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Originally money was a form of receipt, representing grain stored in temple granaries in Sumer in ancient Mesopotamia, then Ancient Egypt. This first stage of currency, where metals were used to represent stored value, and symbols to represent commodities, formed the basis of trade in the Fertile Crescent for over years. However, the collapse of the Near Eastern trading system pointed to a flaw: in an era where there was no place that was safe to store value, the value of a circulating medium could only be as sound as the forces that defended that store.

Trade could only reach as far as the credibility of that military. By the late Bronze Age, however, a series of treaties had established safe passage for merchants around the Eastern Mediterranean, spreading from Minoan Crete and Mycenae in the northwest to Elam and Bahrain in the southeast. Although it is not known what functioned as a currency to facilitate these exchanges, it is thought that ox-hide shaped ingots of copper, produced in Cyprus may have functioned as a currency.

It is thought that the increase in piracy and raiding associated with the Bronze Age collapse, possibly produced by the Peoples of the Sea, brought this trading system to an end. It was only with the recovery of Phoenician trade in the ninth and tenth centuries BC that saw a return to prosperity, and the appearance of real coinage, possibly first in Anatolia with Croesus of Lydia and subsequently with the Greeks and Persians. In Africa many forms of value store have been used including beads, ingots, ivory, various forms of weapons, livestock, the manilla currency, ochre and other earth oxides, and so on.

The manilla rings of West Africa were one of the currencies used from the 15th century onwards to buy and sell slaves. African currency is still notable for its variety, and in many places various forms of barter still apply. These factors led to the shift of the store of value being the metal itself: at first silver, then both silver and gold, at one point there was bronze as well.

Now we have copper coins and other non-precious metals as coins. Metals were mined, weighed, and stamped into coins. This was to assure the individual taking the coin that he was getting a certain known weight of precious metal.

Coins could be counterfeited, but they also created a new unit of account, which helped lead to banking. Archimedes' principle provided the next link: coins could now be easily tested for their fine weight of metal, and thus the value of a coin could be determined, even if it had been shaved, debased or otherwise tampered with see Numismatics.

In most major economies using coinage, copper, silver and gold formed three tiers of coins. Gold coins were used for large purchases, payment of the military and backing of state activities. Silver coins were used for midsized transactions, and as a unit of account for taxes, dues, contracts and fealty, while copper coins represented the coinage of common transaction.

This system had been used in ancient India since the time of the Mahajanapadas. In Europe, this system worked through the medieval period because there was virtually no new gold, silver or copper introduced through mining or conquest. It is most significant. In premodern China , the need for credit and for circulating a medium that was less of a burden than exchanging thousands of copper coins led to the introduction of paper money, commonly known today as banknotes.

It began as a means for merchants to exchange heavy coinage for receipts of deposit issued as promissory notes from shops of wholesalers, notes that were valid for temporary use in a small regional territory. In the 10th century, the Song Dynasty government began circulating these notes amongst the traders in their monopolized salt industry.

The Song government granted several shops the sole right to issue banknotes, and in the early 12th century the government finally took over these shops to produce state-issued currency. Yet the banknotes issued were still regionally valid and temporary; it was not until the mid 13th century that a standard and uniform government issue of paper money was made into an acceptable nationwide currency.

The already widespread methods of woodblock printing and then Pi Sheng's movable type printing by the 11th century was the impetus for the massive production of paper money in premodern China. Innovations introduced by Muslim economists, traders and merchants include the earliest uses of credit, [ 6 ] cheques, promissory notes, [ 7 ] savings accounts, transactional accounts, loaning, trusts, exchange rates , the transfer of credit and debt, [ 8 ] and banking institutions for loans and deposits.

In Europe, paper money was first introduced on a regular basis in Sweden in although Washington Irving records an earlier emergency use of it, by the Spanish in a siege during the Conquest of Granada. Sweden was rich in copper, thus, because of copper's low value, extraordinarily big coins often weighing several kilograms had to be made. The advantages of paper currency were numerous: it reduced transport of gold and silver, and thus lowered the risks; it made loaning gold or silver at interest easier, since the specie gold or silver never left the possession of the lender until someone else redeemed the note; and it allowed for a division of currency into credit and specie backed forms.

It enabled the sale of stock in joint stock companies, and the redemption of those shares in paper. However, these advantages held within them disadvantages. First, since a note has no intrinsic value, there was nothing to stop issuing authorities from printing more of it than they had specie to back it with. Second, because it increased the money supply, it increased inflationary pressures, a fact observed by David Hume in the 18th century.

The result is that paper money would often lead to an inflationary bubble, which could collapse if people began demanding hard money, causing the demand for paper notes to fall to zero. The printing of paper money was also associated with wars, and financing of wars, and therefore regarded as part of maintaining a standing army. For these reasons, paper currency was held in suspicion and hostility in Europe and America.

It was also addictive, since the speculative profits of trade and capital creation were quite large. Major nations established mints to print money and mint coins, and branches of their treasury to collect taxes and hold gold and silver stock. At this time both silver and gold were considered legal tender, and accepted by governments for taxes. However, the instability in the ratio between the two grew over the course of the 19th century, with the increase both in supply of these metals, particularly silver, and of trade.

This is called bimetallism and the attempt to create a bimetallic standard where both gold and silver backed currency remained in circulation occupied the efforts of inflationists. Governments at this point could use currency as an instrument of policy, printing paper currency such as the United States Greenback, to pay for military expenditures.

They could also set the terms at which they would redeem notes for specie, by limiting the amount of purchase, or the minimum amount that could be redeemed. By , most of the industrializing nations were on some form of gold standard, with paper notes and silver coins constituting the circulating medium. Private banks and governments across the world followed Gresham's Law: keeping gold and silver paid, but paying out in notes. This did not happen all around the world at the same time, but occurred sporadically, generally in times of war or financial crisis, beginning in the early part of the 20th century and continuing across the world until the late 20th century, when the regime of floating fiat currencies came into force.

One of the last countries to break away from the gold standard was the United States in No country anywhere in the world today has an enforceable gold standard or silver standard currency system. A banknote more commonly known as a bill in the United States and Canada is a type of currency, and commonly used as legal tender in many jurisdictions.

With coins, banknotes make up the cash form of all money. Banknotes are mostly paper, but Australia's Commonwealth Scientific and Industrial Research Organisation developed the world's first polymer currency in the s that went into circulation on the nation's bicentenary in Now used in some 22 countries over 40 if counting commemorative issues , polymer currency dramatically improves the life span of banknotes and prevents counterfeiting.

