- The Board of Governors of Bank Indonesia ("BI") has recently issued Regulation No. 4 of 2024 as the Amendment ("Amendment") to the Regulation of the Members of the Board of Governors No. 11 of 2023 on Implementing Regulation of the Macroprudential Liquidity Incentive Policy.
- This Amendment has expanded the scope of business sector in which the recipient banks of Macroprudential Liquidity Incentive Policy (Kebijakan Insentif Likuiditas Makroprudensial – "KLM") may provide credit or financing. These sector now are as follow: 1) Downstream sector; 2) Automotive sector, trade sector, electricity, gas and water, as well as social services sector; 3) Housing sector; and/or 4) Tourism and creative economy sector.
- Furthermore, this Amendment also reset the rate of the KLM received by the recipient bank, which is counted from the total credit/financing provided from certain sector. The aforementioned rate is as follow: 1) 0.6% or 0.8% for the downstream sector; 2) 0.4% or 0.5% for the automotive, trade, electricity, gas, water, and social service sector; 3) 0,3% or 0.4% for housing sector; and 4) 0.4% or 0.5% for tourism and creative economy sector).
- This Amendment also stipulates various adjustment to the criteria for banks to receive incentives by BI based on achievement of Macroprudential Inclusive Financing Ratio, Credit of Financing to ultra-micro enterprises, and environment Credit or Financing, and other financing as determined by BI, which aim to encourage bank lending or financing.
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