Jakarta: Bank Indonesia (BI) has received the Best Systemic and Prudential Regulator in Asia Pacific Award 2021 from the Asian Banker.
BI accepted the honour at the virtual Asian Banker Leadership Achievement Awards 2021 ceremony on Thursday.
This is the second award from The Asian Banker received by BI under the leadership of Governor Perry Warjiyo after recognition as Best Macroeconomic Regulator in Asia Pacific 2020.
The award was presented to Bank BI in recognition of successful accommodative macroprudential policy implementation to maintain financial system stability and mitigate the impact of economic moderation triggered by the Covid-19 pandemic.
"The Asian Banker recognises four salient achievements by Bank Indonesia in terms of maintaining financial system stability," said BI Communication Department Head Erwin Haryono in a press release on Thursday.
First, BI's ability to implement a policy mix incorporating an optimal and accommodative macroprudential policy response, primarily to the Covid-19 pandemic.
Second, Bank Indonesia reduced its policy rate (BI7DDR) by 125 basis points in 2020 and injected liquidity into the banking industry through quantitative easing totalling Rp740.7 trillion, or 4.8% of GDP.
"Macroprudential policy was oriented towards maintaining bank liquidity and, thus, supporting economic recovery, specifically financing exports-imports, MSMEs and priority sectors," he stated.
Third, BI's macroprudential policy is considered a resounding success in terms of managing procyclicality to bolster financial system stability, supported by a solid banking sector.
Fourth, The Asian Banker recognises BI's active contribution to the national economic recovery program through rapid, sizeable, innovative and unambiguous policy measures in line with good governance principles, primarily by providing liquidity through a burden sharing mechanism with the Government.
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