Jakarta: Bank Indonesia (BI) is implementing several measures to stimulate economic recovery during the coronavirus disease 2019 (covid-19) pandemic.
According to BI Governor Perry Warjiyo, the first measue is maintaining rupiah exchange rate stabilisation policy in line with the currency's fundamental value and market mechanisms.
Meanwhile, the second measure is strengthening the monetary operations strategy in order to enhance transmission of the current monetary policy stance.
"Third, extending the 50 bps lower rupiah reserve requirements, as an incentive for banks disbursing loans to small and medium enterprises (SMEs) and for export-import activity as well as to non-SMEs operating in priority sectors as stipulated in the national economic recovery program, from December 31, 2020 previously until June 31, 2021," he said here on Thursday.
"Fourth, accelerating development of money market instruments to support corporate and SME financing in line with the national economic recovery program," he added.
Lastly, the fifth measure is expanding QRIS acceptance in order to bolster the economic recovery and accelerate SME development by extending the 0 percent Merchant Discount Rate (MDR) for micro-businesses from September 30, 2020 previously until December 31, 2020.
In addition, Bank Indonesia (BI) is also providing support for the government in terms of accelerating state budget realisation in 2020.