Lawmakers propose reducing Bank Indonesia’s independence

Bank Indonesia
Bank Indonesia
Christopher Jeffery

Indonesia’s central bank has come under pressure after some lawmakers proposed changing the law governing it to put the finance minister on its rate-setting committee.

The lawmakers have also proposed expanding Bank Indonesia’s mandate to include jobs and economic growth, and allowing it to fund fiscal deficits. They additionally suggested that the central bank take over banking supervision from Indonesia’s Financial Services Authority by the end of 2023, Reuters reported on August 31.

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