Closure of US banks has little impact on Indonesia’s banking sector: governor
The closure of Silicon Valley Bank (SVB), Silvergate Bank, and Signature Bank in the United States has no direct impact on Indonesia’s banking sector, Governor of Bank Indonesia (BI) Perry Warjiyo said on March 16.
Governor of Bank Indonesia (BI) Perry Warjiyo. (Photo: Antara)
Jakarta (VNA) – The closureof Silicon Valley Bank (SVB), SilvergateBank, and Signature Bank in the United States has no direct impact on Indonesia’sbanking sector, Governor of BankIndonesia (BI) Perry Warjiyo said on March 16.
The risk of direct impa🍃ct isalmost zero as most of Indonesia’s banksdo not in♏vest funds or deposit inthese three banks, the official told the press after a BI Board of Governors’Meeting in Jakarta.
However, Warjiyo said it isnecessary to monitor the spillover effect of the incident on the market due toinvestor expectations or perceptions of the turmoil from the banks’ fall. Foreign capital inflows into Indonesia's financial market, especially investment portfolios, reached 3 billion USD as of March 13 and the outflowin March reflects the growing uncertainty in global financial markets, he said. The rupiah exchange rate increasedby 1.32% this year as of March 15. However, compared to the end of February 2023, thevalue of the rupiah has declined by 0.75%. BI will continue to stabilise the rupiah exchange rate through intervention andcoordination with stakeholders, he said, expressing his optimism that therupiah exchange rate will be strengthened in line with the stability of the Indonesianfinancial system./.
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Governor of Bank Indonesia (BI) Perry Warjiyo. (Photo: Antara) 
