BRI Performance Highlights and Green Initiatives
MACRO FUNDAMENTALS
Prudent Macroeconomic Policy, Strong Terms of Trade Support Key Macro Indicators
BRI
Trade Balance (USD Mn)
Budget Deficit (% of GDP)
7,565
(78)
AN
Dec-19
Dec-20
Dec-21
"High commodity prices & commodity down streaming resulted in
sustained trade balance surplus"
USD/IDR & Foreign Reserves
3,890
-2.20% Q
-4.57%
-6.14%
-2.38%*
Threshold (-3%)
Dec-22
2019
2020
*2022 Budget deficit realization data as of Jan'23
2021
2022
15,573
137.2
"Strong government earnings & prudent fiscal management led
Indonesia to maintain its budget deficit under 3% threshold in 2022,
ahead of the end of the relaxation in 2023"
Foreign Flow to Government Bonds
+IDR 48.6 Tn*
B
Supportive Policies for
Economic Growth & Stability
Pro-Stability Monetary Policy
Mandatory use of rupiah within the territory of
BANK INDONESIA
Republic of Indonesia
OKERITAS
KEUANGAN
Underlying document
transaction
requirement for forex
■ Hedging requirement for non-bank corporation
Triple Intervention policy (Spot transaction, DNDF
transaction and Purchase of Govt Securities in
secondary market) for exchange rate stability
Implementing forex monetary operations (MO) in the
form of foreign currency term deposits (TD) as an
instrument for exporters to place foreign exchange
proceeds of exports through banks to Bank Indonesia
Pro-Growth Macroprudential Policy
■ More comprehensive RRR policy with additional
incentives for banks who serve prioritized sectors,
MSMEs & green financing
■ Digital-based payment system policy
Extending Covid-19 restructuring relaxation for
several economic sector & provinces until March 2024
13,866
129.2
Dec-19
USD/IDR (LHS)
Foreign Reserve (USD Bio, RHS)
Dec-20
Dec-21
Dec-22
"Ample foreign reserves to maintain stable exchange rate"
Source: Bloomberg, Bank Indonesia, BPS, Ministry of Finance
Dec-21
Mar-22
*YtD as of 1st of Feb'23
Jun-22
(IDR 106.9 Tn)
Sep-22
Dec-22
"Indonesia started to experience positive foreign flows to government
bonds since Q4'22, signaling confidence in the economy"
Transforming the economy by increasing commodity
value through downstreaming natural resources
■ Economic reopening by ending social activities
restriction (PPKM)
■ Tax Regulation Harmonization (UU HPP)
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