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Perry Warjiyo embarks on second term as BI governor
The reassignment implies continuity in monetary policy decision-making until 2028.
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Bank Indonesia (BI) Governor Perry Warjiyo arrives for a media briefing at BI headquarters in Jakarta on Jan. 19, 2023. (Reuters/Ajeng Dinar Ulfiana)
P
erry Warjiyo has taken his oath to serve as Bank Indonesia (BI) governor from 2023 to 2028, giving him a second term at the helm of the country’s central bank.
His inauguration came after House of Representatives lawmakers approved his appointment as central bank governor on March 21, following his nomination by President Joko “Jokowi” Widodo as the sole candidate for the job.
A BI governor can serve for up to three consecutive terms since a revision of the Financial Sector Law increased the term limit from two.
Perry has earned praise for his leadership during a time of heightened global uncertainty, as the COVID-19 pandemic, the war in Ukraine and a course of rapid monetary tightening by the United States Federal Reserve (Fed) and other central banks posed challenges for monetary policymaking in Indonesia and other emerging economies.
BI has raised its benchmark seven-day reverse repo rate by a cumulative 225 basis points (bps) since last August to 5.75 percent this January.
It has kept the rate unchanged since then, arguing that inflation had eased faster than expected and that no further hikes would be needed.
Inflation dropped to 4.33 percent in April, marking a continued drop from its record high in 5.95 percent last September, following a hike in subsidized fuel prices aimed at reducing the pressure on the state budget.
