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Bank of America Experiencing Crisis, UI Economist Supports Minister of Finance Sri Mulyani Facing Global Crisis


The United States is reportedly threatened with a crisis because the US Big Bank is experiencing a crisis. It was recorded that there were at least 4 major US banks that experienced a crisis in the period last week in March 2023.

The most pronounced bank falls were Silicon Valley Bank (SVB) and Signature Bank. Even so, will the crisis experienced by America have a domino effect and have an impact on Indonesia.

Minister of Finance Sri Mulyani said, even though America is experiencing a crisis due to the bankruptcy of SVB and Signature banks, Indonesia is still safe from the impact of the bank crisis in America.

“Currently the impact on Indonesia is still good in terms of exchange rate movements and also capital flows to emerging markets where Indonesia sees in this case that capital flows have started to enter Indonesia,” said Sri Mulyani.

Strengthening this, the Dean of the Faculty of Economics and Business, University of Indonesia, Dr. Teguh Dartanto PhD said, Indonesia is still immune to the domino effect that occurred due to the collapse of banks in America.

He explained this that Indonesia has a lot of experience in overcoming financial crises so that it is able to anticipate financial crises that will occur in the future.

“The financial sector in Indonesia is much more prudent than before, because we have experience from crisis to crisis,” he explained through an official statement, Saturday (18/3/2023).

“It was the Asian financial crisis in 1998 that may have changed our banking architecture, and our banks were far more prudent in managing risk. The second is that the experience in 2008 of the Asian financial crisis was relatively good compared to other countries,” he continued.

For this reason, according to him, Indonesia still has immunity against the current global crisis. He also provided support to the Minister of Finance Sri Mulyani to survive the global economic crisis. “The Minister of Finance with his data and analysis also shows that Indonesia is safe,” he said.

On the other hand, Chairman of the Supervision Board of Bank Indonesia Muhammad Edhie Purnawan PhD said Indonesia would be able to survive the global crisis if the government and society were able to build trust to overcome the crisis.

“Well, Indonesia, I think if we build strong trust, I think we will be safe,” he added.

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