To find out which currency is used in a particular country, check list of circulating currencies. Currency use is based on the concept of lex monetae; that a sovereign state decides which currency it shall use. Currently, the International Organization for Standardization has introduced a three-letter system of codes ISO to define currency as opposed to simple names or currency signs , in order to remove the confusion that there are dozens of currencies called the dollar and many called the franc.

Even the pound is used in nearly a dozen different countries, all, of course, with wildly differing values. In general, the three-letter code uses the ISO country code for the first two letters and the first letter of the name of the currency D for dollar, for instance as the third letter. United States currency, for instance is globally referred to as USD.

It is also possible for a currency to be internet-based and digital, for instance, Bitcoin , [ 9 ] the Ripple Pay system or MintChip, and not tied to any specific country. In most cases, a central bank has monopoly control over emission of coins and banknotes fiat money for its own area of circulation a country or group of countries ; it regulates the production of currency by banks credit through monetary policy.

In order to facilitate trade between these currency zones, there are different exchange rates , which are the prices at which currencies and the goods and services of individual currency zones can be exchanged against each other. Currencies can be classified as either floating currencies or fixed currencies based on their exchange rate regime.

In cases where a country does have control of its own currency, that control is exercised either by a central bank or by a Ministry of Finance. In either case, the institution that has control of monetary policy is referred to as the monetary authority. Monetary authorities have varying degrees of autonomy from the governments that create them.

In the United States , the Federal Reserve System operates without direct oversight by the legislative or executive branches. A monetary authority is created and supported by its sponsoring government, so independence can be reduced by the legislative or executive authority that creates it.

Several countries can use the same name for their own distinct currencies for example, dollar in Australia , Canada and the United States. By contrast, several countries can also use the same currency for example, the euro , or one country can declare the currency of another country to be legal tender. For example, Panama and El Salvador have declared U. At various times countries have either re-stamped foreign coins, or used currency board issuing one note of currency for each note of a foreign government held, as Ecuador currently does.

Mauritania and Madagascar are the only remaining countries that do not use the decimal system; instead, the Mauritanian ouguiya is divided into 5 khoums, while the Malagasy ariary is divided into 5 iraimbilanja. In these countries, words like dollar or pound "were simply names for given weights of gold.

See non-decimal currencies for other historic currencies with non-decimal divisions. Based on the above restrictions or free and readily conversion features currencies are classified as:. In economics, a local currency is a currency not backed by a national government, and intended to trade only in a small area.

Advocates such as Jane Jacobs argue that this enables an economically depressed region to pull itself up, by giving the people living there a medium of exchange that they can use to exchange services and locally produced goods In a broader sense, this is the original purpose of all money. Opponents of this concept argue that local currency creates a barrier which can interfere with economies of scale and comparative advantage, and that in some cases they can serve as a means of tax evasion.

Local currencies can also come into being when there is economic turmoil involving the national currency. An example of this is the Argentinian economic crisis of in which IOUs issued by local governments quickly took on some of the characteristics of local currencies.

One of the best examples of a local currency is the original LETS currency, founded on Vancouver Island in the early s. The resulting currency and credit scarcity left island residents with few options other than to create a local currency. Chat WhatsApp. Main article: Tables of historical exchange rates to the USD. Numismatics portal. Banknotes or Coins or Numismatics. A Primer on Money, Banking and Gold 3rd ed. Hoboken, NJ: Wiley. ISBN OCLC ISSN Retrieved August 28, Medieval trade in the Mediterranean world: Illustrative documents.

Records of Western civilization. New York: Columbia University Press. March JSTOR Retrieved 14 December While this represented a slight increase over the inflation of 1. This is attributable to the low level recorded in core inflation at 1.

This low core inflation is explained mainly by sluggish domestic demand impacted by the Covid pandemic, the stable exchange rate, prudently managed expectations of inflation and minimal pressure from global prices on the domestic economy. Volatile foods inflation was well under control at 3. Contributing to this was the prudently managed supply and unimpeded distribution of foodstuffs and the policy synergy between Bank Indonesia and the Government in maintaining price stability.

Inflation in the administered prices category was up from the previous year at 1. Financial system stability remained firm with renewed expansion in intermediation. There was a high level of bank capital resilience, as reflected in a CAR of The banking system had ample liquidity reflected in the highly liquid instruments to third-party funds ratio of Credit growth climbed steadily throughout to reach 5.

Lending to MSMEs also recorded stronger expansion during , keeping with sustained improvement in the real sector and business, particularly among MSMEs. Consumption credit and working capital credit sustained positive growth at 4. In the consumption sector, home mortgages again reported substantial growth, reaching 9. Sustained improvement in the economy led to renewed increases in payment transactions.

Noncash payment transactions made with credit cards rebounded by ATM and debit card transactions maintained positive growth at 7. Meanwhile, payment transactions with EM and digital banking maintained rapid growth at Micro- and small-scale enterprises largely supported this expansion; more than 7 million and 3 million, respectively, signed on during this period. E-commerce transactions again recorded vibrant growth at This positive performance was supported by expansion in the e-commerce ecosystem, changes in the online shopping behavior by the public and various innovations for ease and convenience in shopping.

The Indonesian economy is predicted to expand faster in , in line with improving domestic demand. In , more positive growth in the national economy will be supported by increased mobility in line with greater control over the spread of Covid and increased vaccination rates; by broader re-opening of priority sectors; optimized implementation of the KSSK integrated policy package; and the fiscal stimulus policy by the Government and the Bank Indonesia policy mix.

In this regard, Bank Indonesia predicts that in , Indonesia's economic growth will reach 4. However, the risk of increases in Covid cases calls for continued vigilance. Exports will also continue to be a source of economic growth in line with sustained high demand and global commodity prices.

In the analysis by business segment, several sectors are predicted to experience high growth, such as mining, manufacturing, trade and agriculture. Accelerated economic recovery will be accompanied by continued stability. In , external stability is predicted to remain under control with a low current account deficit in the range of 1.

Likewise, stability will be maintained in the rupiah exchange rate, bolstered by the sound condition of Indonesia's economic fundamentals amid ongoing uncertainty in global financial markets over the normalization of monetary policy in advanced economies. Relatively subdued inflation would be supported by adequate domestic production capacity to compensate for increases in aggregate demand, while the impact of global energy price increases will necessitate continued vigilance.

