"Indonesia's strength in facing the world challenges is domestic consumption, which means economic strength in the regions, throughout provinces, districts, cities," he highlighted at the XXII Plenary Session of the Indonesian Bachelor of Economics Association (ISEI) here on Wednesday.
According to Siregar, Indonesia's financial sector has remained quite stable amid the global supply chain disruption caused by the Russia-Ukraine conflict. As the country's financial sector is still stable, Indonesia does not need to join other countries in tightening monetary policy, he said.
"Our inflation is relatively under control, as are the capital market and money market, as well as banks whose conditions are getting healthier than when they were at the peak of the pandemic," he pointed out.
At the same time, the value of banking credit restructuring has plummeted compared to 2021 and 2020, he underlined. However, several sectors, such as accommodation, food and beverage, and transportation, in several regions are still vulnerable.
"And it did not happen thoroughly, only in one or two regions. This is what should be capitalized. The overall strength is getting better at maintaining vulnerable sectors and strengthening foothold," Siregar said.
The responsibility of monitoring OJK offices in the regions will be shifted to the head of the board of commissioners from the executive of banking supervision, he informed.
"Because the approach is no longer related to banking supervision alone, but also supervision of services, mobilization, and facilitation for the banking sector, capital market, non-banking financial industry, and the unbankable public. So, the (supervision) will be given to the head of (the board of commissioners) to realize an integrated and comprehensive approach," he explained.
Related news: 738,853 student savings accounts opened under Kreasimuda program: OJK
Related news: OJK disseminates information on financial literacy to students
Related news: Millennials more keen on sustainable investments: OJK
Translator: Sanya S, Kenzu T
Editor: Sri Haryati
Copyright © ANTARA 2022
