Jakarta, CNBC Indonesia – Bank Indonesia (BI) has decided to extend the policy of reducing the penalty for late credit card payments by 1% or a maximum of IDR 100,000 until December 31.
BI Governor Perry Warjiyo explained that the extension of the reduction in the value of credit card fines was to encourage people to consume through credit cards.
“We have extended the policy to reduce the value of late credit card payments by 1% of the outstanding or a maximum of IDR 100,000 until December 31, 2021,” explained Perry at a press conference, Thursday (17/6/2021).
“This is a buffer for public consumption in order to support the national economic recovery,” Perry continued.
Previously, BI had also issued policies to spur public consumption in the midst of the pandemic, especially from the credit side and re-engaging non-cash transactions. Where BI lowered credit card interest rates from 2% to 1.75%.
BI noted that the decline in the Basic Credit Interest Rate (SBDK) for banking continued, although the response was still more limited, which decreased by 177 bps since April 2020 to 8.87% in April 2021.
Meanwhile, interest rates for new loans in April 2021 also increased, especially in the BPD group, state-owned banks, and BUSN.
“Bank Indonesia expects banks to continue to adjust loan interest rates as part of a joint effort to encourage credit to the business world,” said Perry.
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