Financial system stability will also hold steady, accompanied by improved intermediation. The banking system CAR will remain high alongside a subdued level of non-performing loans NPLs , including loans that will benefit from extending the debt restructuring regulation issued by OJK. Banks will continue to have abundant liquidity, as reflected in the high level of the liquid instruments to third-party funds ratio, while Bank Indonesia plans to taper off bank liquidity as part of the normalization of monetary stimulus.

The bank intermediation function will steadily improve with growth in credit and third-party funds projected to reach 6. The national digital economy and finance will continue to expand rapidly in , underpinned by the accelerated digitalization of the payment system by Bank Indonesia. Supporting this will be the expansion of the e-commerce ecosystem and the ongoing shift in consumer preferences and behavior towards online shopping; by various corporate-level innovations and promotions; and programs of the Government and Bank Indonesia.

The rapid growth in EM transactions is also predicted to continue, driven by the increasing use of EM in e-commerce and other online platforms. EM use is forecast to maintain vibrant growth at Similarly, digital banking transactions are projected to continue their strong performance in , driven by consumer convenience in conducting transactions digitally and the various digital innovations offered by banks. Digital banking transactions are projected to chart vigorous growth at The various Bank Indonesia initiatives for digitalization of the payment system under PSPI will move forward more rapidly to provide quick, userfriendly, low-cost, secure and dependable payment system transactions that will encourage further advancement in the national digital economy and finance.

In looking at the experience of , various issues have emerged that call for attention in efforts to promote recovery in the Indonesian economy. First, success in accelerating vaccinations and tackling of Covid and in opening up priority sectors needs to be strengthened further to expedite economic recovery.

This needs to be directed at sectors contributing significantly to economic growth, particularly the export sector, and to meet rising demand and include MSMEs. Second, amid the prolonged uncertainty on global financial markets, as the Fed and some other central banks move forward with plans for normalization of monetary policy, a further bolstering of the national economic policy mix will be necessary to maintain stability and promote more rapid national economic recovery.

For economic recovery to progress faster, the pace of structural reforms in the real sector needs to be maintained and carried forward in tandem with sustained fiscal stimulus actions with funding partially supported by Bank Indonesia and the synergy of the KSSK in promoting finance for the business community.

Third, innovation needs strengthening, in the synergy of national economic policy; in accelerating digitalization and inclusion in the national economy and finance; in digitalization of the payment system; and in development programs for MSMEs and the grassroots economy. Innovation in policy and programs is also essential for the development of the green economy and finance, both for the sustainability of national economic development and to respond to growing demands from advanced nations.

Better cooperation between Bank Indonesia, the Government and KSSK, and innovation in the coordination and acceleration of various economic policies, including fiscal-monetary coordination and acceleration of digitalization and national economic-financial inclusion, were key factors in the improvement in the economy, in tandem with the maintenance of stability.

In , the Government maintained an expansionary fiscal policy with substantial fiscal stimulus to tackle the impact of Covid, including the funding of health care and social protections. With this expansionary fiscal policy, the predicted fiscal deficit for is 4. Bank Indonesia maintained close coordination with the KSSK to safeguard financial system stability and encourage lending to business, including through the issuance of policy packages to strengthen performance in the property and automotive sectors.

For its part, the Financial Services Authority OJK extended the relaxation of banking requirements for debt restructuring. This entailed deferment of instalment and interest payments by extending the validity of OJK Regulation No. This measure is expected to positively impact efforts to bring problem loans under control, which in turn will benefit the performance of bank capital.

Similarly, the Indonesia Deposit Insurance Corporation LPS guarantees the deposits held by the public in the banking system, and in so doing will support the maintenance of financial system stability. LPS will also lower the deposit guarantee interest rates to encourage economic recovery. Rapid Government response under the national policy synergy ensured that the national economy would withstand the spread of the Covid Delta variant. Quick actions launched by the Government, together with other national actors and support from the public, succeeded in curbing the spread of the Delta variant, which peaked in July-August The accelerated vaccination campaign by the Government was a key factor in resisting the Delta xxxvi variant.

Reinforcement measures for tackling and controlling Covidincluding strict enforcement of restrictions on public activities coupled with increased health care capacity--also helped to curb further spread of the Delta variant.

Consequently, the daily numbers of new Covid cases were brought under control after having soared to 50, cases per day in the third week of July In addition, the national policy synergy in fast-tracking vaccinations and strengthened tackling of Covid by opening up priority sectors was a game-changer in controlling the spread of Covid while ensuring continued improvement in the national economy.

Further strengthening took place in fiscal and monetary coordination, not only in safeguarding macroeconomic stability and promoting economic recovery, but also through Bank Indonesia's participation in funding the State Budget. In this regard, Bank Indonesia extended full support to Government measures and participated in the funding of the State Budget for accelerating vaccinations and actions to tackle health and humanitarian impacts resulting from the Covid pandemic.

It was incumbent upon Bank Indonesia to participate in joint actions to tackle health and human safety issues ensuing from the Covid pandemic, as a duty to the nation and humanity, as well as for the health and safety of the population. These purchases of long-term government securities for the State Budget would amount to IDR trillion for and IDR trillion for , with a low-interest rate equal to that of the Bank Indonesia 3-month reverse repo.

Bank Indonesia also contributed to covering the full interest expense for funding of vaccinations and health care measures up to a maximum limit of IDR58 trillion and IDR40 trillion , in line with the financial capacity of Bank Indonesia. These purchases comprised: i IDR This policy continued the primary market purchases of long-term government securities for the State Budget. The total value of these purchases was IDR Bank Indonesia is committed to gearing all instruments of the policy mix to support national economic recovery and maintain stability in close coordination with the Government and KSSK.

Cognizant that the Indonesian economy was performing below the optimum path for the business and financial cycle in , Bank Indonesia continued with an accommodative policy mix, utilizing the existing space for policy relaxation. In monetary policy, Bank Indonesia took further actions for monetary stimulus, employing a low interest rate policy and liquidity injections to promote economic recovery.

Additional reinforcement of the monetary operations strategy bolstered the accommodative monetary policy stance. For example, the rupiah exchange rate policy was strengthened further to maintain exchange rate stability in line with fundamentals and the market mechanism. Working in synergy with the policies of the KSSK, Bank Indonesia also kept accommodative macroprudential policies in place to promote financing for business and national economic recovery.

