Jakarta (ANTARA News) - The Board of Commissioners of the Financial Service Authority (OJK) ended its meeting on Thursday with a statement that the stability of the country`s financial service sector is still well maintained despite global financial uncertainty.

Deputy Commissioner for Strategic and Logistic Management Anto Prabowo said the global financial market was still surrounded by uncertainties on escalation of trade war between China and the United States, and uncertainty in the process of normalization of U.S. and European monetary policy.

"The uncertainties have put greater pressure on the financial market of emerging economies especially countries beset by external imbalance," Anto said.

He said OJK fully supports the government in mitigating the negative impact of global uncertainties such as by rescheduling non strategic infrastructure projects, the use of biodiesel (B20) and an increase in import income tariff on consumer goods.

He said amid the global financial market dynamics, the domestic market was relatively stable in September 2018.

By 21 September 2018, the composite share price index (IHSG) of the Indonesian Stock Exchange closed slightly lower 1 percent month to date (mtd) with foreign investors recording a net sales of Rp2.5 trillion. Year-to-date, the IHSG fell 6.3 percent with foreign investors recording net sales of Rp52.7 trillion.

In the period of January-21 September 2018, in stock market companies raised Rp130 trillion with 39 new listed companies and investment management totaling Rp740.69 trillion , or an increase of 7.58 percent from the end of 2017.

Meanwhile, banking industry grew 6.88 percent year on year (YoY). Life insurance and general insurance/reinsurance were valued respectively at Rp114.8 trillion and Rp49.3 trillion in August, 2018.

"OJK still sees that the financial service sector could still contribute to the country`s economy although prudence is important," he said.

Reporting by Zubi Mahrofi
Editing by A Saragih, Yoseph Hariyadi

Reporter: Antara
Editor: Andi Abdussalam
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