President Jokowi Calls for Reforms in Financial Institutions

By Office of Assistant to Deputy Cabinet Secretary for State Documents & Translation
Date 16 Januari 2020
Category: News
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President Jokowi delivers his press statement after attending the 2020 Financial Services Industry Annual Meeting at the Ritz-Carlton, Jakarta, Thursday (16/1). (Photo by: PR / Jay)

The Government has announced plan to implement reforms in the country’s financial services institutions, including banks, insurance, and pension funds.

“This is important and it is time for us to reform. We have reformed our banking industry from 2000 to 2005 with the result that the country’s financial system is stable and under control due to the public trust,” President Jokowi said in his remarks at the 2020 Financial Services Industry Annual Meeting at the Ritz-Carlton, Jakarta, Thursday (16/1).

President Jokowi went on to say that the non-banking financial services institutions are also in need of reforms in terms of regulations, supervision, and capital. “The reforms in non-banking institutions is needed in order to make them more prudent, transparent and to adopt a good risk management system to maintain the public trust. Do not let distrust disrupt our economy,” the President said, adding that the reforms should be implemented immediately.

Regarding the strengthening of rupiah exchange rate, the President continued, the country’s financial institutions should be alert of that. “We should be alert if our currency strengthens too rapidly against the dollar. Exporters would not be pleased about a stronger rupiah which may result in a decline in our competitiveness,” the President added.

At the end of his remarks, the President has mentioned the country’s new capital city. He underlined that new capital relocation is not only to move locations and government buildings but is more to change the mindset.

“We will change the mindset and work pattern as well as the system. We want to establish a new system that the people will follow. Once again, we will not only move new capital, but we are also moving to a new system,” the President said.

President Jokowi also said that he will explain in more detail regarding the new capital once the planning phase has reached 100 percent. “The country’s new capital will be a green, smart, compact city, and also an autonomous city because we will use autonomous and electric vehicles for mass and private transportation,” the President said. (FID/EN)

 

 

Translated by: Syarifah Aisyah
Reviewed by: Muhardi
Proofread by: Lulu Wuliarti

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