2022 State Budget: Fiscal Policy and Structural Reform

Enhancement of Monetary Operations Framework 3 2 STRENGTHENED THE ROLE OF JIBOR AS REFERENCE RATE by regulatory enhancement. ACCELERATED MARKET REPO TRANSACTIONS by promoting GMRA REDUCED SEGMENTATION AND IMPROVE THE CAPACITY OF MARKET TRANSACTIONS by encouraging banks to open more access to counterparties 4 MOVING FROM FIXED RATE TENDER (FRT) TO VARIABLE RATE TENDER (VRT) PROGRESS IN PROGRESS PROGRESS Source: Bank Indonesia PREVIOUS JIBOR • • Can be traded among contributor banks for 10 minutes. Up to the amount of IDR10 billion. Up to 1-month tenor. CURRENT JIBOR (as per June 1st, 2016) • • Can be traded among contributor banks for 20 minutes. Up to a total of IDR20 billion. Up to 3-month tenor. 168

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