INDONESIAN FINANCIAL MARKET By S Madhu Dinesh Kumar S Arun Sathiya

Overview S Arun Sathiya Capital Market Supervisory Agency (BAPEPAM) S Madhu Bank Indonesia

S Arun Sathiya

Capital Market Supervisory Agency (BAPEPAM)

S Madhu

Bank Indonesia

REPUBLIC OF INDONESIA National name : Republik Indonesia Capital : Jakarta Monetary unit : Rupiah GDP(2005 est.) : $901.7 billion Exchange Rate : 9188 Rp / USD Industries : petroleum and natural gas, textiles, footwear, mining, cement, chemical fertilizers, plywood, rubber, tourism ,etc

National name : Republik Indonesia

Capital : Jakarta

Monetary unit : Rupiah

GDP(2005 est.) : $901.7 billion

Exchange Rate : 9188 Rp / USD

Industries : petroleum and natural gas, textiles, footwear, mining, cement, chemical fertilizers, plywood, rubber, tourism ,etc

INTRODUCTION The existence of a capital market in Indonesia dates at least from 1912 when the Dutch Colonial government established a stock exchange The real development of the capital market in Indonesia started in 1977 when the Jakarta stock exchange was reopened under the newly created Capital Market Operation Board (BAPEPAM) of the Ministry of Finance. Corporate bonds began to play a role as capital market instruments in 1983. JASAMARGA (The state owned highway construction and maintenance corporation) issued the first bonds, using the proceeds to finance construction of toll highways, among other things.

The existence of a capital market in Indonesia dates at least from 1912 when the Dutch Colonial government established a stock exchange

The real development of the capital market in Indonesia started in 1977 when the Jakarta stock exchange was reopened under the newly created Capital Market Operation Board (BAPEPAM) of the Ministry of Finance.

Corporate bonds began to play a role as capital market instruments in 1983. JASAMARGA (The state owned highway construction and maintenance corporation) issued the first bonds, using the proceeds to finance construction of toll highways, among other things.

Contd… During the 1980’s the government started to reform regulations that had obstructed investor interest in the bourse in order to create the climate conducive to business. Pakdes package of 1987 relaxed government regulation of the market and licensing and had a major effect on the market’s development. The Pakdes package adopted in December 1990 reformed the institutional structure of the capital market.

During the 1980’s the government started to reform regulations that had obstructed investor interest in the bourse in order to create the climate conducive to business.

Pakdes package of 1987 relaxed government regulation of the market and licensing and had a major effect on the market’s development.

The Pakdes package adopted in December 1990 reformed the institutional structure of the capital market.

The Existing Regulatory Structures Ministry of Finance Directorate General of Financial Institution Capital Market Supervisory Agency Insurance Pension Funds Finance Venture Capital Others Financial Services Stock Exchanges Issuers / Public Companies Securities Firms Investment Funds Others Capital Market Supporting Institutions

1987 to 1992 Reforms Allowing foreign investors to own 49% maximum of listed shares, removing fluctuation trading limit, and introducing Parallel Bourse to allow medium-scale companies (Dec. 87) Moving towards a disclosured-based regime with the establishment of SURABAYA STOCK EXCHANGE ( SSX) in 1989 and privatization of the JAKARTA STOCK EXCHANGE ( JSX) in 1992 Market infrastructure was simultaneously modernized

Allowing foreign investors to own 49% maximum of listed shares, removing fluctuation trading limit, and introducing Parallel Bourse to allow medium-scale companies (Dec. 87)

Moving towards a disclosured-based regime with the establishment of SURABAYA STOCK EXCHANGE ( SSX) in 1989 and privatization of the JAKARTA STOCK EXCHANGE ( JSX) in 1992

Market infrastructure was simultaneously modernized

As a result…

The Effectiveness of Capital Market Law in January 1996 brought significant changes in the Indonesian securities industry BAPEPAM (Badan Pengawas Pasar Modal) becomes more independent in regulating and supervising the market BAPEPAM has more enforcement powers More stringent sanctions for serious violations such as market manipulation and insider trading Open-end Investment Fund is introduced and allow to operate

BAPEPAM (Badan Pengawas Pasar Modal) becomes more independent in regulating and supervising the market

BAPEPAM has more enforcement powers

More stringent sanctions for serious violations such as market manipulation and insider trading

Open-end Investment Fund is introduced and allow to operate

But the growth of the issuers remained slow as 1997 monetary crisis gave its disastrous impacts to the market and to the Indonesian economy as a whole

