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OJK’s Stimulus Policy to Promote Economic Recovery

OJK Economic
OJK

JAKARTA – The Financial Services Authority (OJK) is encouraging accelerated economic recovery. Through the relaxation of prudential policies that are temporary and measurable. One of the things done by the authorities is to extend the restructuring credit until March 2022. And financing restructuring until April 2022.

Chairman of the Board of Commissioners OJK Wimboh Santoso said that the authorities are also preparing a number of stimulus policies for the financial services sector to encourage economic recovery. “The relaxation is carry out to ease the burden on debtors who have not recover from the Covid-19 pandemic while at the same time maintaining financial sector stability,” he said in an official statement, Wednesday (3/2).

OJK note that the restructuring of loans bank was valued at Rp. 971 trillion or the equivalent of 18 percent of total loans to around 7.6 million SME and corporate debtors. Then it was record that the restructuring of the finance company as of January 25, 2021, was value at Rp. 191.58 trillion from around five million financing contracts that had been approved. “policies Financial sector are direct at accelerating the national economic recovery,” he said.

Economic Financial Sector Still Stable

Wimboh said that at the end of last year the national financial sector was still stable. With good capital at 23.84 percent through excellent liquidity indicators. On the other hand, the non-performing loan (NPL) is in the range of 3.06 percent. “This gives confidence that our financial sector can survive this pandemic,” he said.

According to him, a number of stimulus policies have been prepare by the OJK, namely reducing the weight of credit risk or financing for property and motor vehicles to increase financing in these two sectors.

In addition, OJK has also adjust the maximum credit limit and reduce the credit risk weighting for the health sector, which is need by the public during the pandemic period.

 

 

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