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bservers want President Susilo Bambang Yudhoyono to follow the mantra “If it ain’t broke, don’t fix it” as he ponders reappointing Bank Indonesia (BI) Governor Darmin Nasution.

Analysts have given a thumbs-up to Darmin, whose term as chief of the nation’s central bank will end in May, for managing inflation while supporting economic growth.

“BI Governor Darmin Nasution gets our vote for the 2012 Asian Central Bank Governor of the Year,” Tim Condon, the chief economist of the Dutch-based ING Group, wrote in report released in January, citing Darmin’s maintenance of macro-stability and a low and stable inflation rate that was unaccompanied by asset price overheating.

Amid the continuing global economic slowdown, Indonesia was one of the few nations posting an annual economic growth rate above 6 percent in 2012. The achievement was accompanied by a relatively low annual inflation rate of 4.3 percent, which was within BI’s target of 4.5 percent.

However, analysts reminded Yudhoyono, who is required to submit a list of three candidates to lead the central bank to the House of Representatives by Feb. 22, that Indonesia’s achievement in recording robust economic growth was mainly attributable to Darmin’s move in November 2011 to cut BI’s benchmark rate by 50 basis points to 6 percent.

“When BI cut the benchmark rate at that time, the market was in an uproar and criticized such moves, predicting that it would trigger future inflationary pressure,” Bank Mandiri chief economist Destry Damayanti said on Wednesday. “But Pak Darmin stood firm, and now you see that his decision turned out to be the correct one.”

While Darmin is eligible to serve another term as central bank governor, observers fear that it is unlikely that Yudhoyono will select the 64-year-old as one of the candidates that he must forward to the House for consideration.

Darmin’s reappointment might be hindered by his mediocre relationship with foreign companies holding local oil and gas concessions. The firms have been critical of BI regulations that would require them to deposit export earnings in local banks.

Among those tipped as likely candidates to replace Darmin are Deputy Finance Minister Mahendra Siregar; Finance Ministry tax chief Fuad Rahmany; the Finance Ministry’s interim fiscal agency chief Bambang Brodjonegoro; Religious Affairs Ministry haj affairs chief Anggito Abimanyu, who was the former head of the fiscal agency; and Agus Santoso, the deputy chief of Financial Transactions Reports and Analysis Centre (PPATK).

Also said to be on the short list of candidates are two internal candidates: BI Deputy Governors Halim Alamsyah and Hartadi A. Sarwono.

Meanwhile, Destry said that Darmin deserved reappointment. Failing that, Destry wanted the President to give priority to internal candidates from BI or to technocrats with a broad knowledge in managing budgeting, tax, debt or spending.

“Fiscal and monetary policies are basically related and inseparable,” she said.

Many representatives from local banks have had nothing but praise for Darmin for shaping up the nation’s banking sector, expressing a desire for his reappointment.

“So far, the central bank has done a very good job in working with banks,” Bank Danamon president director Henry Ho said.