2022 State Budget and Fiscal Incentives Presentation
Stable Monetary Environment Despite Challenges
Strengthened Monetary Policy Framework
Well Maintained Inflation Ensured Price Stability
20
20
(%)
8.00
CPI (%, yoy) rhs
19 August 2016
The New Monetary
Operation Framework
7.00
Core (%, yoy) - lhs
LF Rate: 7.00
15
Volatile Food (%, yoy) - lhs2
Administered (%, yoy) - lhs
6.00
BI Rate: 6.50
5.00
3.20
4.00
10
5
0
H
1.56
3.00
1.87
2.00
1.79
2013 2014 2015 2016 2017 2018 2019 2020
Rupiah Exchange Rate Fared Relatively Well Compared to Peers
2021
Credit Growth Profile
% yoy
Jan-16
Apr-16
Jul-16
Q4-2016
Q3-2017
20.0
YTD 20222 vs 2021
point-to-point
average
-2.19
15.0
TRY
PHP
-34.25
-0.98
-3.76
Q2-2018
Q1-2019
Q4-2019
Mar-20
Jun-20
Sep-20
Dec-20
Mar-21
Jun-21
Sep-21
LF Rate: 4.25
BI 7Day RR Rate: 3.50
DF Rate: 2.75
Dec-21
Jan-22
6.32
4.67
10.7
0.19
$10.0
-0.67
IDR
-1.08
-0.26
MYR
-4.09
5.0
-0.21
EUR
-4.09
KRW
-843
0.02
0.0
INR
-0.59
0.03
SGD
-3.76
BRL
0.1335
-5.0
0.51
CNY
-4.52
1.09
JPY
19-Jan-22
-3.81
-10.0
3.60
THB
-4.99
ZAR
-40.0 -35.0 -30.0 -25.0
-20.0 -15.0
-10.0 -5.0
0.0
5.0
10.0
Source: Reuters, Bloomberg (calculated)
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
Jul-17
Jan-18
Jul-18
Jan-19
Jul-19
Jan-20
Total Growth
Working Capital Loans
Investment Loans
Consumption Loans
4.01
1/ 4.01
Jul-20
Jan-21
Mar-21
May-21
Jul-21
Sep-21
Nov-21
24
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