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Senior economic minister supports decision on JP Morgan
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Coordinating Economic Minister Darmin Nasution answers journalist's questions at the Indonesia Fintech Festival & Conference in the Indonesia Convention Exhibition (ICE) in Serpong, Tangerang, on Aug. 30, 2016. (JP/Anton Hermansyah)
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oordinating Economic Minister Darmin Nasution has expressed support of Finance Minister Sri Mulyani Indrawati’s decision to terminate the government's cooperation with JPMorgan Chase Bank as a perception bank.
Darmin said on Tuesday that the research institution, a subsidiary of the United States-based investment bank JP Morgan Chase, had conducted analysis, the results of which outline the conditions of the Indonesian economy.
“I have not read [the JP Morgan report]. But the fact that the Finance Minister has made a decision is good,” said Darmin in Jakarta, adding that the results of the research were not credible as reported by tribunnews.com.
Sri Mulyani terminated a partnership with JPMargan Chase Bank after the firm came up with a report that created negative sentiment toward Indonesia. The Finance Ministry’s decision is stated in a letter to the company on Dec. 9. The letter said the termination of the cooperation would be effective starting Jan. 1.
Darmin said he did not know the standard used by the company in analyzing the Indonesian economy. “I do not know, but so far, our condition is good based on the assessment of analysts,” he added.
In its report, JP Morgan’s emerging market equity strategist downgraded Indonesia – by two notches – from overweight to underweight, while downgrading Turkey from Neutral to Underweight and Brazil from overweight to neutral. (bbn)