Furthermore, measures were taken to increase the pace of payment system digitalization under the BSPI in support of efficient and inclusive integration of the national digital economy and finance. Moreover, Bank Indonesia reinforced other supporting policies, such as: policies for financial market deepening; development of the sharia economy and finance and MSMEs; and international policies to promote more rapid recovery in the national economy.

Bank Indonesia continued with a low-interest rate policy and liquidity injections to promote economic recovery. During the remainder of , Bank Indonesia put the BI7DRR on hold, in line with the need to maintain exchange rate stability, amid forecasts of low inflation and efforts to bolster economic growth.

The quantitative easing policy was continued to provide banks with additional capacity to increase lending to businesses. With these actions, the volume of quantitative easing undertaken since reached IDR Besides injecting this liquidity into the banking system, Bank Indonesia expanded its long-term government securities purchases to fund the State Budget, raising IDR The purchases of long-term government securities for funding the State Budget also added to the liquidity in the economy in line with Government expenditure outcomes.

Stabilization policy was strengthened further to keep the rupiah exchange rate aligned to fundamentals and the market mechanism. This policy was pursued through a strategy of triple intervention on the spot market, domestic non-deliverable forward DNDF market and purchases of long-term government securities on the secondary market.

This exchange rate stabilization policy was backed by an adequate level of international reserves, which served as the first line of defense. In addition, Bank Indonesia strengthened bilateral and multilateral cooperation at the international level to reinforce the second line of defense. Stronger, more intensified communication with investors, rating agencies, and domestic and foreign market actors also built confidence, optimism, and positive perceptions and supported a stable rupiah.

To bolster the effectiveness of exchange rate policy, Bank Indonesia continued efforts to optimize monetary operations to ensure the functioning of market mechanisms and availability of liquidity on both the money market and forex market. An accommodative macroprudential policy stance was maintained in cooperation with the KSSK to promote financing for business and economic recovery.

This action was taken in synergy with the Government and OJK, which launched a separate policy package to stimulate the property and automotive sectors. In addition, Bank Indonesia published an assessment of the transparency of bank base lending rates in February to reinforce the transmission of monetary and macroprudential policy relaxation measures.

In implementing the PSPI , the digitalization of the payment system in focused on three priorities and milestones: regulatory reform; retail payment system infrastructure; and payment system standardization. In regulatory reform, policy transformation targeted the consolidation of the national payment system industry in conjunction with facilitation and streamlining of licensing procedures.

BI-FAST was developed to support the consolidation of the industry and end-to-end integration of the national digital economy and finance while also contributing to a fast, low-cost, user-friendly, secure and dependable payment system.

Bank Indonesia reinforced synergy with the central government and regional governments to expand the payments electronification program to further support accelerated development of the digital economy and finance. In one measure for greater electronification of social assistance, Bank Indonesia promoted social assistance digitalization 4.

Continued expansion in the electronification of local government transactions, including collection of taxes and user charges and material and routine expenditures, was also supported by stronger synergy in the strategic programs of the Regional Digitalization Acceleration and Expansion task forces.

In the area of transportation electronification, Bank Indonesia promoted payment systems and data integration in the transportation sector. Bank Indonesia extended support for formulating a business model for the payment aspects of transportation modes and the multi-lane free-flow toll roads that are to be phased into operation beginning in The synergy between authorities and relevant stakeholders was key to the success of the Indonesian Digital Economy and Finance Festival FEKDI , which provided a forum for building policy synergy and preparing the ground for implementation of various initiatives for development and expansion of the digital economy and finance to accelerate digital transformation and expedite economic recovery.

Money market deepening was accelerated further in order to strengthen monetary policy effectiveness and support economic recovery. Bank Indonesia continued working on implementation of the Money Market Development Blueprint BPPU via three main initiatives: promoting the digitalization and strengthening of financial market infrastructure; strengthening the effectiveness of monetary policy transmission; and development of sources of economic financing and risk management. In , financial market deepening focused on expediting the development of repo and DNDF transactions.

In support, infrastructure was strengthened with a more robust regulatory framework and Electronic Trading Platform ETP multi-matching implementation. These actions were designed to support the transmission of Bank Indonesia monetary policy and expedite the development of the money market while simultaneously responding to the global challenge of the G20 OTC Derivative Market Reform. To strengthen infrastructure, Bank Indonesia expedited the establishment of the Central Counterparty CCP to resolve the issues of segmentation and fragmentation on the Indonesian money market by mitigating the credit risk of transacting parties and facilitating more efficient transaction settlements.

In addition, efforts continued to develop other instruments, such as the overnight index swap for interest rate hedging and strengthening the LCS framework. Various supporting policies were also implemented to promote economic recovery. Synergies with the Government, the banking system and other institutions were strengthened further for development of MSMEs and the sharia economy and finance, which are envisaged as new sources of growth for the Indonesian economy.

In this regard, the MSME development program was enhanced further under the three policy pillars of corporatization, capacity building, and financing to build productive, innovative, and adaptive MSMEs. Development of the sharia economy and finance continued under the three pillars of sharia economic empowerment, namely strengthening the halal value chain ecosystem, sharia financial market deepening and strengthening of research, assessment and education. Meanwhile, Bank Indonesia's international policy, in coordination with the Government, focused on supporting economic recovery and safeguarding macroeconomic and financial system stability at the global level and in Indonesia.

Further measures are needed to accelerate national economic recovery with more robust synergy and innovation, underpinned by strength in the resolve to renew optimism. In this regard, a policy perquisite for economic recovery is an accelerated vaccination program for Covid and re-opening of priority sectors. Also, there are the five necessary policy responses for more rapid recovery in the national economy, namely: i accelerated transformation of the real sector; ii synergy of the monetary stimulus and macroprudential policies with fiscal policy; iii accelerated transformation of the financial sector; iv digitalization of the economy and finance; and v the green economy and finance.

These necessary policy responses are discussed further below. Success in this regard will build optimism for a more rapid economic recovery, including over the medium- to long-term in gearing up for Advanced Indonesia Mapping has been performed of the priority sectors that are resilient and able to promote growth and support economic recovery, in tandem with identifying the obstacles to recovery in both the real sector and in financing. In addition, policy synergy and innovation will be crucially important to resolving existing problems through debottlenecking of the real sector, provision of fiscal policy incentives and support from macroprudential policies and the financial sector.

The second policy concerns fiscal policy cooperation with the monetary stimulus and macroprudential policies pursued by Bank Indonesia to stimulate demand, mainly in the short term. The Government is continuing an expansionary fiscal policy to stimulate the economy and pursue development targets, with the State Budget predicted to chart a deficit of IDR trillion or 4.