Where they are … The JSX Market Cap accounted only 0.13% of the Global Market Cap The JSX trading value accounted only 0.04% of the global trading value

Numbers of Investors in 2002 Total Population Singapore Malaysia Indonesia 1 m 3 m 70,000 3,5 m 18 m 220 m Switzerland 1,3 m 7,3 m Domestic Investors

THE CAPITAL MARKET SUPERVISORY AGENCY When the capital market was activated in 1976, Capital Market Executive Agency (BAPEPAM) was established The Capital Market Supervisory Agency, hereinafter referred to as BAPEPAM, shall provide guidance, regulation, and day-to-day supervision of the Capital Market.

When the capital market was activated in 1976, Capital Market Executive Agency (BAPEPAM) was established

The Capital Market Supervisory Agency, hereinafter referred to as BAPEPAM, shall provide guidance, regulation, and day-to-day supervision of the Capital Market.

Vision and Mission The vision of the BAPEPAM is “to develop strong and globally competitive capital markets, as the activator of the national economy”. First, to develop strong Indonesian capital markets as the activator of the national economy. Second, the Indonesian capital market should be competitive in the global environment.

The vision of the BAPEPAM is “to develop strong and globally competitive capital markets, as the activator of the national economy”.

First, to develop strong Indonesian capital markets as the activator of the national economy.

Second, the Indonesian capital market should be competitive in the global environment.

Contd… Enhancing commitment to develop a more robust capital market; Providing more access to medium-sized enterprises and credit union (cooperatives) to use capital market as their alternative source of financing; Supporting regional/local government to raise fund through the capital market; Strengthening domestic-based investors and encouraging them to participate actively in the capital market; Improving the quality of market infrastructure that meet international standards and to cope with global challenges

Enhancing commitment to develop a more robust capital market;

Providing more access to medium-sized enterprises and credit union (cooperatives) to use capital market as their alternative source of financing;

Supporting regional/local government to raise fund through the capital market;

Strengthening domestic-based investors and encouraging them to participate actively in the capital market;

Improving the quality of market infrastructure that meet international standards and to cope with global challenges

Objective of BAPEPAM The major functions of the Agency are, Evaluate whether the companies that are to sell their shares through capital market have complied with the requirements and are sound and fit. Organize an effective and efficient capital market. Extensively supervise the development of Issuers. In order to carry out its objectives BAPEPAM shall have authority to do the following:

The major functions of the Agency are,

Evaluate whether the companies that are to sell their shares through capital market have complied with the requirements and are sound and fit.

Organize an effective and efficient capital market.

Extensively supervise the development of Issuers.

In order to carry out its objectives BAPEPAM shall have authority to do the following:

Contd… grant: business licenses to Securities Exchanges, Clearing Guarantee Institutions, a Central Securities Depository, Investment Funds, Securities Companies, Investment Advisors, and Securities Administration Agencies; individual licenses to Underwriter’s Representatives, Broker-Dealer’s Representatives, and Investment Manager’s Representatives; and approvals to Custodian banks;

grant:

business licenses to Securities Exchanges, Clearing Guarantee Institutions, a Central Securities Depository, Investment Funds, Securities Companies, Investment Advisors, and Securities Administration Agencies;

individual licenses to Underwriter’s Representatives, Broker-Dealer’s Representatives, and Investment Manager’s Representatives; and

approvals to Custodian banks;

Contd… inspect: Issuers and Public Companies that have submitted or that are required to submit a Registration Statement to BAPEPAM; or Persons that, under this Law, are required to have a business or individual license, or to be approved, or to be registered as a professional; publish findings of inspections suspend all trading on a Securities Exchange in times of emergency,

inspect:

Issuers and Public Companies that have submitted or that are required to submit a Registration Statement to BAPEPAM; or

Persons that, under this Law, are required to have a business or individual license, or to be approved, or to be registered as a professional;

publish findings of inspections

suspend all trading on a Securities Exchange in times of emergency,

Contd… require the registration of Capital Market Supporting Professionals and Trust-Agents take steps necessary to avert loss to the public arising from violation of Capital Market regulations; do any other act required by this Law

require the registration of Capital Market Supporting Professionals and Trust-Agents

take steps necessary to avert loss to the public arising from violation of Capital Market regulations;

do any other act required by this Law

Person to submit report Things to be reported to BAPEPAM Stock Exchange Daily Report on the Exchange Transaction Monthly Activity Report Semi/Annual Report Other Report when required Clearing Guarantee Corporation and Central Securities Depositary Daily Report on Clearing and Depositary Daily Report on Mutation of Depositary and Settlement of the Exchange transaction Monthly Report Semi/Annual Financial Report Other Reports when required Investment Fund Monthly Report Securities Company Annual Financial Report on Net Adjusted Working Capital Investment Manager Monthly Activity Report Credit Rating Agency Semi Annual Activity Report Annual Activity Report Securities Administration Agency Monthly Activity Report Annual Activity Report Annual Report

