Jakarta, March 28 (Antara) - Economic observers and bankers have given
positive response to the election of current Finance Minister Agus
Martowardojo as new governor of Bank Indonesia (BI/the central bank).
He is considered to be the ideal figure to lead the central bank and
his election is expected to provide positive impact on BI performance
and create stimulus to national economy.
"Agus
Martowardojo so far has a positive track record in the banking and
financial industries. So, he is an ideal figure to lead BI," Rully Nova,
financial market analyst of Bank Himpunan Saudara, said.
As a finance minister, Agus with good vision and mission similar to
outgoing BI Governor Darmin Nasution, has good understanding on how to
make the fiscal and real sectors run well in Indonesia.
"He is a figure who has the good governance capacity which is needed by
BI to produce monetary policies for maintaining domestic economic
stability," Rully said.
Finance Minister Agus Martowardojo was elected BI new governor by the
House of Representatives (DPR)'s Commission XI on financial affairs on
Tuesday.
He will take up his new post in May for the 2013-2018 period to replace
outgoing BI Governor Darmin Nasution who will end his term on May 22,
2013.
Economist Destry Damayanti of Bank Mandiri said the new BI governor
would give positive impact to BI performance because he had high
integrity and good governance capacity.
She said Agus had proved that he had good governance in leading the
finance ministry where he had obtained the unqualified opinion from the
state audit board (BPK).
The new BI governor has the courage to break problems in the finance
ministry by improving the taxation system and clean the state
institution from bad tax officials. He dared to break the problem faced
by the ministry in the tax sector.
"BI needs a figure like Agus who has good governance for its future polices," Destry said.
As a banker, the new BI governor who is a former president director of
Bank Mandiri, has a good macro-prudential capacity he has shown as a
finance minister.
"From
the macro-prudential aspect, BI will deal with fiscal problems. After
all, state debenture is now a financial instrument of BI which will
concern fiscal policies. Agus has the expertise to see the implications
of policies in the fiscal sector," Destry said.
Besides his capacity in the macro-economic aspect, the new BI governor
also has capability in the micro-economic sector, particularly in the
banking sector.
"Moreover, BI and the Financial Service Authority (OJK) will be related
with each other in the macro-prudential policy sector in the future.
Agus's experience as a banker will be very helpful in seeing the impact
of a macro policy to the micro-economic sector," she said.
The OJK has been established to handle micro-prudential problems like the banking sector.
According to Sigit Pramono, general chairman of the Indonesian Banks
Association (Perbanas), the new BI governor have three big challenges
that he will have to face.
The
first challenge is linked to BI's task following the establishment of
the new Financial Service Authorities (OJK) which will certainly. "With
the presence of the OJK, BI will focus on dealing with macro-prudential
problems and will no longer regulate and monitor banks," he added.
The second challenge is, he said, the BI governor along with the
finance minister, the OJK chief and the head of the Deposit Insurance
Agency (LPS), would be responsible for maintaining the stability of the
financial system through the Financial System Stability Forum (FKSSK).
"The
task is held during normal situation and financial crisis. The task of
the BI governor has been confirmed in the OJK law," he added.
Pramono said the third challenge would be securing the transition process of Bank Indonesia's tasks to OJK.
Therefore, Perbanas hopes, he said, that Agus Martowardojo's election
as the new central bank governor would bring a positive stimulus to
national economy and increase central bank's understanding of the
national banking industry.
"With the positive stimulus investment atmosphere is expected to be
brighter and as Agus hails from banking industry he is expected to be
able to improve Bank Indonesia understands of the industry," Sigit
Pramono said.
With regard to challenges facing the new BI head, outgoing BI Governor
Darmin Nasution said there were still lots of homework that must be done
by newly elected BI governor in the coming five years.
"I will tell him (Agus) about the homework that has to be done. I will
talk to him," Darmin Nasution who will end his term of office as the
central bank governor on May 22, 2013, said.
Darmin said that among the homework that should be accomplished by the
new governor included meeting inflation target, exchange rate of the
local rupiah currency, payment system and financial inclusion for the
people.
Destry Damayanti meanwhile acknowledged that maintaining economic and
the rupiah exchange rate stability was homework for the new BI governor.
This is because fluctuations in the financial markets would continue to
take place.
"Developments ahead will certainly have impact on the economic and
rupiah stability. BI should have correct strategies to stabilize
currency volatility," she said.
Rully shared Destry's opinion saying that the new BI governor must be
able to manage the rupiah exchange rate fluctuations against the US
dollar currency.
"The rupiah fluctuation has enough sensitivity that could affect
Indonesia's trade balance and its exports and imports. The rupiah
stability must be maintained," he said.
However, Rully is convinced that Agus has good governance which is
needed by BI to produce monetary policies to maintain domestic economic
stability.
"After
all, Agus is popular among foreign investors and this will be a good
point for him to attract capital inflow into Indonesia," Rully
said.***3***
(T.A014/b003/B003)
(T.A014/A/A. Abdussalam/Bustanuddin) 28-03-2013 16:54:0 |
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