President Director
Para Pemegang Saham dan Pemangku Kepentingan yang kami hormati, Dear Esteemed Shareholders and Stakeholders
Selama dua tahun terakhir, negara-negara di dunia ter- masuk Indonesia tengah melalui berbagai macam rintan- gan di bidang ekonomi dan sosial yang diakibatkan dari terjadinya pandemi Covid-19. Tantangan yang dihadapi tidak lain seperti perlambatan pertumbuhan ekonomi akibat terganggunya aktivitas ekonomi masyarakat dan dunia usaha, fluktuasi angka masyarakat yang terinfeksi virus Corona yang kemudian bermuara pada ancaman tingkat inflasi yang tinggi. Berbagai macam kebijakan telah diambil pemerintah untuk menanggulangi risiko penyebaran tersebut mulai dari pemberlakuan protokol kesehatan dan pembatasan aktivitas masyarakat sep- erti pemberlakuan Pembatasan Sosial Berskala Besar (PSBB) dan Pemberlakuan Pembatasan Kegiatan Mas- yarakat (PPKM). Disamping itu pemerintah juga mulai berhati-hati mengambil keputusan terhadap kebijakan ekonomi dengan memperhatikan tingkat inflasi yang menanjak.
Namun seiring dengan berjalannya pemulihan, dan ting- kat kesadaran masyarakat yang tinggi terhadap keikut- sertaan program vaksinasi Covid-19 membuat pandemi lebih mudah dikendalikan, sehingga Pemerintah dapat mengambil langkah cepat dan tepat untuk dapat men- gendalikan kondisi pandemi.
Berbagai kebijakan sosial dan ekonomi dilakukan pemer- intah untuk mengendalikan pandemi dan dampak sosial ekonominya diantaranya di awal Tahun 2021 sampai dengan akhir tahun, Pemerintah menurunkan tingkat suku bunga menjadi 3,50% terendah sepanjang sejarah perekonomian Indonesia. Hal tersebut sebagai salah satu cara bagi pemerintah untuk membantu mendorong ekonomi di tengah pandemi. Bank Indonesia menurunk- an pelonggaran likuiditas (quantitative easing) menjadi Rp 147,83 triliun pada Tahun 2021, dibandingkan Rp 726,57 triliun pada Tahun 2020.
Salah satu kebijakan makroprudensial yaitu sistem pem- bayaran dipercepat dan hasilnya cukup memuaskan.
Transaksi ekonomi dan keuangan digital berkembang pesat seiring meningkatnya akseptasi dan preferensi masyarakat dalam berbelanja daring, perluasan dan kemudahan sistem pembayaran digital, serta akseler- asi digital banking. Nilai transaksi uang elektronik (UE) tumbuh 49,06% secara yoy mencapai Rp305,4 triliun dan diproyeksikan meningkat 17,13% secara yoy hingga mencapai Rp357,7 triliun untuk Tahun 2022.
Secara keseluruhan perekonomian Indonesia mengala- mi pemulihan terlihat dari tingkat pertumbuhan Produk Domestik Bruto (PDB) yang meningkat sebesar 3,69%
selama Tahun 2021, dibandingkan pada Tahun 2020 yang melemah 2,07%. Secara detil, PDB pada triwulan I 2021 mengalami kontraksi 0,71%, pada triwulan II 2021 meningkat 7,07%, pada triwulan III 2021 meningkat
Over the past two years, many countries in the world, including Indonesia, had been through various obsta- cles in the economic and social fields resulting from the COVID-19 pandemic. The challenges faced are none oth- er than the slowing of economic growth due to disrup- tion of economic activities as well as fluctuations in the number of people infected with the coronavirus disease which posed the threat of high inflation rates. Various pol- icies had been taken by the government to overcome the spread risk, ranging from the implementation of health protocols and restrictions on community activities such as the implementation of Large-Scale Social Restrictions (PSBB) and the implementation of Community Activity Restrictions (PPKM). In addition, the government also began to carefully take decisions on economic policy by paying attention to the rising inflation rate.
However, along with the economic recovery, the high level of public awareness of the participation of the COVID-19 vaccination program made the pandemic easier to man- age, therefore the Government could take quick and ap- propriate steps to control the pandemic.
Various social and economic policies carried out by the government to control the pandemic and its socio-eco- nomic impact include the lowering of the interest rate to the lowest point of 3.50% in the history of the Indonesian economy, mandated from early 2021 until the end of the year. This was one measure by the government to help boost the economy in the midst of a pandemic. Bank In- donesia lowered the quantitative easing to IDR 147.83 trillion in 2021, compared to IDR 726.57 trillion in 2020.
One of applied macroprudential policies was that the payment system was accelerated and the results were quite satisfactory. Digital economic and financial trans- actions were growing rapidly as people's acceptance and preferences increased in online shopping, with the expansion and ease of digital payment systems, and the acceleration of digital banking. The value of electronic money transactions (EM) grew 49.06% yoy reaching Rp 305.4 trillion and was projected to increase by 17.13%
yoy to reach Rp 357.7 trillion for 2022.