Organization Chairman Executive Secretary Director of the Regulation and Legal Counsel Bureau Director of the Enforcement Bureau Director of the Investment Management and Research Bureau Director of the Market Institutions and Trading Bureau Director of the Corporate Finance I Bureau Director of the Corporate Finance II Bureau Director of the Accounting Standards Bureau

Chairman

Executive Secretary

Director of the Regulation and Legal Counsel Bureau

Director of the Enforcement Bureau

Director of the Investment Management and Research Bureau

Director of the Market Institutions and Trading Bureau

Director of the Corporate Finance I Bureau

Director of the Corporate Finance II Bureau

Director of the Accounting Standards Bureau

Procedure for Issuing or rejecting a license. The approval or rejection of an application by BAPEPAM with respect to a license, approval, or registration, must be done within forty-five days from the date the complete application is received by BAPEPAM. Within the period referred to in paragraph (1), BAPEPAM may request amendments and or additional information to complete the application for licensing, approval, or registration.

The approval or rejection of an application by BAPEPAM with respect to a license, approval, or registration, must be done within forty-five days from the date the complete application is received by BAPEPAM.

Within the period referred to in paragraph (1), BAPEPAM may request amendments and or additional information to complete the application for licensing, approval, or registration.

Contd… When BAPEPAM requests an amendment and/or additional information as specified in paragraph (2), the period for approval or denial shall be counted from the date such amendment and/or additional information is received by BAPEPAM.

When BAPEPAM requests an amendment and/or additional information as specified in paragraph (2), the period for approval or denial shall be counted from the date such amendment and/or additional information is received by BAPEPAM.

CAPITAL MARKET DEVELOPMENT STRATEGY Regulatory alignment & harmonization Accounting standards Listing requirements Investor protection regime Regulation of cross-border trades and investment Standardize investor protection rules across jurisdictions to ensure credibility of the region Harmonize regulatory requirements and standards

Regulatory alignment & harmonization

Accounting standards

Listing requirements

Investor protection regime

Regulation of cross-border trades and investment

Standardize investor protection rules across jurisdictions to ensure credibility of the region

Harmonize regulatory requirements and standards

Contd… Integrated market infrastructure Market intermediation Trading systems Clearance and settlement Efficient and effective market linkages Cross-border trading Common clearing and settlement

Integrated market infrastructure

Market intermediation

Trading systems

Clearance and settlement

Efficient and effective market linkages

Cross-border trading

Common clearing and settlement

Conclusion The purpose of the Capital Market is to support national development by enhancing public welfare through economic growth and societal stability, while fostering a more suitable distribution of wealth. To reach this objective, the Capital Market plays a strategic role by financing businesses, both large and small and provides the public with investment opportunities.

The purpose of the Capital Market is to support national development by enhancing public welfare through economic growth and societal stability, while fostering a more suitable distribution of wealth.

To reach this objective, the Capital Market plays a strategic role by financing businesses, both large and small and provides the public with investment opportunities.

Contd… Necessary legislation for economic development includes regulation of the Capital Market which it is expected that the Capital Market will have a greater role in development, so that national economic objectives may be achieved.

Necessary legislation for economic development includes regulation of the Capital Market which it is expected that the Capital Market will have a greater role in development, so that national economic objectives may be achieved.

Bank Indonesia

History Bank Indonesia was founded on July 1 , 1953 , in the Sukarno era - from the nationalization of De Javasche Bank, a Dutch bank dating from colonial times. For the next 15 years, Bank Indonesia carried on commercial activities as well as acting as the nation’s bank.

Bank Indonesia was founded on July 1 , 1953 , in the Sukarno era - from the nationalization of De Javasche Bank, a Dutch bank dating from colonial times.

For the next 15 years, Bank Indonesia carried on commercial activities as well as acting as the nation’s bank.

