#Finance
Investment realization reaches IDR 892.4 trillion in 2022: BKPM
Investment Minister/Head of the Investment Coordinating Board (BKPM) Bahlil Lahadalia announced that investment realization from January to September 2022 has reached IDR 892.4 trillion - or 74.4% of the target - both foreign and direct investments. He was upbeat that his ministry could reach a targeted investment of IDR 1,200 trillion for the year 2022.
Government plans to grant Freeport contract extension, export tax reduction
The government has planned to grant contract extension for PT Freeport Indonesia when the current contract expires in 2041. The extension of the contract is granted earlier than scheduled because the government considers the economic feasibility of Freeport underground mining Grasberg project. The government has also planned to provide export tax reduction to the mining company.
Indonesia establishes largest sharia financial center in ASEAN despite lack of customers
Indonesia will have the largest Islamic Financial Center in ASEAN with the topping of the Syariah Tower in Pantai Indah Kapuk (PIK) 2 in North Jakarta on August 23, 2022. It is, somehow, contradicts to the fact that majority Muslims in Indonesia still use conventional banking, instead of sharia banking.
The portrait of current Indonesia’s economic condition
President Joko Widodo said Indonesia aims to cut its fiscal deficit to less than 3% of its gross domestic product next year for the first time since 2019.
The highest inflation has occurred in five regions, Jokowi urges coordination with TPIP and TPID
Jambi, West Sumatra, Bangka Belitung, Riau and Aceh have recorded the highest inflation rates in Indonesia. Jambi became the area with the highest inflation reaching 8.55 percent. The province of Jambi is cautious at 8.55 percent. West Sumatra is at 8.01 percent; Bangka Belitung is 7.77 percent; Riau is 7.04 percent; Aceh is 6.97 percent.
Interest rate is steady according to Bank Indonesia
Governor of Bank Indonesia (BI) Perry Warjiyo gave the latest signal regarding the benchmark interest rate which is currently at its lowest level of 3.50 percent. According to Perry, the national economic condition is still conducive enough to continue the BI rate policy going forward.
OCBC NISP invites young innovators in Hack@ON to create better services
The ongoing COVID-19 pandemic in the past two years has prompted Indonesian banking customers to switch their activities to digital space, data from the Communication and Information Ministry show.
Arkora Hydro goes public on IDX, to raise IDR179.77b
Renewable energy firm PT Arkora Hydro Tbk officially listed its shares on the Indonesia Stock Exchange (IDX) trading board, planning for an initial public offering (IPO) through the issuance of 579.9 million new shares. The new shares represented 20% of its capital after the IPO.
Hartadinata Abadi to expand stores, pawnshops
Gold and jewelry company PT Hartadinata Abadi Tbk will invest IDR40 billion as capital expenditure (Capex) by 2022. As of June 2022, the firm has spent approximately IDR15 billion.
Merdeka to allocate US$390 million in Capex for 2022 and 2023
PT Merdeka Copper Gold Tbk, an Indonesian gold mining company, has allocated US$390 million to finance several projects through capital expenditures until 2023.
Financial technology gains traction in Indonesia
Financial technology is developing well in Indonesian market. The fintech sector has been expanding in the past three to five years due to, among others, the COVID-19 pandemic, a colossal market, the penetration of internet and the increasing number of smartphone users as well as government support.
Bakrie offers US$5 billion in investment in Indonesia's electric vehicle ecosystem
PT Bakrie and Brothers Tbk (BNBR) - through its subsidiary PT Vektr Teknologi Mobilitas (VKTR) - is developing an upstream to downstream ecosystem for electric vehicles (EV) in Indonesia and will need US$5 billion investment.