Review Paper #1
Teknologi pintar telah mengubah gaya hidup masyarakat dan ekonomi digital saat ini memerlukan mata uang digital. Karena digitalisasi sistem keuangan global yang pesat, mata uang digital bank sentral (CBDC) menjadi penting sebagai bentuk aset digital yang dapat memastikan stabilitas keuangan, sistem pembayaran yang lebih baik, dan peningkatan kebijakan moneter. Banyak negara sedang mempertimbangkan atau mengembangkan CBDC untuk menghadapi pesatnya penerbitan mata uang digital swasta. CBDC diperkirakan akan mengubah arsitektur sistem keuangan secara fundamental.
Q1 2024 INDONESIA ECONOMIC REPORT
Gross Domestic Product
Indonesia’s economic growth is increasing massively amidst the weak global economy and financial market turmoil putting heavy pressure. In Q1 2024, the economy grew 5,11% (year on year). The main contributor to its growth was strong demand aggregate and budget support as a shock absorber decreasing unemployment rate (Cabinet Secretariat of Republic Indonesia 2024). During the first quarter of 2024, the provincial group in Java Island still showed its spatial influence in the Indonesian economy by recording a role of 57.70 percent despite experiencing a slowdown in growth of 4.84 percent compared to the first quarter of 2023 (year on year) (BPS 2024).
Developments in Monetary Sector 2014:Q3
Figure 3: Movements in Indonesia Stock Exchange (IDX) and SUN Yield Index 10 year maturity, August 2011 – August 2014 (%)
IDX has posted modest growth, yield SUN yield shows an upward trend once again
Source: IDX, CEIC, and Bloomberg (2014)
During the closing session on 29 August 2014, Indonesian Stock Exchange (IDX) continued to show positive albeit flat trend. Despite posting a slight increase (0.94%) compared to the position in the previous month, IDX reached 5,136 levels in August 2014. Besides, IDX reached a new benchmark when it broke 5000 points price level. In fact, on 21 July 2014, IDX closed at 5,206, which is the highest level for IDX, which occurred at a time when the outcome of the Presidential elections were announced. Nonetheless, in late June 2014, IDX suffered a correction of -0.31% compared with the previous month. This was attributable to restrictive liquidity, as well as a continuation of the “wait and see” attitude of investors. The hope is that such a condition will not come to end sooner than later, as a result of flawless conduct of the general elections, which induced high market optimism in the newly elected government. Meanwhile, during quarter II-2014 foreign investors bought IDR 19.5 trillion in securities, which is lower than the volume of transactions made in quarter I-2014 of IDR 24.62 trillion . Moreover, the Sharia Index contributed 60% of the performance of IDX valued at IDR 5, 200 trillion (y-t-d) on 27 August 2014.
On the other hand, bonds markets registered an increase in the yield on State Bonds (SUN) in late August 2014. Sun yield rose by 11 bps to become 8.28% compared with the previous month. In late July 2014, SUN yield was 8.16% lower than 8.35% posted in June, 2014. The fluctuation was attributable to the fact that investors are still in “wait and see” mood as they explore and project economic conditions in the wake of the presidential elections. In the meantime, net purchases of securities by foreign investors on government securities (SBN) registered IDR 42.68 trillion, which during quarter II-2014 showed an increase of IDR 37.08 trillion.