The Indonesian Financial Services Authority (FSA) has revised the credit growth in 2019 down to the range 8-10 percent from the range of 12-14 percent it forecast in the middle of the year.
The Indonesian Financial Services Authority (FSA) has revised the credit growth in 2019 down to the range 8-10 percent from the range of 12-14 percent it forecast in the middle of the year. (Photo: Antara)
Jakarta (VNA) – The Indonesian Financial Services Authority(FSA) has revised the credit growth in 2019 down to the range 8-10percent from the range of 12-14 percent it forecast in the middle of the year.
FSA Chairman Wimboh Santososaid the revision is based on a bank business plan which targeted this year’sloan growth of more or less 10 percent as well as the credit growth in the firsthalf of 2019.
The loan growth in Indonesiabegan to slow down since the end of the first half of 2019, dropping to 7.89percent in the third quarter.
Meanwhile, in its latest report, Bank Indonesia stated that the slowdownof credit growth was caused by declining of corporate demand. In September, theloan disbursement to big debtors slumped by 8.1 percent, lower than theprevious month of 9.4 percent.
The situation was obviously seenin the hotel, trade and tourism sector by declining 5 percent year on year,lower than the 6 percent in the previous month.
Chief Executive Officer ofCitibank Batara Sianturi said that Citibank’s credit growth also slowed down inthe third quarter because the corporate rescheduled the booking of loans tonext year due to the presidential election this year. As a result, Sianturi saidthat the bank will be struggled to achieve 8 percent loan growth for this year,lower than the double-digit growth recorded last year.
Mandiri, one of the largest lenders in Indonesia, also revisedthis year’s loan growth from 13 percent to 9 percent due to the shifting fromhigh-risk loans to those with lower risks.
President of Central Asia Jahja Setiaatmadja said his bank’s credit growth willstand at only 9-10 percent this year as a result of global instabilities./.
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The Indonesian Financial Services Authority (FSA) has revised the credit growth in 2019 down to the range 8-10 percent from the range of 12-14 percent it forecast in the middle of the year. (Photo: Antara) 
