Sunday, February 25, 2024
Homebusiness asiaIndonesia's financial sector in good condition, can withstand high US rates: Regulator

Indonesia's financial sector in good condition, can withstand high US rates: Regulator

JAKARTA: Indonesia’s financial sector is in good condition, the regulator’s chief said on Monday (Oct 30), amid high US interest rates and rising geopolitical risks.

Ample liquidity in the market and a well-managed risk profile showed the sector was stable, said Financial Services Authority (OJK) chief Mahendra Siregar.

“There is increasing optimism that our financial sector is able to protect itself against the ‘higher-for-longer’ US rates and geopolitical risks,” he said in a press conference, sharing the results of OJK’s monthly meeting held last week to discuss the condition of the financial sector.

Last week, the rupiah hit its lowest level since 2020, around 15,900 per US dollar, pushing the government to introduce fiscal incentives to support economic growth.

On Monday at 3am GMT (11am, Singapore Time), the rupiah was trading at 15,920 per US dollar, strengthening 0.09 per cent.

Related:

5 hot-button issues set to figure strongly in Indonesia’s presidential, legislative elections

Indonesia Finance Minister predicts smaller 2023 budget deficit
RELATED ARTICLES
- Advertisment -

Most Popular