on Wednesday, 30 June 2016.
Mr. Warjiyo went on to describe the first instrument, which relates to the central bank’s monetary operations, which will accommodate the influx of repatriated assets before they are channeled into productive real sectors.
“We [BI] will increase financial-market instruments which relate to foreign-currency deposits and foreign-currency securities, and these will serve as an outlet which will accommodate the repatriated assets. Such assets can temporarily be invested in these instruments before they are channeled into real sectors,” asserted Mr. Warjiyo.
The second new instrument relates to money-market instruments such as commercial papers and negotiable certificates of deposit, including the issuance of medium-term notes. And finally, the third instrument relates to hedging products (produk lindung nilai), including the issuance of several type of derivatives products.
“These instruments will facilitate the needs of taxpayers whose repatriated assets are in US dollars (USD), because they can utilize these hedging instruments to meet their needs for Indonesian rupiah (IDR),” asserted Mr. Warjiyo.
Mr. Warjiyo also emphasized that the implementation of the tax-amnesty policy would ultimately stimulate the influx of capital into Indonesia. Moreover, this policy is also predicted to greatly improve Indonesia’s financial liquidity, which is an essential factor for boosting the country’s economic growth as a whole.
“Substantial amounts of repatriated assets will greatly improve the country’s liquidity and loans, resulting in a boost to economic growth as a whole. Moreover, the influx of funds should also increase the foreign-currency market’s supply and ultimately strengthen the IDR exchange rate against foreign currencies,” Mr. Warjiyo asserted.
Mr. Warjiyo further revealed that the influx of repatriated assets would be followed by the implementation of various macro-prudential and monetary policies by BI, as well as a fiscal stimulus resulting from the revision of the state budget (Anggaran Pendapatandan Belanja Negara Perbaikan). It is predicted that these measures will ultimately help to maintain national economic stability, despite the current slowdown in the global economy. Moreover, any influx of repatriated assets should also contribute to relatively stable macroeconomic conditions (i.e. low inflation rate, improved foreign-currency exchange rate, balance-of-payment surplus), thus allowing BI to eventually loosen its macro-prudential and monetary policies.
“In this situation, BI believes that there is room to loosen macro-prudential and monetary policy. If we can maintain stability, we can provide greater support to the country’s ongoing economic performance, specifically as regards economic growth,” Mr. Warjiyo concluded.