The Role of the Financial Services Sector in National Economic Recovery
JAKARTA – The College of Economics-Indonesia Banking School (STIE-IBS) again held a public lecture Webinar entitled The Role of the Financial Services Sector in National Economic Recovery, Friday (18/9/2020). Present as speakers were the Chairman of the Board of Commissioners of the Financial Services Authority (OJK) Wimboh Santoso and moderator Sulistyowati, a lecturer at the STIE IBS STIE Islamic Banking and Financial Management Study Program.
“This webinar is a form of sharing session with the OJK regarding the strategic function and role of this institution in terms of national economic recovery in line with government policies, especially during the ongoing Covid-19 pandemic,” said Dr. Kusumaningtuti Sandriharmy Soetiono, SH, LL.M-Chairman of STIE-IBS.
Kusumaningtuti said, the Covid-19 pandemic resulted in a significant decline in the national economy which affected all aspects of life. Even though the financial services sector is currently stable, vigilance is still being improved.
OJK, as the main supporter of the country’s economy, continues to do its best in the midst of the social and physical distancing era which requires people to move from home (WFH).
“Regarding the function of OJK regulations related to National Economic Recovery, this institution has a strategic role as described in the national webinar of STIE Indonesia Banking School,” he explained.
According to Mrs. Kusumaningtuti, OJK has a strategic role in optimizing various policies that have been issued to promote national economic recovery through strengthening the role of the financial services sector.
Based on Law Number 21 of 2011 concerning the Financial Services Authority, this institution has an important role in activities in the financial services sector in the form of independent and accountable supervision with a very broad scope, including microprudential regulation and supervision.
Meanwhile, Wimboh said that facing the Pandemic period, policy coordination would continue to be strengthened with the KSSK, Ministries / Institutions, the financial services industry and the business world to encourage the real sector to continue to run the wheels of the economy while maintaining financial sector stability.
OJK supports various policies of the Ministry of Finance (Kemenkeu), Bank Indonesia (BI) and the Deposit Insurance Corporation (LPS) in accelerating national economic recovery.
Various stimulus policies issued by the OJK during the Covid 19 pandemic were in line with the Government’s efforts to promote national economic recovery. OJK has issued 11 stimulus policies in the banking industry, capital market and non-bank financial industry.
The stimulus policies that have been issued by the OJK include policies related to restructuring of banking credit and financing from financing companies as regulated through POJK 11/2020 and POJK 14/2020.
OJK has issued eleven stimulus policies with a wide scope covering the banking industry, capital market and non-bank financial industry. This is intended to be able to move the wheels of the economy by providing support for the real sector.
One of the major policies that have been issued by the OJK since March 16, 2020, is the bank credit restructuring program, until July 20 it has reached a value of IDR 784.36 trillion from IDR 6.73 million debtors. This is solely intended to help the economy, the benefits of which can be felt directly by the community and related stakeholders.
In his presentation, Wimboh said that in addition to maintaining the stability of the financial services sector, the stimulus policy also served to place the financial services industry as a catalyst in moving the wheels of the economy by providing support for the real sector.