With this synergy, the Government will be able to expedite realization of the State Budget to accelerate the recovery in the national economy. Third, the policy response for these accelerated processes involves expansion and streamlining of financing from the financial sector for business.

In the short term, policies designed to encourage bank lending will be needed to resolve problems of both supply and demand for credit. Besides bank lending, there will be an increasing need for financing from the capital market raised through issues of shares and corporate bonds. In addition, transformation of the financial market will be key to expanding the range of financing alternatives available to businesses.

Fourth is the policy response for accelerated digitalization and inclusion in the national economy and finance. Bank Indonesia will consistently support the Made in Indonesia Pride and Tourism in Indonesia Pride campaigns to promote inclusion in the national economy and finance.

Bank Indonesia will also follow through on its steadfast commitment to economic and financial inclusion by increasing the pace of payment system digitalization in keeping with the BSPI for integration and strengthening of the national digital economy and finance on an efficient and inclusive basis. Fifth is the policy response relating to development of the green economy and finance to bring about sustainable economic growth.

The transition to a green economy, defined as low carbon, needs to be gradual and moderate in how it is undertaken in order to optimize policy responses to the consequences of climate change. In this regard, Bank Indonesia will continue to reinforce polices for green finance in order to boost the contribution of the domestic financial sector in reducing carbon emissions.

This will be done through close coordination with the relevant authorities and active involvement in various international forums. These five policy responses, within policy synergies and innovation for economic recovery, are aligned to Indonesia's G20 Presidency in with the theme of "Recover Together, Recover Stronger". Indonesia's G20 Presidency will focus on measures to strengthen productivity, bolster economic resilience and stability, and ensure sustainable and inclusive growth.

The Bank Indonesia policy mix has been developed with careful attention to the global economic outlook and the six issues on the agenda for international policy coordination during Indonesia's G20 Presidency in In this regard, thorough calculation, careful planning and clear communication are all essential for the five components of the policy mix, i.

In , monetary policy will be more pro-stability, in keeping with the risk of mounting pressures from global financial market instability triggered by the normalization of monetary policy by the US Fed and some other AEs. The focus of this pro-stability policy in will shift more towards achieving the inflation target and exchange rate stability as well as in macroeconomic and financial system stability.

The normalization of monetary policy will be managed with great caution in measured steps to avoid disruption to economic recovery. Macroprudential policies, payment system digitalization, money market deepening and the inclusive and green economy and finance will continue to be pro-growth and form part of a collective effort to expedite national economic recovery. Working in synergy with the national policy mix, Bank Indonesia policy will promote Indonesia's economic growth to return the nation to a path for medium- and long-term transformation into an Advanced Indonesia.

Bank Indonesia policy in will be consistently directed towards safeguarding macroeconomic stability in support of sustainable national economic growth. The direction and phasing of monetary policy will be pre-emptive, ahead of the curve and front-loaded to maintain stability in anticipation of normalization of monetary policy, global consolidation of fiscal policies and increases in the Fed Funds Rate FFR , while continuing to xlii support national economic recovery.

The lowinterest rate policy will be maintained until early indications of rising inflation emerge. Interest rate policy will focus more on strengthening the effectiveness of transmission into reductions in bank lending rates by employing transparency in interest rate policy and money market deepening to reduce, for example, differential between yields on medium-long government securities and the persistently high rates on the interbank money market.

Normalization of monetary policy will occur through gradual reductions in the very substantial excess liquidity in the banking system. Normalization of liquidity will be conducted with great caution in measured steps to avoid disrupting the ability of the banking system to extend credit and purchase long-term government securities.

In that way, the process will support the maintenance of monetary and financial system stability and the sustainability of national economic recovery. Normalization of liquidity will involve phased increases in the statutory reserve requirement effective from 1 March , 1 June and 1 September to 6. Meanwhile, the policy response to the impact of monetary policy normalization by the Fed and a number of other AEs will emphasize exchange rate policy for safeguarding external stability while maintaining monetary and financial system stability and economic recovery.

Coordination of monetary policy with fiscal policy will be strengthened further to continue promoting national economic recovery while maintaining macroeconomic stability. Bank Indonesia and the Government will continue to build closer policy coordination in inflation control and promote activity in priority sectors to achieve economic recovery.

Bank Indonesia will keep relaxed macroprudential policies in place during for increased bank lending in economic recovery while safeguarding financial system stability. Under this incentive, banks will benefit from a reduction of up to bps in the daily reserve requirement, effective from 1 March Macroprudential policy relaxation will also be undertaken by reinstatement of a low countercyclical buffer CCyB and flexibility in determining compliance with the macroprudential liquidity buffer MLB involving repos to Bank Indonesia.

Macroprudential policies aimed at increasing financing by banks, such as the Macroprudential Intermediation Ratio MIR and transparency in interest rates will also be kept in place and reinforced through macroprudential supervision of banks. To promote the inclusive economy and finance for MSMEs in particular, further improvements will be introduced for a more effective implementation of the MIFR. These improvements will involve the fulfillment of bank commitments to the prescribed MIFR target commensurate with the expertise of the bank and its business model; clustering and corporatization of MSMEs in synergy with the Government; promotion of bank cooperation with MSME lending partners; and the development of securities for MSME financing that satisfies certain eligibility criteria.

Coordination of the macroprudential supervision by Bank Indonesia with the microprudential supervision by the Financial Services Authority OJK and the deposit guarantee scheme operated by the Indonesia Deposit Insurance Corporation LPS will be strengthened further to maintain financial system stability.

Bank Indonesia will continue expanding payment system digitalization in to accelerate the integration of the digital economy and finance ecosystem, including promoting economic and financial inclusion. Various programs envisaged in the BSPI will be implemented according to the prescribed schedule and targets. In , payment system policy will continue to be guided by five key points of strategic focus. First is more rapid consolidation of the industry for a sound, competitive and innovative payment system.

A regulatory reform would undertake this in keeping with more industryfriendly policies and Bank Indonesia regulations concerning the Payment System; streamlined licensing and approvals with service level agreements SLAs between Bank Indonesia and the payment system industry; and more robust supervision of the payment system with focus on capital compliance, risk management and cyber security.

Second is the continued development of 3I interoperable, interconnected and integrated , secure and dependable payment system infrastructure supporting increased economic and financial inclusion, including for MSMEs and in retail transactions. The Open API National Standard for Payments SNAP for connecting payment transaction services operated by banks with fintech will be implemented faster for broader integration of the national digital economy and finance ecosystem.

