BI to Grant Incentives to Banks Which Provide Funding to Certain and Inclusive Businesses

In an effort to further accelerate Indonesia’s ongoing economic recovery, Bank Indonesia (“BI”) recently issued Regulation No. 24/5/PBI/2022 (“Regulation 24/2022”) which authorizes BI to grant certain incentives to commercial banks, sharia commercial banks and sharia business units (“Banks”) that provide funding for certain and inclusive economic activities.[1] Regulation 24/2022 has now repealed and replaced Regulation of BI No. 22/4/PBI/2020 of 2020, which was amended by Regulation of BI No. 22/19/PBI/2020 (collectively referred to as “Regulation 22/2020”)[2] which addressed similar incentives for Banks that provided funding for economic activities that were being affected by the COVID-19 Pandemic.