BI: Economic Growth Can not 5.3 Percent

By : Herry Barus And Aldo Bella Putra | Thursday, May 24 2018 - 20:30 IWST

Perry Warjiyo Gubernur Bank Indonesia (Foto Dok Industry.co.id)
Perry Warjiyo Gubernur Bank Indonesia (Foto Dok Industry.co.id)

INDUSTRY.co.id - Jakarta - Bank Indonesia's new governor Perry Warjiyo said domestic economic growth in 2018 could not reach 5.3 percent (year-on-year / yoy).

After swearing the oath of office as Governor of Bank Indonesia at the Supreme Court, Jakarta, Thursday (5/24/2018) Perry said that Indonesia's economic growth this year reaches a maximum of 5.2 percent (yoy).

"Indeed we want higher, but there are some aspects of the domestic economy that have not been able to push up to 5.3-5.4 percent, but 5.2 percent is good enough," said Perry who spent his last five years as Deputy Governor of BI.

The Central Bank wants to anchor economic growth this year in the range of 5.1-5.5 percent (yoy). However, until the first quarter of 2018, the economic growth only reached 5.06 percent (yoy), with consumption growth still slowing.

Perry, who has always campaigned for monetary policy and prostability, emphasized that in the remainder of the year BI will continue to prioritize monetary policy to maintain economic stability. However, BI will not neglect if there is an opportunity for the Central Bank to adjust its policies to boost economic growth.

"One of our monetary policy instruments will be to maintain stability, but we have four instruments for pro-growth," he said.

The first four instruments are macroprudential policy relaxation, in which is the policy for relaxation in the field of housing finance. Then, the two macroprudential policies to accelerate the deepening of financial markets.

"This deepening financial market includes issuing infrastructure financing instruments," he said.

Third, the payment system policy to improve the efficiency and effectiveness of national digital economy.

Furthermore, the fourth is to strengthen the acceleration of Islamic finance and economics, including building a halal product industry, and developing educational research and sharia economic campaigns.

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