Over 300,000 MSMEs Go Digital amid COVID-19 Pandemic
More than 300,000 micro, small, and medium enterprises (MSMEs) in Indonesia made the shift to digital platforms in wake of the COVID-19 pandemic, according to the Coordinating Ministry for Economic Affairs. Between May 14, 2020 and June 9, 2020, as many as 301,115 micro, small, and medium enterprises…
Indonesia working on $1b solar-driven green economic recovery scheme
A think tank and the government are working on an ambitious billion-dollar plan to recover Indonesia’s virus-ridden economy by installing thousands of rooftop solar panels. The scheme ultimately entails installing panels with a combined capacity of 1 gigawatt of peak power GWp) a year for…
Bank Indonesia Cuts Interest Rate, Eyes More by Year End
Indonesia’s central bank has decided to cut its benchmark interest rate by 25 basis points to 4.25 percent after keeping it at 4.5 percent for the past three months, taking advantage of the country’s lowest inflation in almost two decades. Bank Indonesia (BI) Governor Perry Warjiyo…
Japfa gears business strategy toward overcoming impacts of pandemic
Publicly listed poultry company PT Japfa Comfeed Indonesia is gearing its business strategy toward overcoming the impacts of the COVID-19 pandemic on the economy. In addition to working to improve the efficiency of its production and internal operations, it will also continue to focus on…
Indonesia’s forex reserves edge up in May
The Indonesian central bank’s foreign exchange reserves (forex) drifted up further in May as relatively stable rupiah led the lender to carry out less intervention in the financial market amid huge capital inflows. The foreign exchange reserves of the central bank, Bank Indonesia, settled at…
Indonesia’s Lion Air to resume domestic flights as economy gradually reopens
Indonesia’s Lion Air and its units of Batik Air and Wing Air have decided to restart flights for domestic routes on Wednesday as the country’s economic activities have gradually been picked up, Xinhua news agency reported, according to the airline on Tuesday. The upcoming flights would…
Covid-19 Pushes Inflation to Lowest Level in Two Decades
Indonesia posted its lowest inflation in almost two decades in May as restrictions to curb the coronavirus pandemic continued to suppress demands. The largest economy in Southeast Asia saw its general price level, as measured by the consumer price index (CPI), grow by only 2.19 percent last month compared…
Jakarta Tourist Destinations to Reopen Steadily
Head of Jakarta’s Tourism and Creative Economy Agency Cucu Ahmad Kurnia on Tuesday announced that the city’s tourist destinations will gradually be made available starting on June 13. “This comes after the Jakarta governor Anies Baswedan enacted the transition from the large-scale social restriction to the new normal,”…
Central Bank Confident Indonesia Will Dodge Recession
Bank Indonesia is confident Indonesia’s economy would continue to grow in the second quarter of this year after the country recorded a 2.97 percent gross domestic product growth in the first, its lowest in almost two decades. Speaking in an online press conference on Wednesday, central bank governor Perry Warjiyo said…
Garuda gets $382 million in loans from BRI to fund working capital
National flag carrier Garuda Indonesia has received three loan facilities from state-owned Bank Rakyat Indonesia (BRI) with a total value of US$382 million to fund the airline’s working capital The publicly listed airline received a $50 million short-term loan from the bank with an interest rate based…