REMARKS OF DEPUTY GOVERNOR OF BANK INDONESIA TENTH ANNIVERSARY OF STIE INDONESIA BANKING SCHOOL. Jakarta, 16 June 2014
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1 REMARKS OF DEPUTY GOVERNOR OF BANK INDONESIA TENTH ANNIVERSARY OF STIE INDONESIA BANKING SCHOOL Jakarta, 16 June 2014 Honorable, Head of Commissioner of Financial Services Authority, Dr. Muliaman D, Hadad; Head of STIE Indonesia Banking School (IBS), Dr. Subarjo Joyosumarto; Coordinator of Kopertis Wilayah III, in this represented by Executive Secretary Kopertis Wilayah III, Mr. Putut Pujo Giri, SH; Members of STIE IBS Board of Curators; Honorable faculty and STIE IBS Executive Board; o Drs. Rachmat Saleh o Prof. Adrianus Mooy o Dr. Darmin Nasution o Dr. KH. (HC) Ma ruf Amin o Drs. Binhadi o Dr. J.P. Soebandono and Mr. Bambang Sarengat; Academic Senat of STIE IBS; Founders of STIE IBS: o Mr. Burhanuddin Abdullah o Dr. Maman Soemantri o Dr. Siswanto o Dr. Muchlis Managing Director and member of Board Directors of LPPI, Mr. Hartadi A. Sarwono; Chairman of YPPI Mr. Abdul Aziz and YPPI Board of Management Managing Director of PT. Bank Mandiri (Persero), Tbk, Mr. Budi Gunadi Sadikin; Chairman of ASBISINDO, Mr. Yuslam Fauzi; Messrs. & Madam Managing Director, Board of Directors and Leadership of Banks and Financial Services; Chairman of Indonesia s Banker Association Executive Director of LSPP;
2 Chairman of BARa; Leadership of Pondok Pesantren Darunnajah, Madrasah Aliyah Negeri and Al Izhar Senior High School; Academic Community of STIE IBS, Lecturers, Students; Attendees and Invitees, Good Morning and Greetings to us all First of all to start this morning meeting, allow me to ask you all to praise and thank God the Almighty, for His blessing we are able to gather here in a good atmosphere to have a friendly get-together and attend the Tenth Anniversary of STIE Indonesia Banking School (IBS); We welcome various cooperation arranged in this event, as an effort of good collaboration between banking industry, educational institution, banking development institution, and other related institutions in order to enhance banking human resources leadership and managerial competence; Ladies and Gentlemen, As a component in the economic system, the dynamic and performance of banking industry certainly cannot be separated from the dynamics of global and domestic economy. Even, this economic condition which eventually will forge banking leaders in formulating the best strategy, to maintain business continuity and bank profitability; Together, we have witnessed how the fluctuation of global economic uncertainties in the half of last decade continuously creating new uncertainty pendulum. In the midst of the still weak domestic economic structure, drastic change of the world economic structure has provided quite significant additional pressure to the domestic economy; The year 2013 was not an easy year for us all. The national economic activities indicated a deceleration with a growth lower than predicted previously. Nevertheless, amidst the world economic turbulence, we should be grateful that in year 2013 our economy was able to survive at a fairly high level with 5.78% growth, far above the average growth of peer countries at 3.6%.
3 Ladies and Gentlemen, If in 2013 the macroeconomic policy was directed to the effort of stabilization to support a healthy and balanced economic growth, in this year 2014 we have entered a different policy nuance, namely a policy and structural reform to sustainable economic growth. This is based on the global economic situation that is still surrounded by uncertainties and the still decelerating domestic economy. Different from the previous prediction, the trend of recovery and the rate of economic growth inter-regions and inter-countries move with various acceleration. The economy of European countries finally is free from the shackles of recession, whereas USA s economy continues to show further strengthening of recovery momentum; On the other hand, emerging markets economy especially China, is entering an acceleration phase as the impact of rebalancing of macro-economic policy. IMF has predicted that this trend of economic growth deceleration of China will continue, i.e. down to 7.5% from the previous of 7.7%. Even, some emerging market countries experience the increasing pressure of susceptibility increase indication, including risk of unsustainable current account balance and accumulation of increasing private sector overseas loans; Such various developments certainly will highly influence the condition of financial market in the region. Pressures in the financial markets of several ASEAN countries continue to increase. In line with this, the pressure of Rupiah depreciation that had subsided in the Q again experiences an increase, especially influenced by reposition of financial assets from emerging market related to the possibility of monetary stimulus adjustment by the Fed and sentiment to fiscal deficit and current account in the country. Ladies and Gentlemen, We are aware that the challenges which need to be addressed are increasingly felt sooner or later. In my opinion, at this point our capability to read and anticipate this economic movement ahead is tested. The rapidity in responding to that challenge will affect our ability to maintain the continuity of growth;
