The positive performance of the Indonesian capital and financial market in 2022 become a provision to welcome 2023 with more optimism, but remaining vigilant.
By
Tri Agung Kristanto, JOICE TAURIS SANTI, BENEDIKTUS KRISNA YOGATAMA, NINA SUSILO
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BPMI SEKRETARIAT PRESIDEN/KRIS
President Joko Widodo inaugurated the opening of trading on the Indonesia Stock Exchange, Monday (2/1/2023) in Jakarta,
JAKARTA, KOMPAS — President Joko “Jokowi” Widodo invited the doers in the capital, the finance market and the community to remain optimistic in welcoming 2023. However, the President gave a reminder to be careful, because this year will still be filled with uncertainty.
"Be optimistic, but alert and careful. The challenge in 2023 is mainly a global economy full of uncertainty, making it difficult to calculate. However, we hope our economy can still grow above 5 percent," the President said when opening the inaugural trade of the Indonesia Stock Exchange (IDX) on Monday (2/1/2023) in Jakarta.
The International Monetary Fund projects Indonesia's economic growth in 2023 to reach 5 percent. The Indonesian government itself is targeting a growth of 5.3 percent. This projection rate is relatively high compared to many other countries, some of which are threatened with a recession.
However, to achieve this growth, Indonesia has to work hard given the many challenges that must be faced. The challenges are, among others, the surge in inflation, high interest rate regimes, food and energy crises, the Ukraine-Russian war uncertainties and a disruption of the global trade supply chain.
According to the President, the Indonesian capital and financial market made it through turbulence throughout 2022 with a positive record. This is reflected in a number of indicators, such as market stability, trading activities, the number of funds collection and the number of retail investors on the IDX.
This is homework for us at the Financial Stability System Committee .
The IDX Composite Stock Price Index (CSPI) at the end of 2022 rose 4.1 percent compared with the beginning of 2022. The growth was relatively better than many other countries that experienced a decrease.
In the midst of a global economic shock, the value of Indonesia's capital market capitalization in 2022 grew 15 percent or Rp 9,499 trillion.
The opening of the EI inaugural trade in 2023 was attended by, among others, Finance Minister Sri Mulyani Indrawati, Bank Indonesia (BI) Governor Perry Warjiyo and Chairman of the Board of Commissioners of the Financial Services Authority (OJK) Mahendra Siregar.
Good provision
Sri Mulyani said what was achieved in 2022 was a very good provision for 2023. However, integrity, accountability and credibility in the financial sector are needed to strengthen economic growth in 2023.
"This is homework for us at the Financial Stability System Committee [KSKK], in this case BI, the Finance Ministry, the OJK and the Deposit Insurance Corporation, to consistently build a foundation for a strong, stable, credible and accountable financial sector," said Sri Mulyani.
According to Mahendra Siregar, trading activities on the IDX in 2022 rose significantly. The daily transaction frequency was 1.31 million times, the largest in Southeast Asia.
BPMI SEKRETARIAT PRESIDEN/KRIS
President Joko Widodo along with the Governor of Bank Indonesia Perry Warjiyo (left), Minister of Finance Sri Mulyani Indrawati (third from left), and Chairman of the Financial Services Authority Mahendra Siregar (third from right) pass through a photo exhibition after inaugurating the trading opening of the 2023 Indonesia Stock Exchange, Monday ( 2/1/2023).
Number of investors
In a press conference for the monthly OJK Commissioner Board Meeting on Monday, the OJK head of the Capital Market Supervision Inarno Djajadi said at the end of 2022, capital market investors reached the highest quantity in history, namely 10.31 million investors. This number increased 37.68 percent compared with 2021.
"This was triggered by the ease of public accessing capital market instruments and expanding digital distribution channels that support the surge in investor growth," Inarno said.
From the banking sector, credit distribution until November 2022 amounted to Rp 6,347.5 trillion or grew 11.16 percent on an annual basis.
Credit growth was supported by investment loans of 13.15 percent, working capital loans 11.27 percent and consumption loans of 9.10 percent.
The Banking Third Party Funds (DPK) in November 2022 also recorded a growth of 8.78 percent to Rp 7,974 trillion.
Head of banking supervision in the OJK Dian Ediana Rae added that the liquidity of the banking industry in November 2022 was at an adequate level with the ratios of the maintained liquidity.
The ratio of liquid/non-core deposit (AL/NCD) and liquid/DPK (AL/DPK) tools were 134.97 percent and 30.42 percent respectively. This value was far above the threshold of the provisions of 50 percent and 10 percent.
In addition, risks were maintained from the position of gross nonperforming loans at 2.65 percent, which was below the maximum threshold of the banking industry, namely at 5 percent.
From the Nonbank Financial Industry (IKNB), the general and life insurance industry premium revenue until November 2022 was recorded to have grown 0.44 percent to Rp 280.24 trillion.
This figure came from a general insurance premium revenue of Rp 106.91 trillion and life insurance premium revenue of Rp 173.33 trillion.
According to the chief executive of the IKNB at the OJK, Ogi Prastomiyono, capital in the IKNB sector was in a maintained position. Risk based capital ratio (Risk Based Capital) of the life insurance industry was at 479.88 percent and the general insurance industry at 324.34 percent. This value was still above the minimum threshold, which is namely 120 percent.
Durability
In the new year's get-together in Jakarta on Monday, BI Governor Perry Warjiyo said there were three keywords that were determined by Indonesia's durability in facing the challenging year of 2023.
The three keywords are consistency, innovation and synergy. All elements of Indonesian society must be consistent in providing the best for this nation so that they can face future challenges that are not easy.
Innovation is defined as an effort to find a breakthrough, which is not an ordinary act when facing problems in society.
"The third is ‘the power of we’," Perry said. No one can face the problems of this nation alone. Synergy is needed. Support each other and work together in mutual cooperation so that together we can face challenges.
