Indonesia

The full commercial launch will take place in Q1 2022. Indonesia has separately also launched a national open API payment standard.

The launch of Refinitiv's Matching trading system is expected to increase liquidity, efficiency and price transparency.

The MoU aims to strengthen policy cooperation on AML/CTF in payments. Indonesia is seeking to become a member of the FATF.

The central bank is assessing which platform and technology it will use to issue a digital rupiah as a legal digital payment instrument in Indonesia.

The Indonesia Deposit Insurance Corporation can now raise its own funding and provide temporary liquidity support to banks outside of resolution.

President Joko Widodo's plan to return bank oversight functions to Bank Indonesia is unlikely to be an immediate fix for the ongoing Covid-19 related challenges.

Bank Indonesia abandoned the practice of quantitative easing in 1999 to ensure fiscal discipline in the aftermath of the Asian financial crisis.

The measures include a 200bp RRR cut for banks and a 50bp cut for Islamic banks. The central bank may also start buying government bonds in the primary market in two weeks.

Since the 2019 update, Indonesia and Saudi Arabia have finished adopting measures that will enable them to implement the PFMIs for all financial market infrastructure types.

OJK will extend loan payment deadlines for MSMEs by up to one year and prohibit the use of debt collection services, while Bank Indonesia asks banks to lower lending rates.