4 We believe that process of economic adjustment still runs quite smoothly, although there are a number of risks that needs attention and watched out for. Therefore, anticipative policy needs to be focused to ensure that the inflation target can be achieved and the performance of current account remains controlled. With that consideration, Bank Indonesia decides to maintain the BI Rate at 7.5%, with interest rate of Lending Facility and interest rate of Deposit Facility respectively at 7.5% and 5.75%; Further, to support that policy, Bank Indonesia will constantly strengthen the monetary policy mix and macro-prudential as well as the policy to strengthen domestic economic structure and Foreign Loans (ULN) management, especially corporations ULN. Besides, Bank Indonesia also will improve coordination the Government in controlling inflation and current account deficit. Facing the hard challenges ahead that will have to be addressed by Indonesia s economy, we consider that sharia financial industry, already proven to be immune to crisis, has the opportunity to take a bigger role in the national economy through its contribution to economic activities based on sharia principle; Although the national economic problems also bring influences to sharia banking industry, we see that up to today the performance of sharia banking is still pretty good. Sharia banking services continue to grow bringing positive impact on the increase of the number of fund accounts in sharia banks from 10 million accounts in 2012 to 12 million accounts in Meanwhile, the ratio of financing to deposit (FDR) already at the level of 100% with financing priorities channeled to the financing of micro, small, and medium enterprises (MSME); From the perspective of sharia banking industry, the challenges that currently arise, among others, are limitations of human resources both quality and quantity to support industry acceleration, limitations of product development and services of sharia financial services, and also optimization of sharia financial market development. Those challenges have a long term time dimension and require consistency of policy to face them;
5 With the transferring of sharia banks governance and supervision to OJK, it does not mean that Bank Indonesia has no role in the development of sharia financial industry. Bank Indonesia with its macro-prudential governance and supervision will conduct monitoring toward institutions or financial markets in order to maintain stability of the financial system, including institutions and financial markets based on sharia principle. Apart from that, Bank Indonesia also has interest to implement sharia-based monetary policy in maintaining economic stability. The role of Bank Indonesia in sharia financial development will be conducted through the regulation of money market and various funding instruments of financial institution liquidity management, such as sharia-based inter-banks repo transactions; Besides, Bank Indonesia will conduct harmonization and coordination of policy inter-authorities more closely and improve socialization & education to stakeholders that is more integrated, among others through the implementation of Sharia Economic Movement. Such various challenges need to be examined in line with the approaching commitment of ASEAN Economic Community (AEC) in On one hand, the AEC commitment will open more liberal market opportunities with the flow of goods, services, investments, manpower and capital. On the other hand, however, this will also provide consequences of higher competition in the domestic markets of the respective country; With the massive market potential, I see that the most fundamental substance from the AEC commitment is our ability to create a competitive competitiveness. Are we able to utilize AEC as the main actor in the global production chain, or we just become the market target and marginalized? In my opinion, at this point our capabilities to read and anticipate the economic movement ahead will be tested. Survivors aren t always the strongest; they re the smartest; In this condition, bankers should equip themselves as best as possible so as to have high professionalism and competitiveness in order not to become second class bankers. We must be able to show that Indonesian bankers are the best in
6 ASEAN region by becoming professional bankers and their competence, expertise and professionalism are accounted for by the neighboring countries; Currently, Indonesia s economic scale dominates 40% of the ASEAN countries economy, with a total population of approximately 50% from the total ASEAN population. But certainly, this demands various revamping that need to be met, such as the existence of structural reform; We notice there are at least 3 (three) structural challenges that needs to get priorities immediately. First, basic capital of development such as infrastructure of physical and digital connectivity, human resources, and capacity of technology application, and also business climate and institutional that requires further strengthening. Second, the condition of real sector that still requires increased competitiveness and reliability from the production perspective. Third, financing of development that is still not optimal resulted from domestic financial market that is still not deep; To respond to the structural challenge, it requires a structural reform policy that focuses on three main pillars, i.e. (i) self-reliance of domestic economy, (ii) competitiveness of industrial sector, and (iii) continuity of development financing. In line with the policy on structural reform and preparation in facing the approaching formation of AEC, we observe that consolidation of various institutions engaging in financial sector and educational industry have important roles to enhance competitiveness, especially from the perspective of banking human resources quality; Various institutions contribute actively in the development of knowledge, skill, and attitude of the human resources of banking and financial services, in order to support the realization of quality banking industry; Cooperation inter-institutions both locally and abroad that have good reputations is an integrative and synergic effort that must constantly be developed in improving quality human resources development. However, we believe that knowledge and skills realized by mastering the standard of competence and
7 expertise will not be meaningful without good integrity, for banking business is a business of trust. Finally, we would like to congratulate STIE Indonesia Banking School for its Tenth Anniversary. Hopefully the positive collaboration that has been arranged in this year s event is able to boost the creation of qualified human resources development system and to provide equipment of managerial competence and leadership in order to enhance the resilience and competitiveness of the banking industry; Hopefully our good intentions to build a nation and state through the development of quality banking human resources that has integrity will constantly be blessed by God the Almighty. Thank you! Jakarta, June 2014 Ronald Waas
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