2022 State Budget: Fiscal Policy and Structural Reform
Further Strengthening of an Accommodative Bank Indonesia's Policy Mix
HoldBI 7-
day
Reverse
Repo Rate
Stabilization
Of The
Rupiah
Money
Market &
Foreign
Exchange
Quantitative
Easing
Macro-
Prudential
Policy
Payment
System
Policy
BGM 18-19 OCT and 17-18 NOV 2021
1. Maintaining rupiah exchange rate policy to preserve stability in line with the currency's fundamental value
and market mechanisms.
2. Continuing the strengthening strategy for monetary operations to reinforce the effectiveness of the
accommodative monetary policy stance.
3. Maintaining an accommodative macroprudential policy stance by holding: (i) the Countercyclical Capital
Buffer (CCYB) at 0%, (ii) the Macroprudential Intermediation Ratio (MIR) in the 84-94% range with a lower
disincentive parameter of 80% (1st September-31st December 2021) and 84% (1st January 2022), and (iii) the
Macroprudential Liquidity Buffer (MLB) at 6% with repo flexibility at 6%, and the Sharia Macroprudential
Liquidity Buffer (SMLB) at 4.5% with repo flexibility at 4.5%.
4. Maintaining looser downpayment requirements on automotive loans/financing at 0% for all types of new
motor vehicle, while applying risk management and prudential principles, effective from 1st Jan 2022 - 31st
Dec 2022.
5. Maintaining a looser Loan/Financing-to-Value (LTV/FTV) ratio on property loans/financing to a max of 100%
on all property types for banks meeting specific NPL/NPF criteria, while removing regulations stipulating the
gradual liquidation of partially prepaid property to revive credit growth in the property sector in line with
risk management and prudential principles, effective from 1st Jan 2022 - 31st Dec 2022.
6. Strengthening prime lending rate (SBDK) transparency in the banking industry by expanding the assessment
of policy rate transmission to prime lending rates and interest rates on new loans in the banking industry by
economic sector/subsector
7. Strengthening prime lending rate (SBDK) transparency in the banking industry by deepening the assessment
of the largest banks that dominate 70% of the credit market
8. 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.
9. Implementing the first phase of BI-FAST, starting in the second week of December 2021, based on policies
covering participation, provision of infrastructure, maximum transaction value and price schemes, to be
announced on 22nd October 2021.
10. Extending credit card policy as follows: (a) Minimum payment equal to 5% of the outstanding balance until
30th June 2022. (b) Late payment penalty equal to 1% of the outstanding balance or a maximum of
Rp100,000 until 30th June 2022.
11. Accelerating LCS implementation to facilitate trade and investment with partner countries
סנס
BGM:
Board of Governor Meeting
Source: Bank Indonesia
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