Similarly, operationalization of the BI-FAST system will be upscaled via expanded membership and increased acceptance of use for more efficient interbank and public transactions. Fourth, Bank Indonesia's preparations will move faster for issuance of digital rupiah currency and implementation of digitalization of the rupiah cash payment system. Fifth, in the cash payments system, Bank Indonesia policy will focus on the provision of rupiah cash in the appropriate quality and maintaining adequate levels of cash throughout the territory of Indonesia under the Rupiah Currency Management Blueprint BPPUR Bank Indonesia will continue to bolster synergy and coordination with the Government at the national and regional levels , the banking and payment systems, and fintech and e-commerce associations.

In , policies for financial market deepening will be expedited for greater effectiveness in monetary policy transmission and the financing of infrastructure and business in support of national economic recovery. Accelerated development of the money market in will build a modern, international-standard money market. To this end, there would be broader market development in terms of products, participants and pricing and better technical infrastructure that integrates the money market and payment system.

In the first pillar, the development of money market infrastructure will focus on the implementation of the CCP with a view to operation in Also, the money market would be expanded via ETP multi-matching for both the rupiah and forex markets. In the second pillar, strengthening monetary policy transmission effectiveness will focus on implementing money market instruments traded via ETP multi-matching and the development of repo, DNDF and LCS transactions.

Bank Indonesia will continue to expand and strengthen the MSME development program through corporatization, capacity building and facilitation of access to financing in order to improve MSME competitiveness. The corporatization of MSMEs will involve strengthening the institutional framework and expanding partnerships with other business actors for greater economies of scale.

MSME capacity building will be end-to-end and focused on digitalization to promote increased production, improvements in financial management and expansion of market access. Market access for MSMEs will be continually expanded with facilitation for product certification and pre-export screening as well as stronger connections with local value chains LVCs and global value chains GVCs , including greater participation at international trade promotions.

Accompanying this will promote the role of the sharia economy and finance as a new source of economic growth. The accelerated implementation of the halal value chain ecosystem at the local and global levels will be expanded further concerning actors, institutional framework and supporting infrastructure.

The focus on developing this halal value chain ecosystem will continue to be the mainstay sectors of halal foods and modest fashions. In sharia finance, policies will be put in place for sharia money market deepening, involving the development of forex transaction products and inclusive Bank Indonesia Sukuk SUKBI. Strengthening policies for green finance will continue to support building a sustainable economy with a stable, inclusive and green financial system.

In addition, Bank Indonesia will proceed further with its institutional transformation, covering the areas of governance, risk management, strategy and green performance indicators. In international policy, Bank Indonesia will continue playing an active role in various international cooperation forums to support broad economic recovery.

Indonesia's G20 Presidency in will be optimized to support the interests of Indonesia and the global economy through the best possible formulation of substantive topics and organization of meetings. Beyond the G20 Presidency and similar lines, the formulation of agendas supporting Indonesian and regional interests will focus on Indonesia's chairmanship of ASEAN in Further strengthening of international cooperation will also take place at the multilateral, regional and bilateral levels.

Bank Indonesia will also continue to participate in the facilitation of trade and investment promotions for priority sectors with support of the Investor Relations Unit IRU at the regional, national and international levels and to conduct campaigns to advocate for and expand the use of LCS among Indonesia's trade and investment partners In the medium term, the Indonesian economy will continue to move forward, returning to the path towards an Advanced Indonesia.

Several factors will help put Indonesia on a medium term path to becoming a high-income country. Externally, the continuing global economic recovery will boost Indonesia's exports via greater trade with existing markets and export diversification across a broader range of trading partners.

Also, the domestic economic outlook will improve, driven by increased investment and productivity following the implementation of structural reforms, like an acceleration of the national digital economy and finance and implementation of the Job Creation Act. On the basis of these considerations, Bank Indonesia predicts steady, medium-term improvements to bring Indonesia's economic growth within the range of 5. Subdued inflation is predicted in the 1.

The current account deficit is also projected to remain subdued at a prudent level in the range of 1. With the overall outlook on this track, Indonesia is predicted to have the capacity to become a highincome advanced country by Key to Strengthening the Outlook: Transformation of The Policy Mix and Acceleration of Digital Economy and Finance Bank Indonesia believes that further reinforcement of structural reform policies is essential to increase the pace of Indonesia's economic transformation into an advanced nation.

A series of structural reforms are vital for improving efficiency and productivity in pursuing higher and more sustainable economic growth in tandem with prudently managed stability. Structural reform policies have become increasingly vital to promoting growth by prioritizing recovery and improvements in productivity, human capital and investment, especially in activities negatively impacted by the pandemic.

The structural reform policies encompass the provision of supporting infrastructure to support a resilient and inclusive workforce, expedite the transition in labor, and build greater human capital, including education policies. Improvements in digital connectivity are also necessary to promote digital transformation and support increases in productivity and, thereby, potential output.

Moreover, economic recovery from the pandemic represents an opportunity to adopt strategies for the green economy's growth, including optimising the private investment role in supporting a green future. One important component of this structural reform is the transformation of Bank Indonesia to adapt to the dynamics of an increasingly complex economy represented by an Advanced Indonesia.

Bank Indonesia will refine its strategic direction through a series of transformations of its core and ancillary policy mix, including strengthening the monetary policy framework and financial market deepening. Bank Indonesia will transform and harmonise its core policy framework amid the various increasingly complex challenges in maintaining stability and promoting accelerated economic recovery.

This will be pursued by integrating the working frameworks for monetary, macroprudential and cash and noncash payment system policies, supported by ancillary policies. At the operational level, this will involve integrated refinement of monetary management to ensure that money market development increases the effectiveness of policy transmission and maintains economic stability. Bank Indonesia will also promote digital transformation and strengthen financial market infrastructure to support more rapid economic xlvi growth.

All in all, this series of transformations will represent a culmination of efforts to achieve Bank Indonesia's vision of becoming a leading digital central bank, delivering real contributions to the national economy and the best-ranking among emerging market nations as its contribution to an Advanced Indonesia. Accelerated digitalization of the payment system will also be key to supporting the growth of a strong and inclusive economy. As Indonesia enters the new digital era in the economy and finance, Bank Indonesia is moving quickly and comprehensively, emphasising inclusion and efficiency.

