Jakarta, Aktual.com – Senior Deputy Governor of Bank Indonesia (BI), Mirza Adityaswara admitted that the financial instruments in Indonesia are still very slow. In fact, the needs of corporations and non-bank financial institutions seek funding is very large.
Currently, bank credit totaling reached Rp4.000 trillion. The capital credit is only 30-40% of total loans. That’s mean, the working capital requirement was very high.
“Actually, to build this country how much is needed? Surely the bank credit is not enough, because if we look at the GDP (Gross Domestic products) amounted to 11.000 trillion and bank credit only Rp3.000 until 4.000 trillion, so about 32-35 percent, “said Mirza at the Seminar on Commercial Paper in BI building, Jakarta, Monday (24/10).
Figures are only 32-35 per cent, called Mirza, is still too small. Whereas in the neighboring country of bank credit rate can reach 80-100 percent of the GDP. So the banking sector could pay GDP.
“Then, with the still small contribution of banking, so who are funding the rest of our economy? So the rest is financed by foreign debt, “said Mirza.
At present, foreign debt is not only from the government but also from many private corporations, even the banks. “ED corporations around the US $ 160 billion or Rp1.900 trillion,” he said
Temporal official debt of about US $ 140 billion. Including from state bonds or Certificates (SBN) 38 percent pocketed by foreign or around Rp1,600 trillion.
“So, US $ 140 plus US $ 160 billion to US $ 300 billion, or around Rp 4,000 trillion. The rest of our capital, “said Mirza.
“So, this country can not live, can not build if there is no debt financing from abroad,” he explained.
Although the portion of the financing is small, but unfortunately, the money of banks instead returned parked in BI by buying SBI.
“There is liquidity in the country who still go back to BI around Rp300-350 trillion,” said Mirza.
Indeed, he said, the bank’s move was legitimate. Because the bank may not be the liquidity of the bank in the form of liquid assets of Third Party Fund (DPK), may not be all placed be credit.
“Because there may be customers willing to pull funds or deposits, or even credit committed, so the banks should have a liquid asset,” said Mirza.
And that context said Mirza, BI wants the stronger bank liquidity, so set in implement’s Commercial Paper (SBK). Later, BI will issue associated SBK rules.
Rules emplacement which references is PBI No. 18/11/2016 on Money Market SBK set to be one type of money market instruments. Hence,BI’s interest to build a credible SBK market to improve trust issuers and investors.
“So the market SBK is an effectively and efficiently source of financing and supports the stability of the macro / stability financial system (SSK), and boost the effectiveness of monetary policy transmission,” said Mirza.