Overall, Indonesia's economy experienced a recovery ob- served from the growth rate of Gross Domestic Product (GDP), which increased by 3.69% during 2021, compared to 2020 which weakened by 2.07%. In detail, GDP in the first quarter of 2021 contracted by 0.71%, increased by 7.07% in the second quarter of 2021, increased by 3.51%
in the third quarter of 2021 and increased by 5.02% in the
Laju inflasi pada Tahun 2021 secara keseluruhan men- galami peningkatan. Triwulan I 2021 inflasi meningkat 1,37%, triwulan II 2021 meningkat 1,33%, triwulan III 2021 meningkat 1,60%, dan triwulan IV 2021 mening- kat 1,87%. Laju inflasi pada triwulan IV 2021 lebih tinggi dibandingkan dengan laju inflasi yang terjadi pada peri- ode triwulan IV 2020 sebesar 1,68%, penguatan dipicu oleh kenaikan harga-harga komoditas dunia.
Ketahanan sistem keuangan tetap terjaga dan interme- diasi perbankan melanjutkan perbaikan secara bertahap.
Rasio Kecukupan Modal (CAR) perbankan November 2021 tetap tinggi sebesar 25,59%, dan rasio kredit ber- masalah (NPL) tetap terjaga, yakni 3,19% (bruto) dan 0,98% (neto). Intermediasi perbankan terus membaik dengan pertumbuhan kredit sebesar 5,24% (yoy) pada Desember 2021. Pertumbuhan kredit lebih merata pada semua jenis penggunaan, baik kredit modal kerja, kredit konsumsi maupun kredit investasi, yang masing-masing tumbuh 6,32% (yoy), 4,67% (yoy), dan 4,01% (yoy).
Nilai tukar Rupiah terhadap dolar Amerika (USD) pada akhir Tahun 2021 ditutup menguat tipis berada pada level Rp14.269 per USD dibandingkan pada akhir Tahun 2020 berada pada level Rp14.105 per USD. Sementara itu, Indeks Harga Saham Gabungan (IHSG) diakhir Tahun 2021 ditutup berada pada level 6.581,48, angka ini naik cukup tinggi dari Tahun 2020 yaitu berada pada level 5.979,07.
Sentimen positif yang terjadi pada IHSG dipengaruhi oleh beberapa faktor, yang pertama adalah karena pertumbuhan ekonomi Indonesia yang mengalami ke- naikan, kemudian partisipasi para investor yang sema- kin meningkat karena baru munculnya platform e-IPO yang diluncurkan pada semester awal Tahun 2021, serta terdapat 2 IPO besar yang melibatkan banyak kalangan masyarakat untuk ikut berinvestasi ke dalam emiten tersebut. Total jumlah investor di pasar modal Indonesia per 29 Desember 2021 telah meningkat 92,7% menjadi 7,48 juta investor dari sebelumnya 3,88 juta investor per akhir Desember 2020. Jumlah ini meningkat hampir 7 kali lipat dibandingkan Tahun 2017.
Menimbang rilis data ekonomi makro di atas, Direksi ber- pandangan bahwa ketahanan fundamental dan ekonomi dalam negeri sangat baik, terlebih ditengah krisis kese- hatan saat ini. Kunci utama ketahanan ekonomi makro adalah penerapan stimulus-stimulus dari Pemerintah sekaligus dukungan terhadap jalannya perekonomian di Indonesia.
The inflation rate in 2021 as a whole had increased.
During the first quarter of 2021, inflation increased by 1.37%, increased by 1.33% in the second quarter of 2021, increased by 1.60% in the third quarter of 2021, and in- creased by 1.87% in the fourth quarter of 2021. The in- flation rate in the fourth quarter of 2021 was higher than the inflation rate in the fourth quarter of 2020 of 1.68%, an increase triggered by the rise in world commodity prices.
The resilience of the financial system was maintained and banking intermediation continued to improve gradu- ally. The banking capital adequacy ratio (CAR) in Novem- ber 2021 remained high at 25.59%, and the non-perform- ing loan ratio (NPL) was maintained at 3.19% (gross) and 0.98% (net). Banking intermediation continued to improve with credit growth of 5.24% (yoy) in December 2021. Credit growth was more evenly distributed across all types of uses, both working capital credit, consump- tion credit and investment credit, which grew 6.32%
(yoy), 4.67% (yoy), and 4.01% (yoy) respectively.
The rupiah exchange rate against the US dollar (USD) at the end of 2021 closed slightly higher at the level of Rp 14.269 per USD compared to the end of 2020 at the level of Rp14. 105 per USD. Meanwhile, the Composite Stock Price Index (CSPI) at the end of 2021 closed at the level of 6,581.48, rising relatively high from 2020 which was at the level of 5,979.07.
The positive sentiment in CSPI was influenced by sev- eral factors. First, Indonesia's economic growth had in- creased. Subsequently, investor participation increased due to the emergence of the e-IPO platform launched in the first half of 2021, and there were also 2 large IPOs involving many people to invest in these stocks. The total number of investors in the Indonesian capital market as of December 29, 2021 had increased by 92.7% to 7.48 million investors from the previous 3.88 million investors as of the end of December 2020. This number increased almost 7 times compared to 2017.
Considering the release of the above macro economic data, the Board of Directors was of the view that the resil- ience of fundamentals and the domestic economy was very good, especially in the midst of the current health crisis. The main key to macro economic resilience is the implementation of stimulus from the Government as well as support for the running of the economy in Indo- nesia.