Contd… This came to an end with the Act No. 13 Year 1968 on Central Bank, which was subsequently replaced by the Act No. 23 Year 1999, finally freeing the bank from government interference. Thereafter, the bank reported to the House of Representatives instead of the president, and the bank’s governor was no longer a member of the cabinet.

This came to an end with the Act No. 13 Year 1968 on Central Bank, which was subsequently replaced by the Act No. 23 Year 1999, finally freeing the bank from government interference.

Thereafter, the bank reported to the House of Representatives instead of the president, and the bank’s governor was no longer a member of the cabinet.

Organization The bank is led by the board of governors , comprising the governor, a senior deputy governor and at between four and seven deputy governors. The governor and deputy governors serve for a term five years, and are eligible for re-election for a maximum of two terms. The governor and senior deputy governor are nominated and appointed by the president, with approval from the House of Representatives. Deputy governors are nominated by the governor and appointed by the president, with approval of the House of Representatives.

The bank is led by the board of governors , comprising the governor, a senior deputy governor and at between four and seven deputy governors.

The governor and deputy governors serve for a term five years, and are eligible for re-election for a maximum of two terms.

The governor and senior deputy governor are nominated and appointed by the president, with approval from the House of Representatives. Deputy governors are nominated by the governor and appointed by the president, with approval of the House of Representatives.

Contd… The president has no power to dismiss a member of the board, except when a board member voluntarily resigns, is permanently handicapped, or is proven guilty of criminal offence. The Board of Governors Meeting is the bank’s highest decision-making forum . It is held at least once a month to decide on general policy on monetary affairs, and at least once a week to evaluate policy implementation or to decide on other strategic and principle policy.

The president has no power to dismiss a member of the board, except when a board member voluntarily resigns, is permanently handicapped, or is proven guilty of criminal offence.

The Board of Governors Meeting is the bank’s highest decision-making forum . It is held at least once a month to decide on general policy on monetary affairs, and at least once a week to evaluate policy implementation or to decide on other strategic and principle policy.

AFTER ASIAN CRISIS After the Asian currency crisis of 1997 Indonesia suffered the most economic damage during which it experienced a sharper drop of the currency than any other country involved in the crisis. Political and economic shocks, including the sharp drop in the currency, bank runs, and the collapse of the Suharto regime inspired by the political instability, deteriorated the balance sheets of leading banks.

After the Asian currency crisis of 1997

Indonesia suffered the most economic damage during which it experienced a sharper drop of the currency than any other country involved in the crisis.

Political and economic shocks, including the sharp drop in the currency, bank runs, and the collapse of the Suharto regime inspired by the political instability, deteriorated the balance sheets of leading banks.

Banking Restructuring in Indonesia As part of efforts to restore people's confidence in Indonesia's financial and economic system, Bank Indonesia has embarked on a comprehensive restructuring of the banking system. The restructuring is absolutely imperative, in order to reactivate banking intermediary role in encouraging economic growth and optimizing effective implementation of monetary policy . The restructuring involves restoring people's confidence in the system, banking recapitalizing, credit restructuring, improving banking regulation and supervising function.

As part of efforts to restore people's confidence in Indonesia's financial and economic system, Bank Indonesia has embarked on a comprehensive restructuring of the banking system.

The restructuring is absolutely imperative, in order to reactivate banking intermediary role in encouraging economic growth and optimizing effective implementation of monetary policy .

The restructuring involves restoring people's confidence in the system, banking recapitalizing, credit restructuring, improving banking regulation and supervising function.

Indonesian Banking Architecture 1. Creation of a robust structure for the domestic banking system capable of meeting the needs of the public and promoting sustainable economic development. 2. Creation of an effective system for bank regulation and supervision based on international standards. 3. Creation of a strong, highly competitive banking industry , resilient in the face of risks.

Contd… 4. Building of good corporate governance for internal strengthening of the national banking system. 5. Provision of a complete range of infrastructure to support the creation of a healthy banking industry. 6. Empowerment and protection for consumers of banking services.

4. Building of good corporate governance for internal strengthening of the national banking system.

5. Provision of a complete range of infrastructure to support the creation of a healthy banking industry.

6. Empowerment and protection for consumers of banking services.

Indonesian Bank Restructuring Agency The IBRA, which was established on 27 January 1998 , set out to build a bank restructuring mechanism. The IBRA, which was established as an integrated agency to tackle the bank restructuring, could not be empowered for legal authority and not endowed with enough budget. Under IMF guidance ,the IBRA created a bank restructuring mechanism independent of the government and Bank Indonesia . But it failed to get full cooperation from the government and resulted in undermining its authority. It was dissolved in the year 2004.