As part of the implementation of BSPI , various important milestones were accomplished in the areas of regulatory reform, retail payment system infrastructure and payment system standardization during But more is needed to achieve the vision of BSPI , by optimizing the way that digitalization is employed in support of higher, more robust economic growth.

As major beneficiaries of this approach, MSMEs digital transformation will need to occur throughout the value chain to support the creation of an integrated digital ecosystem. In adapting to these digital changes, optimization of the MSME role as a backbone of the economy will continue to focus on improvements in productivity and strong, inclusive economic growth. At the same time, global financial market uncertainty persisted in response to emerging risks, including transmission of the Delta variant; market anticipation of tapering by the Fed; and concerns stoked by lingering inflationary pressures.

The Covid pandemic has brought at least seven important aspects to the forefront, as discussed below. These demand vigilance and must be anticipated properly to support the global economic recovery, which is expected to continue in International policy coordination, including Indonesia's G20 Presidency agenda in , aims to strengthen the ongoing global economic recovery.

Economic recovery in AEs, the United States in particular, progressed more quickly on the back of a faster vaccination rollout, coupled with extraordinary fiscal and monetary policy stimuli. Beyond limited supply and access to vaccines, weaker fiscal and monetary stimulus also impeded economic recovery in most EMDEs.

The world economy is projected to grow 5. Meanwhile, global financial market uncertainty persists in response to emerging risks such as transmission of the Delta variant; market anticipation of tapering by the Fed; and concerns stoked by continuing inflationary pressures caused by supply chain disruptions and energy scarcity.

The pandemic has raised a number of pertinent issues and challenges that demand vigilance and must be anticipated. The global economic recovery from the Covid pandemic continues, accompanied by the maintenance and improvements to macroeconomic and financial system stability. Nevertheless, the pandemic has brought to the forefront at least seven important issues that demand vigilance and must be anticipated appropriately. First, an uneven vaccination rollout towards achieving herd immunity.

Third, disruptions in the global supply chain of goods and services, coupled with the threat of energy scarcity. Fifth, the scarring effect of the pandemic 4 "Global economic improvement continued in despite divergence. Sixth, rapid economic and financial digitalisation, dominated by BigTech together with, for example, the proliferation of cross-border payment systems. Seventh, growing calls among AEs for a green economy and sustainable finance, which demand adequate preparation for transition by EMDEs.

International policy coordination aims to strengthen the global economic recovery and overcome the emerging problems. These agendas have been dominated by issues like the expansion of vaccine supply and its distribution from AEs to EMDEs; the phasing of exit policy from the COVID pandemic, including clear communication policies; joint measures to overcome disruptions in the global supply chain; energy scarcity; the scarring effect of these various issues; and international cooperation to accelerate digitalisation of the green economy and sustainable finance.

At the beginning of the year, the Covid curve flattened, particularly in the United States and Europe Chart 1. After exhaustive clinical trials, the vaccines were ready for the broader community, the timing of which was propitious for the new Alpha variant. As the epicentre of the Alpha variant, the UK had vaccinated Vaccination rates were significantly lower in EMDEs, averaging just 4.

The vaccination rollout successfully flattened the Covid curve, as indicated by a decline in daily cases recorded in the United States to around 52, from a peak of , during the Alpha wave. Similar conditions were reported in Europe, particularly the UK and France. Chart 1. Delta, which was initially confined to just one state Maharashtra , quickly spread throughout India. Inadequate health protocols and low vaccination rates in India fanned Delta transmission, with daily cases peaking at , to place India third in terms of Covid cases globally.

A surge of cases in most Asian countries became inevitable as another wave of infections enveloped the globe. The more virulent Delta variant pushed up the fatality rate in Asia to a peak of 1. For their part, AEs began to reopen their economies early, thereby exposing themselves to Covid transmission. The possible emergence of new variants and risk of prolonged pandemic, which could become endemic, demands vigilance in terms of the global economic recovery impact. Governments and relevant authorities in various countries need to develop long-term strategies to anticipate a protracted Covid pandemic.

Preparatory plans for a new normal, characterized by living with Covid, must be strengthened continuously, including community transition and adaptation measures to ensure discipline and familiarity with strict health protocols in the new normal era. Strategies for Covid handling and containment must also be strengthened, encompassing: a faster vaccination rollout; increased testing; tracing and treatment; as well as disciplined health protocols.

Accelerating the vaccination rollout to achieve herd immunity remains an ongoing concern worldwide to overcome Covid In addition, herd immunity remains a policy priority in many jurisdictions to overcome the pandemic. Countries benefited from high vaccination rates during the Delta variant outbreak, as reflected by the comparatively mild severity of symptoms as well as lower hospitalisations and mortality rates.

Supporting the vaccination program, several countries introduced vaccine passports to allow community activity in public spaces. In practice, communities have adapted Chart 1. Such behavioural adaptations, coupled with home-based learning HBL and work from home WFH protocols, ultimately created a new balance in terms of community mobility.

For example, mobility in the US and several European countries increased in the third quarter of , despite local surges of Covid cases Chart 1. Greater access to vaccines in AEs was supported by technology and availability of funds. The contracted supply of vaccines in AEs was equivalent to three times the local population, and even five times the population in Canada and Australia Chart 1.

Only a handful of EMDEs have fulfilled their vaccine contractual obligations for the entire population, namely Malaysia, the Philippines and Argentina. China is one of only a few EMDEs to develop a vaccine locally and donate the vaccine, particularly to countries in Africa. This asynchronous vaccination rollout is considered a primary determinant of slower mobility improvements in EMDEs compared with AEs, leading to a divergent global economic recovery.

Several indicators pointed to a relatively quick recovery of economic activity in the first quarter of , particularly in AEs. Over time, however, mobility restrictions, which were introduced to break the domestic chain of Delta variant transmission, restrained economic activity in several jurisdictions, as reflected in consumer confidence and retail sales in various jurisdictions, with impact depending upon vaccination rates and consumer perceptions of concern over subsequent Covid waves.

Among AEs, for instance, upward momentum in the retail sales index, established at the end of , began to fade in March in the US and July in Europe Chart 1. By contrast, in India consumer confidence began to regain upward momentum in July , after declining since the Delta variant outbreak in February As retail sales gained strength, consumption growth picked up, but transmission of the Delta variant and mobility restrictions undermined business confidence as indicated by the Purchasing Managers Index PMI , which hurt production and investment.

