medcom.id, Jakarta: Bank Indonesia (BI) Governor Agus Martowardjojo admitted credit growth started slow this year. In the first quarter of 2016, the growth was below 10 percent or only single digit.
House Ownership Credit (KPR) dominates consumer credit in Indonesia. Agus explained KPR growth is hindered by tight down payment requirement.
Besides that, low credit growth is also influenced by global economic slowdown and falling commodity prices. "It influences demands. We see that it is lower," Agus said at his office, Jakarta, Wednesday (5/25/2016).
Nevertheless, Agus believes that credit growth will improve in the near future. "We believe that it will be better in the second semester. The credit will be back to double digit," he continued.
To improve credit growth, BI plans to loose its monetary policies. It will be implemented should the macro-economic stability is well maintained.
"If it is well maintained as supported by data, there will be monetary easing. It will improve credit and Indonesia's economy," he stated.
Moreover, BI also plans to ease loan-to-value (LTV) rules to boost KPR growth. Agus ensured the measure will be applied immediately.
"With that (measure), we hope to improve credit distribution at the second semester," said Agus.
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