Three vital lessons in 2019 economic journey for all: BI

Jakarta (ANTARA) – Bank Indonesia (BI) Governor Perry Warjiyo opined that three vital lessons in the economic journey of 2019 can be learnt as a strategy to facing a decline in globalization and rise in digitalization.

Warjiyo stated at the 2019 BI Annual Meeting in Jakarta on Thursday (Nov 28) that the goal is to fortify resilience and encourage economic growth in the path to advancing Indonesia.

The BI governor expounded that the first lesson was synergy of a blend of macroeconomic policies and financial systems that are boosted for national economic resilience.

Second, economic transformation is enhanced to promote higher growth through developing sources of growth from within the country, with emphasis on the manufacturing industry and tourism development.

Third, innovations in the economy and digital finance that are spurred to strengthen national competitiveness and interests and reduce community inequalities.

Warjiyo noted that in 2020, BI will expand macroprudential policies that are accommodative for the development of micro, small, and medium enterprises (MSMEs) and priority sectors, including exports and tourism.

Concerted efforts will be steadily expedited at deepening the financial market and financial instruments are encouraged to finance environment-friendly infrastructure, one of which is the Green Bond with the government and Financial Services Authority (OJK).

Moreover, the payment system was expanded through electronification for the distribution of social programs, transportation modes, and government financial operations in various regions. The national clearing system will be bolstered to make it larger, faster, and cheaper, including boosting interconnectivity of national payment gateways.

“The central bank will continue the accommodative policies that have been adopted in 2019 by looking at domestic and global conditions,” the BI governor stated.

BI Annual Meetings are held regularly at every year-end to project BI’s views on the current economic conditions, challenges, and prospects going forward as well as BI’s policy direction. This presentation is a form of BI’s accountability and transparency.

President Joko Widodo, state institution heads, cabinet ministers, regional governors, non-bank banking and corporate leaders, academics, economic observers, and representatives of various international institutions were attendees at the meeting.

The theme raised at the annual meeting was “Synergy, Transformation, and Innovation: Towards Advanced Indonesia”.

Source: Antara News