2022 State Budget and Fiscal Incentives Presentation
2021 Bank Indonesia's Policy Mix
Synergy to Accelerate Economic Recovery, while Maintaining Macroeconomic and
Financial System Stability
1
Maintaining accommodative monetary policy stance
(lowering policy rate 125bps in 2020, and 25ps in February
2021)
Maintaining rupiah exchange rate stabilization policy in
line with the currency's fundamental value and market
mechanisms
Strengthening the monetary operations strategy to
reinforce the accommodative monetary policy stance
Focusing on the quantity channel by providing liquidity to
stimulate economic recovery
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1
1
1 R
Monetary
Policy
Controlling inflation through Inflation Control Team in
national and regional level
Supporting the State Budget through SBN purchases in the
primary market in line with Act No. 2/2020, while
maintaining macroeconomic stability
Coordination
with other
Authorities
幅 2
Macro-
prudential
Policy
BB BANK INDONESIA
BANK SENTRAL REPUBLIK INDONESIA
3
5
4
1
Supporting national economic recovery program in
cooperation with the MOF
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1
Promoting lower lending rates through close supervision
and public communication in coordination with OJK
Strengthening policy coordination with the Government
and Financial System Stability Committee to maintain
macroeconomic and financial system stability
1
Financial Market
Deepening
Payment
System
Policy
1
Strengthening accommodative macroprudential policy to
stimulate growth of loans / financing allocated to priority
sectors, incl. SMEs, and inclusion of export L/C as a financing
component to stimulate bank lending to the corporate sector
and export-oriented businesses
Refining the MSME credit ratio into the Macroprudential
Inclusive Financing Ratio (RPIM) by expanding the scope of
bank partners to disburse inclusive financing as well as through
inclusive financing securitisation and other
business models
Accommodative macroprudential policy stance by:
Relaxing the Loan / Financing-to-Value (LTV / FTV) ratio on
housing loans/financing
Relaxing down payment requirements on automotive loans
/financing
Holding the countercyclical buffer (CCB) at 0%
Macroprudential Intermediation Ratio (MIR) in the 84-94%
range
Macroprudential Liquidity Buffer (MLB) at 6% with 6% repo
flexibility, and the sharia Macroprudential Liquidity Buffer
(SMLB) at 4.5% with repo flexibility at 4.5%
Relaxing credit card policy
1
Accelerating digital transformation payment system
policy and faster implementation of Indonesia Payment
System Blueprint 2025
Strengthening and expanding electronification: Social
program, e-payment for Government
Source: Bank Indonesia
Strengthening money market deepening by expanding
underlying DNDF to boost liquidity and reinforce JISDOR as a
reference for exchange rate setting in the forex market
Accelerating infrastructure development, including Electronic
Trading Platforms (ETP) as well as a Central Counterparty (CCP)
1 Developing Money Market Development Blueprint 2025
1
Extending the 0% QRIS merchant discount rate (MDR)
for micro merchants until 30th June 2022 to maintain
QRIS acceptance and uptake as well as industry
sustainability
1
Implementing the first phase of BI-FAST, starting in the
second week of December 2021
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