Indonesia’s banking industry is expected to see a drop in loan growth to around 4 percent this year as the COVID-19 pandemic batters the economy, an economist has said. Senior economist at the Institute for Development of Economics and Finance (INDEF), Aviliani, said Indonesian banks had become hesitant to provide loans to new debtors, as […]
Read More[JAKARTA] Indonesia’s incoming foreign direct investment (FDI) in the first quarter shrank 9.2 per cent from a year earlier in rupiah terms, as investors delayed business decisions due to the coronavirus pandemic, data from the country’s investment board showed. The board’s FDI data, which exclude investment in banking and oil and gas sectors, showed a […]
Read MoreS&P Global Ratings’ downgrade of Indonesia’s outlook is not a reflection of fundamental economic problems, central bank Governor Perry Warjiyo said, stating that policy steps taken in response to the coronavirus pandemic will help to restore the nation’s financial trajectory. The comments from the Bank Indonesia chief come after S&P cut its outlook for the […]
Read MoreIndonesia will issue larger tax breaks to cover 11 business sectors similar to the incentives given to manufacturing industries to help companies weather the economic impacts of the COVID-19 pandemic. The 11 sectors are food, trade, electricity, oil and gas, mining and coal, forestry, tourism and the creative economy, telecommunications, logistics, transportation and construction, Finance […]
Read MoreIndonesia’s state budget deficit fell to Rp 76.4 trillion (US$4.94 billion) in the first quarter of 2020 as revenue grew significantly from a year earlier while spending growth slowed, Finance Ministry data show. The deficit amounts to 0.45 percent of the country’s gross domestic product (GDP). State revenue at the end of March was up 7.7 percent […]
Read MoreBank Indonesia (BI) will relax rules on credit cards, including lowering the maximum interest rate and late payment penalty, to boost cashless transactions and fuel economic activities during the coronavirus pandemic. BI Governor Perry Warjiyo said the regulation would serve as a stimulus for credit card holders and businesses to boost the virus-hit economy. The relaxation […]
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