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BI: Don't delay structural reforms
Bank Indonesia (BI) Governor Agus Martowardojo says Indonesiaâs structural reforms need to be accelerated to build international confidence in the countryâs economy
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ank Indonesia (BI) Governor Agus Martowardojo says Indonesia's structural reforms need to be accelerated to build international confidence in the country's economy.
'There is no excuse for further delay [of structural reforms] because there won't be confidence in Indonesia's economy unless we carry out structural reforms,' said Agus in a seminar in Jakarta on Wednesday evening, as quoted by Antara.
The central bank governor said during the period of quantitative easing conducted by the US Federal Reserve's (Fed) from 2008 to 2013, structural reforms in Indonesia were relatively sluggish.
'The most important thing for Indonesia is to improve its economy by carrying out structural reforms. When the quantitative easing was carried out from 2008 to 2014, structural reform slowed down,' said Agus.
The structural reforms could not be ignored by the government in order to make Indonesia's economy robust and more sustainable.
'The most difficult thing is how best to manage subsidies for our energy, both fuel and electricity. It is also important to improve infrastructure, food systems and our economic competitiveness,' said Agus.
He added that expanding financial markets in Indonesia was also a key issue to which attention needed to be paid. He said there should be commitments from all parties, including exporters to release their foreign currency reserves and from regulators to make better regulations.
'We don't have to carry out transactions using foreign currencies anymore because they can actually all be converted into rupiah,' said Agus. (ebf)
