Apart from Interest Rates, These Two Factors are Important for Credit Growth

Assalamualaikum Warahmatullahi Wabarakatuh😊


Jakarta, Britishcourse.com – President Director of PT Bank Rakyat Indonesia Tbk, Sunarso, revealed that the lowering of the benchmark interest rate by Bank Indonesia (BI) was not the only factor that could boost credit growth. There are other factors that are also very important to encourage credit growth.

“We have data, in the years before 2015, the interest rate for KUR (people’s business credit) was 22%, and at that time credit could grow 22% or even 25%. Then after that the KUR interest rate is reduced to just 7%, which is paid by the customer, the rest is subsidized. When the interest rate paid by the public is 7%, that is, credit growth never reaches double digits. So we conclude that credit growth is not solely driven by lowering interest rates, “said Sunarso at the 2021 Economic Outlook, Thursday (25/2/2021).

Therefore, if you want to grow credit, you need to also encourage other factors besides lowering credit interest rates in banks, namely household consumption and people’s purchasing power. These two factors must be collaborated with central bank policy. “Credit growth is actually what determines household consumption and people’s purchasing power,” said Sunarso.

For information, throughout 2020, the BI benchmark interest rate has fallen by 125 basis points to 3.75% at the end of December 2020. At the BI Board of Governors Meeting (RDG) held on 17-18 February 2020, the benchmark interest rate was also lowered again by 25 basis points to 3.5%.

Source: BeritaSatu.com


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