• Tidak ada hasil yang ditemukan

ExplPolicy Package on Strengthening Monetary Manag

N/A
N/A
Protected

Academic year: 2017

Membagikan "ExplPolicy Package on Strengthening Monetary Manag"

Copied!
4
0
0

Teks penuh

(1)

1

Explanation to the

Policy Package on Strengthening Monetary Management and Financial Market

Development

In the meeting on Tuesday, 15 June 2010, Bank Indonesia Board of Governor decided on a policy

package to strengthen monetary management and financial market development, as series of

macroeconomic policy package which includes among others the extension of the SBI maturity

profile. This policy direction is to respond to and anticipate the financial market dynamics

stemming from both domestic and global. In general, this policy is aimed to enhance monetary

policy transmission, strengthen financial system stability, and bolster financial market deepening

which in turn support the sustainability of macroeconomic stability and the momentum of

economic recovery. It is important to note that this policy package is not in any way related to

capital control measures and is consistent with the free foreign exchange system adopted by

Indonesia thus far.

1. Policy Background

1.1.In the midst of strong pressure from the global crisis, the Indonesian economy during 2009 has been able to get through the challenging year with a remarkable achievement. This has

been increasingly reinforce optimism for a continuing process of economic improvement in the future.

1.2.Nevertheless, the dynamic of the economy forward continues to face several challenges that may potentially hamper the acceleration of economic growth and price stability. The challenge particularly related to the large influx of capital flow into emerging economies,

including Indonesia, amid the vulnerability of global economic recovery and the instability of global financial market. Meanwhile, the domestic economy faces challenges mainly associated with the excess liquidity in the banking system and the large share of portfolio

flows in the capital account structure, provided that the domestic financial market are still shallow while the real sector are still confronted with some structural problems.

2. Policy Measures Taken

2.1. In response to and anticipating the challenges above, Bank Indonesia views the necessity to

continuously strengthen monetary and financial system stability to maintain the sustainability of medium to long term economic growth. The development of the domestic financial market must be further broadened so as existing excess liquidity can be effectively

(2)

2 must be vigilantly managed to ensure its benefit to the stability of the rupiah exchange rate and the accessibility of medium to long term domestic financing. In general, this policy is

aimed to enhance the effectiveness of monetary policy transmission, strengthen financial system stability, and support the deepening of the financial market which in turn can

support the sustainability of macroeconomic stability and economic recovery momentum.

2.2. The policy package covers the enhancement of instruments and regulations both in the rupiah and foreign exchange money markets to further strengthen monetary management,

improve bank prudential aspects, as well as deepen financial market. The policies include:

i) widening of the corridor of the O/N interbank money market rate

ii) revisions of regulations on banks’ FX net open positions (NOP)

iii) imposing minimum 1 month holding period for Bank Indonesia certificates (SBI) both in primary and secondary markets

iv) introduction of the non-securities monetary instrument in the form of term deposit

v) issuance of the 9 and 12 month SBI

vi) implementation of the triparty repurchase (repo) of Government Debt Securities (SBN)

3. Explanation of Individual Policy

3.1. Widening of the corridor of the O/N interbank money market rate. Widening of the

corridor of the O/N interbank money market rate is carried out by adjusting the standing facilities rate to the BI Rate. This policy is intended to further develop the interbank money

market by encouraging banks to frequently involve in interbank money market in fulfilling short term liquidity needs prior to engaging monetary instruments provided by Bank Indonesia. The standing lending facility rate is increased from BI Rate + 50 bps to BI Rate +

100 bps and the standing deposit facility rate is decreased from BI Rate – 50 bps to BI Rate – 100 bps. Hence, with the current BI Rate of 6.5%, the standing lending facility rate is 7.5% and the standing deposit facility rate is 5.5%. This policy is effective as of Thursday, 17 June

2010.

3.2. Revisions of regulations on banks’ FX net open positions. The policy is intended to buttress

the deepening of the domestic foreign exchange market while keeping in consideration bank prudential aspects. The On Balance Sheet NOP limit of maximum 20% of capital is abolished, however, the Overall NOP is still maintained at 20% of capital. The existing

real-time compliance on NOP limit is further relaxed into 30 minutes window real-time. This policy is effective as of 1 July 2010.

3.3.Implementation of the minimum one month holding period of Bank Indonesia Certificate

(SBI). This policy requires SBI owners in the primary and secondary market to retain a minimum one month (28 days) holding period. During that period, the owner of SBI is

(3)

3 party, except repo to Bank Indonesia. This policy is imposed to both resident and

non-resident investors and is intended to lengthen the ownership and the transaction period of

SBI in the secondary market. Nevertheless, to fulfill its short term liquidity needs, a bank holding SBI can conduct repo transaction with Bank Indonesia which has been available

thus far. This policy is effective as of the next monthly SBI auction on 7 July 2010.

