The vicious spread of COVID-19 in Indonesia is major setback in properly-functioning business activities, so Indonesia’s lethargic growth is unavoidable—demand and production in particular. 1Q20’s the financial System Stability Committee (KSSK) indicates that Indonesia’s financial system stability is at risks. To mitigate the looming risks, the Government issued Government Regulation in Lieu of Acts (Perppu) Number 1 Year of 2020 to mitigate COVID-19 wreaking havoc on the financial system stability.
Massif capital outflows of IDR145.28 trillion from January to March 2020 was another malfunction left by the virus. Even the outflows were greater than IDR69 trillion in 2008 and IDR36 trillion in 2013. (Katadata)
Reference:
https://katadata.co.id/berita/2020/05/11/kssk-stabilitas-sistem-keuangan-dalam-status-waspada-akibat-covid-19, accessed on Monday, May 11, 2020