The IBRA, which was established on 27 January 1998 , set out to build a bank restructuring mechanism.

The IBRA, which was established as an integrated agency to tackle the bank restructuring, could not be empowered for legal authority and not endowed with enough budget.

Under IMF guidance ,the IBRA created a bank restructuring mechanism independent of the government and Bank Indonesia .

But it failed to get full cooperation from the government and resulted in undermining its authority. It was dissolved in the year 2004.

Public Fund Injection The banking sector restructuring policy published in 1998 revealed a public fund injection program to the banking sector. Capital injections were conducted in 1999 by the mechanism of the issuance of government bonds by the Indonesian government to inject funds into banks . Banks employed a set of capital adequacy ratio criteria; 4% or higher for healthy banks, 25% to 4% for banks that required capital injections and 25% or lower for banks that were to be immediately shut down. The banking sector had deteriorated that far.

The banking sector restructuring policy published in 1998 revealed a public fund injection program to the banking sector.

Capital injections were conducted in 1999 by the mechanism of the issuance of government bonds by the Indonesian government to inject funds into banks .

Banks employed a set of capital adequacy ratio criteria; 4% or higher for healthy banks, 25% to 4% for banks that required capital injections and 25% or lower for banks that were to be immediately shut down. The banking sector had deteriorated that far.

Mission and Vission To achieve and maintain rupiah stability by maintaining monetary stability and by promoting financial system stability for Indonesia’s long term sustainable development. To be recognized, domestically and internationally, as a credible central bank through the strength of our values and achievement of low, stable rates of inflation

To achieve and maintain rupiah stability by maintaining monetary stability and by promoting financial system stability for Indonesia’s long term sustainable development.

To be recognized, domestically and internationally, as a credible central bank through the strength of our values and achievement of low, stable rates of inflation

STRATEGIC VALUES Competency Integrity Transparency Accountability Cohesiveness

Competency

Integrity

Transparency

Accountability

Cohesiveness

STRATEGIC OBJECTIVES To realize its Mission, Vision and Strategic Values, Bank Indonesia has stipulated the following medium-long term strategic objectives : Maintain monetary stability Maintain the financial sustainability of Bank Indonesia Strengthen the effectiveness of monetary management Create a sound and effective banking system and financial system stability

To realize its Mission, Vision and Strategic Values, Bank Indonesia has stipulated the following medium-long term strategic objectives :

Maintain monetary stability

Maintain the financial sustainability of Bank Indonesia

Strengthen the effectiveness of monetary management

Create a sound and effective banking system and financial system stability

Contd… Maintain the security and effectiveness of the payment system Increase the effectiveness of Good Governance implementation Strengthen the organization and build highly competent human resources with the support of a knowledge-based work culture Integrate Bank Indonesia's transformation in line with Bank Indonesia's destination statement of 2008

Maintain the security and effectiveness of the payment system

Increase the effectiveness of Good Governance implementation

Strengthen the organization and build highly competent human resources with the support of a knowledge-based work culture

Integrate Bank Indonesia's transformation in line with Bank Indonesia's destination statement of 2008

REGULATING AND SUPERVISING BANKING SYSTEM Bank Indonesia issues regulation, grants and revokes bank's license or certain banking activities permit, conducts banking supervisory and imposes sanction to bank in accordance to the law of the land. In conducting these tasks, Bank Indonesia, with utmost prudence, is authorized to enact banking regulations. In the context of the Bank's authority in bank licensing, asides from granting and revoking business license of the banking institutions, Bank Indonesia may grant permit in opening, closing and moving of bank's branch office, grant approval of bank's ownership and management, also grant permit to bank concerning particular business activities.

Bank Indonesia issues regulation, grants and revokes bank's license or certain banking activities permit, conducts banking supervisory and imposes sanction to bank in accordance to the law of the land. In conducting these tasks, Bank Indonesia, with utmost prudence, is authorized to enact banking regulations.

In the context of the Bank's authority in bank licensing, asides from granting and revoking business license of the banking institutions, Bank Indonesia may grant permit in opening, closing and moving of bank's branch office, grant approval of bank's ownership and management, also grant permit to bank concerning particular business activities.

