Maintaining Economic Stability during the COVID-19 Pandemic: OJK Introduces Countercyclical Policies for LJKNB

The Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) has issued Regulation No. 14/POJK.05/2020 on Countercyclical Policy to Mitigate the Impact of the Corona Virus Disease 2019 Pandemic upon Non-Bank Financial Service Institutions (“Regulation 14/2020”) in an effort to optimize the operations of  Non-Bank Financial Services Institutions (Lembaga Jasa Keuangan Non-Bank – “LJKNB”), as well to ensure the stability of the financial system and support Indonesian economic growth during the ongoing Corona Virus Disease 2019 (“COVID-19”) pandemic.[1]