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Bank Indonesia recognised as Best Macroeconomic Regulator in Asia Pacific in 2020 for strengthening monetary policy and taking bold, fast actions to support economy during COVID-19

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Bank Indonesia was recognised as Best Macroeconomic Regulator in Asia Pacific in 2020 under The Asian Banker Regulation & Supervision Awards at The Asian Banker Leadership Achievement Award Virtual Ceremony 2020.

 

Bank Indonesia was recognised as Best Macroeconomic Regulator in Asia Pacific in 2020 under The Asian Banker Regulation & Supervision Awards at The Asian Banker Leadership Achievement Award Virtual Ceremony 2020. 

Bank Indonesia (BI) strengthened accommodative policy mix to support the economic growth momentum

In 2019, Bank Indonesia strengthened accommodative policy mix to support the economic growth momentum. With low and stable inflation and maintained external stability, Bank Indonesia took more accommodative policy mix to boost growth. Monetary policy was directed at supporting the momentum of economic growth while the strategy of monetary operations was strengthened to ensure adequate liquidity in the money market and accelerate policy transmission.

Indonesian economy remained strong and resilient

The Indonesian economy expanded at a pace of 5.02% with continued growth momentum and inflation was kept at a low and stable 2.72%, down from the previous year’s 3.13% and well within the target corridor for the last five consecutive years.Strengthening the rupiah also contributed to low inflation thereby supporting economic stability. Financial system stability and resilience was supported by capital level that was far above the minimum provisions with an upward trend by the end of 2019.

BI has taken bold and fast actions to mitigate the pandemic’s impact through quantitative easing

In response to the COVID-19 pandemic, the authority has taken bold and fast actions to mitigate its impact through quantitative easing to help fund the economic relief and support programme and entered into currency swap agreements with the central banks of Australia, China and the US to bolster its foreign exchange reserves, which already meet minimum international standards. It clearly committed the limited and one-off nature of these measures to further strengthen and build market competence and ensure system stability.

Dody Budi Waluyo, Deputy Governor, Bank Indonesia, in accepting the award remarked: “This crisis has challenged how we play a crucial role to safeguard the stability of the economy, as well as to support the national efforts in reviving and recovering the economy. One important lesson that Bank Indonesia learned during the extraordinary time is to respond to the conditions with concerted and synergised policy efforts.”

For video of the Leadership Dialogue and Leadership Achievement Awards Virtual Ceremony, please click here.

About Regulation and Supervision Awards

The Asian Banker Regulation & Supervision Awards is a programme designed to determine and award the best practices and outstanding achievements of the top regulators in the Asia Pacific, Middle East and Africa regions. The Asian Banker evaluates regulators according to three basic functions of regulatory oversight that they may perform - macroeconomic regulation, systemic and prudential regulation and conduct of business oversight and their effectiveness in fulfilling these roles. We have developed our scorecards to capture the essence of the role of regulators, their effectiveness and the benchmarks they need to achieve. The evaluation process is rigorous and transparent, and constantly improved to incorporate the latest challenges and industry changes. 

To learn more about Regulation and Supervision Awards click here

To see the full list of winners click here


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