Contd… The Bank's supervisory authority takes the form of direct and indirect monitoring . Direct supervision is conducted through on-site examination regularly or randomly as needed. Indirect supervision is conducted through research, analysis and evaluation of submitted banks report

The Bank's supervisory authority takes the form of direct and indirect monitoring . Direct supervision is conducted through on-site examination regularly or randomly as needed. Indirect supervision is conducted through research, analysis and evaluation of submitted banks report

Bank Indonesia Issues New Regulation on Foreign Loans The regulation signed by Governor (2004) of the central bank Burganuddin Abdullah, said short and long term borrowers must adopt risk management including market, credit and liquidity risks. Long term borrowers must have certain rating from national or international rating agency and they are required to submit full report to the central bank including about the rating, financial ratio, financial report, report about foreign loan in a year and results of analysis of company management. Short term borrowers are required to submit only financial ratio and financial reports . Foreign loans have positive and negative effects on the balance of payments and monetary stability, therefore, the principle of prudence must be observed the central bank said.

The regulation signed by Governor (2004) of the central bank Burganuddin Abdullah, said short and long term borrowers must adopt risk management including market, credit and liquidity risks.

Long term borrowers must have certain rating from national or international rating agency and they are required to submit full report to the central bank including about the rating, financial ratio, financial report, report about foreign loan in a year and results of analysis of company management.

Short term borrowers are required to submit only financial ratio and financial reports .

Foreign loans have positive and negative effects on the balance of payments and monetary stability, therefore, the principle of prudence must be observed the central bank said.

IMF and Bank Indonesia In 2003, the Indonesian government made a political decision to terminate policy management based on loans and advice from the IMF. Exit from the IMF program meant receiving no further loans from the fund . Thereafter, the government became responsible for implementing economic policy without any input from the IMF. While the IMFs guidance is still partly effective under Article IV, consultation with the IMF (surveillance) and post program monitoring, the government restored its autonomy in establishing economic policy.

In 2003, the Indonesian government made a political decision to terminate policy management based on loans and advice from the IMF.

Exit from the IMF program meant receiving no further loans from the fund . Thereafter, the government became responsible for implementing economic policy without any input from the IMF. While the IMFs guidance is still partly effective under Article IV, consultation with the IMF (surveillance) and post program monitoring, the government restored its autonomy in establishing economic policy.

Independent Banking Supervisory Agency With the dissolution of the IBRA in February 2004, the Indonesian banking sector was back to normal. Since the dissolution of the IBRA, Bank Indonesia has supervised banks. Although the new Central Banking Law (2004) stipulates detachment of banking supervision authority from Bank Indonesia and the setting up of an independent banking supervising agency, opposition from the central bank has prevented its implementation

With the dissolution of the IBRA in February 2004, the Indonesian banking sector was back to normal. Since the dissolution of the IBRA, Bank Indonesia has supervised banks. Although the new Central Banking Law (2004) stipulates detachment of banking supervision authority from Bank Indonesia and the setting up of an independent banking supervising agency, opposition from the central bank has prevented its implementation

CONCLUSION The Indonesian banking sector has been recovering slowly but steadily in real terms and that privatization of state banks (sales of government-owned shares to the private sector) has not always brought improved business performances and market valuations. The Indonesian banking sector is proven to be on a recovery trend. However, issues still remain; the bank supervision structure is still weak due to the continuing absence of the Financial Supervising Agency

The Indonesian banking sector has been recovering slowly but steadily in real terms and that privatization of state banks (sales of government-owned shares to the private sector) has not always brought improved business performances and market valuations.

The Indonesian banking sector is proven to be on a recovery trend. However, issues still remain; the bank supervision structure is still weak due to the continuing absence of the Financial Supervising Agency

Contd… And inflation rates remain relatively high compared with those of other Asian countries. Sales of state banks to private investors are another outstanding issue. In order to maintain and further enhance the health of the banking sector, macro economic issues and institutional issues such as that of the banking supervising structure require early solution .

And inflation rates remain relatively high compared with those of other Asian countries. Sales of state banks to private investors are another outstanding issue.

In order to maintain and further enhance the health of the banking sector, macro economic issues and institutional issues such as that of the banking supervising structure require early solution .

SOURCE http:.//www.bapepam.go.id http://www.indoexchange.com/ http://www.idx.co.id/MainMenu/Peraturan/Listing/tabid/98/lang/en-US/language/en-US/Default.aspx

http:.//www.bapepam.go.id

http://www.indoexchange.com/

http://www.idx.co.id/MainMenu/Peraturan/Listing/tabid/98/lang/en-US/language/en-US/Default.aspx

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