BI Coba Tahan Hot Money
Selasa, 19 Oktober 2010 – 07:15 wib
JAKARTA – Bank Indonesia (BI) menyiapkan instrumen baru untuk menahan aliran dana asing (hot money) agar bisa mengendap lebih lama di dalam negeri. BI mengantisipasi pembalikan arus masuk hot money saat perekonomian global membaik.
“Kami saat ini sedang menggodok instrumen untuk bisa menahan hot money lebih lama,” ujar Direktur Pengaturan dan Penelitian Perbankan BI Wimboh Santoso di Jakarta.
BI mencatat, posisi asing di instrumen Sertifikat Bank Indonesia (SBI) per Oktober menembus Rp78 triliun, atau sekitar 31 persen dari total SBI sebesar Rp251,78 triliun. Selain menyiapkan instrumen khusus, BI juga terus berusaha meyakinkan investor agar tetap bertahan di Indonesia dengan menjaga stabilitas nilai tukar rupiah dan tingkat inflasi.(Didik Purwanto/Koran SI/wdi)
Capital Inflow Mengalir Deras, BI Bisa Kembali Naikkan GWM
Jum’at, 15 Oktober 2010 – 07:18 wib
Andina Meryani – Okezone
BANDUNG – Kebijakan Bank Indonesia (BI) menaikkan Giro Wajib Minimum (GWM) dari lima persen menjadi delapan persen, menyedot likuiditas tidak akan terealisasi sepanjang capital inflow dan permintaan terhadap kredit masih terus mengalir.
Bahkan Ekonom Bank Mandiri yang juga Komisioner Lembaga Penjamin Simpanan (LPS) Mirza Adityaswara menyakini jika capital inflow masih terus deras mengalir, maka kemungkinan besar BI akan kembali menaikkan level GWM.
“Bahkan kalau capital inflow-nya masih terus datang, bisa jadi GWM-nya akan naik lagi,” ujarnya saat Media Training “Prospek Ekonomi dan Tantangan Industri Perbankan 2011”, di Hotel Padma, Bandung, Kamis (14/10/2010) malam.
Menurutnya, antisipasi banjirnya capital inflow dengan kembali menaikkan GWM lebih memungkinkan untuk dilakukan oleh BI ketimbang harus menaikkan suku bunga. “Karena kalau suku bunganya naik, cost SBI-nya naik. Kalau naikkan GWM kan enggak bayar,” jelasnya.
Menurutnya, masalah pengetatan likuiditas baru akan terlihat jika capital inflow berangsur-angsur meninggalkan pasar tanah air. Barulah saat itu, perbankan akan berlomba-lomba untuk menarik dana dari pihak ke tiga.
“Kalau capital inflow-nya hilang, barulah bank menaikkan DPK-nya,” tuntasnya.(ade)
ASIA NEWSOCTOBER 18, 2010
IMF Head Cautions on Money Flows to Asia
By SHEN HONG, JOY C. SHAW and ESTHER FUNG
SHANGHAI—The head of the International Monetary Fund on Monday warned against the destabilizing effects of capital flooding into Asia and touted capital controls as a means to prevent another financial crisis.
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Dominique Strauss-Kahn walks out of a meeting in the financial district of Shanghai .
Praising Asia for its role in leading the global recovery, IMF Managing Director Dominique Strauss-Kahn cautioned that some of the capital flowing into the region could lead to “exchange-rate overshooting, credit booms, asset-price bubbles, and financial instability” and that controls on money entering the region could help moderate the vast inflows.
The unusual joint endorsement of capital controls—policies that the IMF has until recently resisted—highlights how the growing gap in the performance of different parts of the global economy is pushing policy makers in new directions.
The remarks, made at a meeting of central bankers in Shanghai, also indicated that a consensus is emerging among policy makers, after what has been seen as a lack of a well-coordinated universal policy response to the current economic slowdown.
While the U.S., Europe and Japan are keeping interest rates at record lows to support still-weak recoveries, Asian economies have been rebounding rapidly. Increasingly in recent weeks, that trend has pushed investors to seek higher returns in markets outside the developed countries, leading to a flood of money that has driven up emerging-market currencies and market prices.
Mr. Strauss-Kahn’s remarks came as governments are looking for ways to lean against those inflows, fearful that strong currencies will hurt their exporters and that volatile capital movements could harm their financial systems.
Mr. Strauss-Kahn said that in order to prevent a future crisis, countries have a number of policy options in their tool kits. These include lower interest rates, reserves accumulation, tighter fiscal policy and, in some cases, capital controls.
“For example, with a credit-fueled housing bubble, prudential tools might be the way to go. If instead the problem is debt inflows fueling a boom in foreign-currency lending to unhedged borrowers, then the solution might be different and might include capital controls,” he said.
Meanwhile, People’s Bank of China Deputy Governor Yi Gang at a news conference after the meeting reiterated China’s resolve to push ahead with cautious reforms of its own currency regime, which has been drawing criticism from the U.S. and Europe for leaving the currency undervalued, making the country’s exports cheaper in overseas markets and contributing to global trade imbalances.
Mr. Yi said that although the yuan’s trading flexibility has increased since June 19, when Beijing dropped the currency’s 23-month-long peg to the U.S. dollar, exchange-rate reform has to be gradual.
He said China’s narrowing trade surplus shows the yuan exchange rate can stay basically stable, adding that he hopes the currency will be “fairly stable” at a market-determined equilibrium.
China is resisting rapid appreciation of the yuan as it strives to fend off hot-money inflows and the potential negative effects on exporters.
Echoing Mr. Strauss-Kahn’s view, Mr. Yi said that when capital flows generate systemic risks, “we should consider alleviating that through appropriate measures.”
“When you have large and persistent capital flows, you have to analyze the source of the capital, that is very loose monetary policy in developed economies,” Mr. Yi said. However, Mr. Yi also cautioned that capital control measures have to be used “very carefully” to avoid high costs and risks.
Adding to the chorus was John Lipsky, the IMF’s deputy managing director, who said at the same briefing that while adjustments in budgetary provisions and structural and exchange-rate policies are often appropriate responses to increased capital inflows, “there may be special circumstances in which controls could provide a helpful, temporary tool to manage these capital increases.”
—Andrew Batson in Beijing contributed to this article.