Thursday, 18 Safar 1441 / 17 October 2019

Thursday, 18 Safar 1441 / 17 October 2019

Pressure on financial market is temporary: OJK

Selasa 24 Jul 2018 19:33 WIB

Red: Reiny Dwinanda

Chief Commissioner of the Financial Service Authority (OJK) Wimboh Santoso

Chief Commissioner of the Financial Service Authority (OJK) Wimboh Santoso

Foto: Republika/Iman Firmansyah
OJK, BI and the government have coordinated to ease external pressure.

REPUBLIKA.CO.ID, JAKARTA -- Chief Commissioner of the Financial Service Authority (OJK) Wimboh Santoso has said the pressure on the Indonesian financial market is temporary phenomenon as a reaction to the global condition. He believed Indonesia could weather the turbulence as the country has strong economic fundamentals.

"The pressure on the financial market lately is a temporary phenomenon as a result of portfolio rebalancing of global investors," a news release quoted Wimboh Santoso as saying addressing Investor Update 2018 Forum in London, on Monday.

Wimboh told the forum attended by a number of investors and finance industrialists based in Britain that OJK and Bank Indonesia and the government have coordinated to take a series of policies to ease the external pressure.

On that occasion Wimboh explained the priority agenda of the OJK in supporting strategic program related to infrastructure development in various areas with a number of development initiative in the capital market, the release said.

Also read: 'Rupiah weakening does not reflect fundamentals of economy'

He said in order to support infrastructure development in finance, development of stock market became important as a provider of alternative for long term financing.

"Development of infrastructure became top priority in our agenda to boost economic growth, reduce unemployment, improve connectivity and trigger economic growth in the regions," he was quoted as saying.

In addition, the government continues to apply structural reform by using subsidy fund originally for fuel to finance infrastructure development and social security program, Wimboh was quoted as saying.

A number of financing alternatives have also been taken by OJK such as development of variability of stock market financing instruments such as securitization, bonds , green bonds, regional bonds and "blended finance".

Wimboh invited British investors to do business in Indonesia. He said Indonesia has instrument options for investment backed up by solid fundamentals, good profit and risk under control.

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