3.4. Introduction of the non-securities monetary instrument in the form of “term deposit”. Term deposit is a liquidity management instrument of Bank Indonesia without an

underlying debt security. This instrument is non-transferable, but can be redeemed prior to maturity (early redemption) with subject to certain requirements. Banks may use this instrument for short-term liquidity management in addition to other available instruments

provided by Bank Indonesia such as the FASBI and repo. The term-deposit instrument will be provided by Bank Indonesia through an auction mechanism with a 1 month tenor,

effectively as of July 7, 2010.

3.5. Issuance of the 9 and 12 month SBI. The issuance will be conducted on a monthly basis through an auction mechanism and calculation similar to the SBI issuance of other maturity

types. This measure is a continuation of the extension of the maturity profile of the 3 and 6 month SBI which is fully implemented in June. The issuance of the 9 and 12 month SBIs completes the maturity structure of the SBI to a 1 year period. This policy measure will

supports the deepening of the domestic money market in terms of the availability of instruments, maturity profile, and the formation of the short term interest rate structure.

The issuance of the 9 month SBI will be effective as of the monthly SBI auction in the second week of August 2010, while the 12 month SBI on the second week of September

2010.

3.6. Implementation of the triparty repurchase (repo) of Government Debt Securities (SBN). The triparty repo SBN is Bank Indonesia’s liquidity management activity through reverse repo transaction with underlying asset in the form of SBN acquired from qualified parties

such as Pension Fund and Insurance. With this measure, the SBN that normally held until maturity by these institutions can be traded in the secondary market to support domestic

financial market deepening and the enrichment of monetary instruments. To implement the regulation, Bank Indonesia will cooperate with the Government and other related institutions in preparing the necessary regulations and mechanism. The policy is expected

to be effective in 2011.

4. Policy Implementation

(4)

4

No. Policy Implementation

1 Widening of the corridor of overnight (O/N) interbank money market rate to BI Rate ± 100 bps

17 Juni 2010

2 Revision of the Net Open Position 1 Juli 2010

3 Minimum One Month Holding Period of SBI 7 Juli 2010

4 RupiahTerm Deposit 7 Juli 2010

5 9 and 12 month SBI 9 month SBI : week II August 2010

12 month SBI: week II Sept 2010

6 Triparty Repo 2011

5. Closing

The above-mentioned policy measures will be further regulated in Bank Indonesia regulations. Further inquiries can be submitted to :

Monetary Operation Help Desk

email helpdesk_opt@bi.go.id

phone 6221 381-8343, 381-8339, 381-8350, 381-8117, 381-8184 fax 6221 231-1347, 380-1766

Referensi

Dokumen terkait

Selaku Pokja Pengadaan Outsourcing Keamanan yang diangkat dengan SK Ketua Sekolah Tinggi Pariwisata Bandung Nomor: 641SK/Ket/POKJA/STPB/07/2012 tanggal 02 juli 2012

KELOMPOK KERJA (POKJA) JASA KONSULTANSI DAN JASA LAINNYA UNIT LAYANAN PENGADAAN BARANG/JASA KOTA KUPANG.. TAHUN

1) Sebagai mahasiswa yang masih awam dalam menyampaikan konsep, materi belum bisa runtut, dan belum mampu mengajar secara efektif. 2) Penulis belum berpengalaman mengajar

Jalan Magelang Km. Hal tersebut diaplikasikan dengan diadakannya kegiatan PPL disekolah, hal itu bertujuan untuk memberikan pengalaman kepada mahasiswa supaya

Sehubungan dokumen penawaran saudara yang masuk tentang Belanja Hibah Barang/Jasa Kepada Pihak Ketiga (Belanja Meubelair Ruang Kelas SMK) kami panitia pengadaan

Magang ini memang dimaksudkan untuk menambah wawasan tentang kegiatan pertanian di lapangan yang sesungguhnya, meningkatkan kualitas lulusan dalam hal pengalaman dan

Penggunaan simbol atau tanda “target” sasaran tebak adalah sebagai bukti permainan airsoftgun pasti ada sasaran tembaknya dengan arti lain airsoftgun ini adalah permainan

Berperan aktif pada program-program pelatihan dalam usaha peningkatan UKM Menumbuh kembangkan budaya kerja yang kreatif dan inovatif dengan prinsip kebersamaan dan