Day: August 25, 2022

Improving the quality of research and innovation by strategic foresight is the key to realizing a digital and green central bank in future, Governor of Bank Indonesia (BI) Perry Warjiyo stated.

“One manifestation of the transformation in building the digital central bank of the future is by issuing a central bank digital currency (CBDC),” Warjiyo noted at the 16th International Bulletin of Monetary Economics and Banking (BMEB) Conference and Call for Papers here on Thursday.

He listed three aspects pertaining to the central bank digital currency that encompassed the issuance of CBDC as being one of the central bank’s mandate in the process of creating digital currency, which in turn showcased the country’s sovereignty in terms of stipulating the only legal means of payment.

Second, CBDC distribution could be conducted through a wholesale or wholesale and retail system by adopting the Distributed Ledger Technology (DLT).

Thirdly, the three prerequisites for the issuance of CBDCs covered the development of conceptual designs, infrastructure that integrates payment systems with the money market in an Integrated, Interconnection, and Interoperable (3I) manner, as well as cooperating with other central banks to develop the best CBDC digital platform that supports the expansion of transactions between countries.

He also emphasized that the future of the central bank should be supported by reinforcing three important aspects, such as development of the digital money creation process by the central bank, while the second pertained to the need to optimize the application of digitalization and technology in the policy formulation process.

The third aspect that should be strengthened was to set certain measures to face the challenges of green economy and finance by building digital-based business processes. By referring to those three aspects, the central bank must prepare itself well to face the new era of the digital and green financial economy.

“The central bank must take a leading role in navigating the economy to achieve sustainable and inclusive growth,” he remarked.

This year’s BMEB international conference and Call for Papers presented 50 of the 231 best scientific papers in economics, monetary, and finance, both submitted domestically or from overseas.

The best writings came from 14 countries: Indonesia, Vietnam, England, Malaysia, India, China, Armenia, Pakistan, Australia, Qatar, Fiji, Nigeria, the United States, and Italy.

The event was held through collaboration among Bank of Indonesia and the Indonesian Economic Bachelors Association (ISEI), the Asia-Pacific Applied Economics Association (APAEA), and five universities in Indonesia: University of Indonesia, Gadjah Mada University, Bogor Agricultural Institute, Airlangga University, and Sampoerna University.

Source: Antara News

The Meteorology, Climatology, and Geophysics Agency (BMKG) detected 21 hotspots spread across East Kalimantan Province, to which end, authorities are expected to follow up on the handling.

“A total of 21 hotspots were monitored on Wednesday, starting at 1:00 until 24:00 (local time),” Sultan Aji Muhammad Sulaiman (SAMS) Sepinggan BMKG Class I Station forecaster, Iwan Munandar, stated here on Thursday.

He explained that information about the 21 hotspots was provided to relevant agencies, especially to the Regional Disaster Management Agency (BPBD) at the provincial and local district levels for further handling.

Two days earlier, the BMKG also detected 104 hotspots spread across four districts to which end relevant parties were informed, so the hotspots have disappeared.

Meanwhile, the 21 hotspots monitored on Wednesday were spread across five districts, although some of them are still in the same district.

The 21 hotspots comprise one hotspot in Paser District, three hotspots in West Kutai, seven each in East Kutai and Berau District, and three hotspots in Mahakam Ulu District.

Munandar elaborated that one hotspot detected in Paser District was in Batu Sopang Sub-District, with a medium confidence level, at coordinates 115.8597 longitude and -1.8457 latitude.

In West Kutai District, three hotspots were spread across two sub-districts, including two hotspots in Linggang Bigung Sub-District and one hotspot in Nyuatan Sub-District.

Furthermore, seven hotspots in East Kutai District were spread across five sub-districts, including one hotspot each in Bengalon, Kaubun, and Muara Wahai sub-districts and two hotspots each in the sub-districts of Kongbeng and North Sangatta .

Furthermore, seven hotspots in Berau were spread over three sub-districts, including one hotspot in Gunung Tabur Sub-District, three hotspots in Sambaliung, and three hotspots in Segah Sub-District.

“Then, three hotspots in Mahakam Ulu District are spread across two sub-districts, specifically two hotspots in Laham District and one hotspot in Long Hubung Sub-District,” Munandar stated.

Source: Antara News

The Public Works and Public Housing Ministry reported that realization of the 2022 budget until August 23 had reached Rp47.79 trillion, or 41.07 percent of the total budget ceiling, with physical progress of 46.94 percent.

Public Works and Public Housing Minister Basuki Hadimuljono stated that his administration was committed to supporting the use of domestic products through goods and services that would make up at least 90 percent of the budget ceiling. As of mid-August 2022, the realization of spending on the use of domestic products was recorded at Rp44.61 trillion, or 42.99 percent of the targeted Rp103.78 trillion.

“Hence, of the Rp116.37-trillion budget, around Rp103.78 trillion is for spending on domestic products,” Minister Hadimuljono remarked during a meeting with Commission V of the House of Representatives, as accessed here on Thursday.

The ministry has been pushing for the realization of the 2022 budget through efforts to expedite the goods and services procurement process for the Nusantara Capital City.

Other goals being pursued include completion of administration and budget revisions, including for the new capital city’s development, the implementation of work according to targets and deadlines for completion by increasing supervision, resolving land problems, completion of labor-intensive activities in accordance with targets and goals, and utilization of potential unabsorbed ceilings for priority and urgent programs.

The initial ceiling of the ministry in 2022 was Rp100.59 trillion and was currently Rp116.37 trillion due to an increase in ceiling.

The increase included the launch of sharia complaints, amounting to Rp2.29 trillion, which were allocated for construction of the Slinga Irrigation Area, improvement of the Air Manjuto Irrigation Area, construction of the Ancol Sentiong pumping station, and construction of raw water facility for the Cikalong reservoir, among others.

Moreover, foreign forest loans amounting to Rp5.01 trillion were for irrigation rehabilitation loans, among others. The additional amount was also sourced from another Rp8.48 trillion to support international events, such as MotoGP, G20 Summit, and ASEAN Summit, amounting to Rp2.67 trillion.

The other allocation included some Rp710 billion for handling natural disasters in East Java, West Sulawesi, East Nusa Tenggara, West Nusa Tenggara, and Banten. Some Rp5.10 trillion was also allocated for the development of Nusantara City.

Source: Antara News