Indonesia Monetary Policy

Monetary Policy Sri Adiningsih, Ph.D.

The Role of Monetary Policy Monetary Policy Monetary System Economic Activity Interest rate, Credit, & Money

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object], dalam sistem perekonomian terbuka seperti Indonesia, kedua target keseimbangan ekonomi itu saling terkait atau memerlukan penyelesaian secara simultan.

[object Object],[object Object],[object Object],Demand management dalam kaitan dengan pengendalian inflasi dilakukan dengan menjaga agar permintaan uang, barang dan jasa dapat dipertahankan pada tingkat yang tidak mendorong inflasi (non inflationary level) Target moneter atau lebih khususnya target jumlah uang beredar atau pengendalian JUB . Kebijakan yang dapat dilakukan antara lain dengan menurunkan jumlah uang primer, menaikkan cadangan wajib (reserve requirement) dan menaikkan suku bunga.

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MONETARY POLICY IN INDONESIA ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

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Indonesian Crisis ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

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Indikator Kinerja Bank Umum 1998-2004 Sumber: Laporan Tahunan Bank Indonesia 1998 1999 2000 2001 2002 2003 2004 Jumlah Bank 208 164 151 145 141 138 134 Jumlah Kantor Bank 7661 7016 6397 6657 6886 7621 7826 Total Asset 895.5 1006.7 1030.5 1099.7 1112.2 1213.5 1272.1 Dana Pihak Ketiga 625.4 617.6 699.1 797.4 835.8 888.6 963.1 Kredit 545.5 277.3 320.4 358.6 410.3 477.2 595.1 LDR (%) 72.4 26.2 33.2 33 38.2 43.5 50 NPL - gross(%) 48.6 32.8 18.8 12.1 8.1 8.2 5.8 NPL - net(%) 34.7 7.3 5.8 3.6 2.1 3 1.7 Modal -129.8 -41.2 53.5 62.3 93 110.8 118.6 CAR -15.7 -8.1 12.5 20.5 22.5 19.4 19.4 Laba (rugi) sblm pajak -178.6 -75.4 10.5 13.1 22 26.4 41.1 Net Interest Income -61.2 -38.6 22.8 37.8 42.9 49.5 65.8

Sources: Bank Indonesia, & US Federal Reserve Figure 1. Indonesia’s Inflation Rate & Interest Rate (%)

Gambar 1. Pertumbuhan Ekonomi, Inflasi dan Tingkat Bunga, 1991-2007 (%) * Pertumbuhan PDB tw 1 s.d tw 3 /07 terhdp tw 1 s.d tw 3 /06 (6,3%) Inflasi: 6,71% ( YoY Nov 2007 ) , dan Tingkat Bunga BI rate : 8% (6 Des 2007 ) Sumber: BPS dan Bank Indonesia

Mo, M1, & M2 (trillion Rp) Sources: Indonesian Financial Statistics BI

Mo, M1, & M2 Growth (%) Sources: Indonesian Financial Statistics BI

M1 & M2 (% of GDP) Sources: IFS IMF & Indonesian Financial Statistics BI

Money Supply, Interest Rates, & International Reserves Sources: IFS IMF & Indonesian Financial Statistics BI Year M1 (bilion Rp) M2 (bilion Rp) SBI 1 month (%) Int’l Reserve (milion US$) M1 (% of GDP) M2 (% of GDP) 1970 243 323 - 156 7.3 9.7 1980 6,476 10,147 - 5,392 14.2 22.3 1990 20,559 58,526 18.8 7,459 9.7 27.8 1996 64,089 288,632 12.8 18,251 12.0 54.2 1998 101,197 577,381 38.44 22,713 10.6 60.4 2000 162,186 747,028 14.53 28,502 12.8 59.1 2003 223,799 955,692 8.31 34,962 12.5 53.5 2004 253,800 1,033,500 7.43 36,320 11.0 44.9

International Reserve (billion US$) Sources: IFS IMF & Indonesian Financial Statistics BI

Indonesia Monetary Policy

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