Chairman of the Board of Commissioners of the Deposit Insurance Corporation, Purbaya Yudhi Sadewa, said that the domestic economy can continue to grow positively in 2022 even though pressures in 2022, especially from the global sector, are very challenging. According to Purbaya, in a written statement in Jakarta, Tuesday, the sustainability of the pace of economic growth this year can be maintained if monetary and fiscal policies continue to synergize and run well. "We believe that as long as we continue to carry out monetary policy and fiscal policy well, meaning monetary policy that supports the economy and fiscal policy that also supports the economy, our economy will still grow well," he said. The situation is full of challenges this year, said Purbaya, due to geopolitical tensions between Russia and Ukraine, the potential for rising inflation, the policy of reducing stimulus to the bond market (tapering off) from the United States Federal Reserve, the Fed, as well as pressure from the COVID-19 pandemic.
Omicron variant. According to Purbaya, Indonesia's economic growth could reach 4.8-5.5% (yoy), or at the midpoint of 5.1% in 2022 amid various uncertainties. "If you look at the monetary side, the amount of money in the system that is really ready to encourage economic growth, the amount is still quite high above 20 % of its growth," he added. Regarding the projected trend of growth in deposits and accounts in banks, Purbaya explained that as of January 2022, the total value of commercial bank deposits was recorded at IDR 7,439 trillion or an increase of IDR 800.4 trillion with a growth of 12.06% (year on year/yoy). If broken down, the total value of deposits in the balance savings group of less than IDR 2 billion increased by IDR 130.5 trillion, or grew 4.53% (yoy). Then, the group with balance deposits of more than IDR 2 billion also increased by IDR 669.9 trillion or grew by 17.82 % (yoy). In terms of the number of accounts, the number of accounts with a balance of less than IDR 2 billion increased by 91.73 million accounts or an increase of 26% (yoy) as of January 2022. Meanwhile, the number of accounts with a balance of more than IDR 2 billion increased by 19 thousand accounts or increased by 6 ,38 % (yoy).
Then, regarding the condition of the guarantee interest rate (LPS Rate), based on the LPS evaluation throughout 2020-2021, LPS has cut the Guarantee Interest Rate (TBP) by 275 basis points for rupiah TBP and 150 basis points for foreign currency TBP. The current TBP of rupiah for commercial banks and rural banks for the period 29 January 2022 - 27 May 2022 is 3.50 % and 6.00 %, respectively, while the foreign currency TBP for commercial banks is 0.25 %. Purbaya said LPS will continue to monitor the response to developments in deposit interest rates in the banking industry, and will evaluate the TBP policy according to the latest developments in data and information while still paying attention to the process of economic recovery, financial system stability and liquidity.