Overall Chart 1. Overall, the global economy improved through , despite an asynchronous recovery. The speed of economic recovery across jurisdictions was determined by the success of vaccination rates in approaching herd immunity, the magnitude of fiscal and monetary stimulus support, as well as the degree of economic resilience. In AEs, particularly the US, a faster pace of recovery was supported by extraordinary fiscal and monetary stimuli; swift vaccination programs, social assistance and business support measures; as well as unprecedented liquidity injections quantitative easing into the financial system.

There was limited supply and access to vaccines, while weaker fiscal and monetary stimulus impeded economic recovery in most EMDEs. Meanwhile, monetary policy effectiveness to revive economies was beset by inflationary pressures and a financial sector impacted by the pandemic. The two largest global economies have recovered, with growth in China projected at 8.

Meanwhile, the economic recovery achieved in other countries in is expected to continue in Among AEs, the European Union is projected to grow 5. Japan is expected to grow 1. Elsewhere in Asia, India is predicted to grow 9. Also, world trade volume and international commodity prices continue to rise, thereby supporting exports and recovery prospects in various EMDEs. World trade volume and international commodity prices contracted by 5. A stronger global economic recovery is expected in the second half of , and beyond.

Supply was unable to keep pace with a surge in demand, particularly at the beginning of the year, because factor mobility had not returned to pre-pandemic levels, leading to global supply chain disruptions. Entering , supply constraints hit semiconductors as demand for technology skyrocketed to support work from home protocols, including mobile telephones and computers, which undermined the recovery, primarily in Germany, Japan and the US.

In addition, stronger demand created supply and distribution issues affecting production inputs, a condition severely exacerbated by the closure of sea and airports in a number of producing countries in Asia, due to the Delta outbreak. At the beginning of the fourth quarter of , energy scarcity brought on by the application of green economy policies, natural disasters and seasonal demand further compounded the supply constraints. Consequently, a gap emerged between production and demand, coupled with higher international commodity prices.

These pushed up actual inflation and inflationary expectations in AEs, although this is projected to be only temporary. Such developments demand vigilance and must be anticipated in terms of their economic impact on Indonesia. Delivery Time Indicator Global supply chain disruptions are a new phenomenon that requires constant vigilance.

The disruptions include cross-border distribution constraints and the scarcity of production inputs. International distribution has been severely hampered by a lack of containers, backlogs affecting many ports, longer delivery times and higher shipping costs between countries, especially since April Charts 1. This problem has compromised production due to the unfulfilled supply of raw materials from other countries.

Global producers, particularly China and other Asian countries, imposed mobility restrictions to break Delta variant transmission, which undermined production, inventory and shipping capacity. In Chart 1. In the US, gaps have appeared in the labour market, as reflected by a rising level of voluntary unemployment and higher wages in several economic sectors, including accommodation and food service activities, education and health, retail sales, manufacturing and trade.

In addition to the uneven economic recovery and mobility restrictions to contain Covid, the energy shortages have been exacerbated by policy factors, such as growing calls for a green economy from Europe, the US and China, which require a transition period towards environmentally friendly manufacturing and production. At the same time, the demand for energy has increased in the northern hemisphere in anticipation of the winter months.

These factors have created a production-demand gap and raised international commodity prices, including oil, coal, metal and food Chart 1. As supply disruptions gradually ease, however, milder inflationary pressures are predicted in several AEs towards the middle of Such developments must be monitored carefully, however, particularly in line with persistently high uncertainty at the end of , considering the Omicron outbreak.

World Commodity Prices Chart 1. All countries will eventually normalise their fiscal posture and reduce budget deficits, which have widened significantly in recent years, with EMDEs taking a more gradual approach than AEs Chart 1. In addition, central banks in several AEs are gradually tapering monetary stimuli in line with the economic recovery together with a build-up of inflationary pressures.

The Bank of Canada remains at the forefront by ending its bond purchase program, with the Bank of England, US Federal Reserve and Reserve Bank of Australia expected to follow suit in the first semester of For instance, at the end of the Fed announced an accelerated tapering of monetary policy.

As further steps, market participants are expecting a relatively early hike in the US policy rate the FFR in the first half of , predicting 75bps overall in In line with asynchronous exit policies, global financial market uncertainty persists. The move will shorten the duration of tapering to March , thus providing room for the Fed to increase the federal funds rate FFR. Fiscal Deficit Projection World Portfolio Investment Flows Chart 1.

Movement in Yields and Stocks 20, 5 9 11 1 Thailand 3 5 7 9 11 1 3 5 7 9 12 Source: Institute of International Finance, calculated the prospect of a faster US economic recovery Chart 1. This increased currency pressures and exchange rate volatility in EMs. Global financial market uncertainty began to ease at the beginning of the second quarter of in line with the transparent and consistent communication by the Fed concerning the accommodative policy direction.

Global financial market uncertainty persisted in the latter half of reflecting emerging risks, including: rising Delta variant transmission; market anticipation of the Fed's tapering; and concerns over persistent inflationary pressures due to supply chain disruptions and the unfolding energy shortages.

Asynchronous fiscal and monetary policy normalisation, coupled with elevated global financial market uncertainty, complicated efforts for economic recovery in EMDEs, including Indonesia. Public mobility restrictions have squeezed business activity, thus eroding sales, liquidity, profitability and capital. Indeed, corporate default has soared to almost the same level as recorded during the global financial crisis, dominated by the US, followed by Europe and EMDEs Chart 1.

Not all businesses have suffered the same extent of scarring, however, with differences depending upon the sectoral impact of mobility restrictions. This condition demands constant vigilance, with the adverse effects on individual banks and overall financial system stability requiring careful monitoring. Financial sector supervisory authorities in various countries, therefore, have relaxed regulatory provisions concerning late principal and instalment payments, thereby providing special dispensation for non-performing loans NPLs in the banking industry.

The scarring effect in the corporate sector Chart 1.

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Ferrari ipo analysis New York: Doubleday. The exchange rate as well as fees and charges can vary significantly on each of these transactions, and the exchange rate can vary from one day to the next. Beyond 22 group forex kediri G20 Presidency and similar lines, the formulation of agendas supporting Indonesian and regional interests will focus on Indonesia's chairmanship of ASEAN in Forex in management either case, the institution that has control of monetary policy is referred to as the monetary authority. Accelerated vaccinations and reinforcing actions to tackle Covid, like restrictions on various social activities, became a game-changer in controlling the Delta variant's spread and sustaining momentum for economic recovery by re-opening priority sectors. Consumer Confidence Index 8 Chart 1.
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