BI Implements Strategies to Alleviate Lasting Post-Pandemic Effects

Wahyu Dwi Anggoro - 18 February 2022 10:59 WIB
BI Implements Strategies to Alleviate Lasting Post-Pandemic Effects
BI Governor Perry Warjiyo (Photo:MI)
Jakarta: The COVID-19 pandemic has left a deep scarring effect on the global economy, including Indonesia. 

Well calibrated, planned and communicated policies are required in each country to heal the scarring effect, particularly in terms of increasing productivity and fostering investment, together with sound strategies in terms of employment and capital reallocation. 
"That was the key takeaway of Bank Indonesia (BI) Governor, Perry Warjiyo, at the strategic G20 event entitled Exit Strategy and Scarring Effects Post Covid-19," BI Communication Department Head Erwin Haryono said in a press release on Thursday.
The event was organised as part of the fourth day of side events of the 2nd Finance and Central Bank Deputies Meeting (FCBD) and 1st Finance Ministers and Central Bank Governors Meeting (FMCBG) of Indonesia's G20 Presidency, held on February 14-19 in Jakarta.

Governor Perry Warjiyo went on to outline strategies to anticipate policy normalisation and the scarring effect. 

Developing economies (DEs) must strengthen their resilience to the impact of policy normalisation in order to maintain economic recovery and stability. 

In addition, international cooperation must also be strengthened through Bilateral Currency Swap Arrangements (BCSA) and broader use of Local Currency Settlement (LCS) to promote trade and investment.

The strategy to overcome the scarring effect urges synergy and collaborative measures among all relevant parties.

From a corporate perspective, the contribution includes strengthening business and banking strategies by participating in disbursing loans/financing to the real sector. 

Regarding the Financial System Stability Committee, all institutional members can contribute through policies to revive loans and financing to priority sectors. 

Meanwhile, the Government's role includes structural reforms to provide a climate conducive to investment, trade, taxes, infrastructure, financial digitalisation and implementation of the Job Creation Act. 

To that end, Indonesia has implemented structural reforms in the financial markets, while accelerating financial market deepening and payment system digitalisation as well as supporting economic financing efforts to diminish the scarring effect.


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