INDONESIA’S parliament and government have agreed on a clause in a new financial bill to allow former politicians to stand as central bank governor, three sources familiar with the discussions told Reuters.
Plans by parliament in the last few years to overhaul how the central bank operates have raised market concerns that Bank Indonesia could lose independence and its policy making could be at risk from political interference.
The bill will also expand the mandate of BI to support economic growth, on top of managing the value of the rupiah, and allow BI to purchase bonds directly from the government “under certain conditions” set by the president, said one of the sources, who declined to be named as the bill is not public yet.
BI conducted such bond buying during the COVID-19 pandemic, and the quantitative easing program is set to end this year. “Politicians have the same rights like others to run for these positions and in terms of competence, they can do it,” the source said.Tauhid Ahmad, an economist at the Institute for Development of Economics and Finance , a local think tank, said while currently no specific rule prohibited a politician from standing for a BI post, a “code of ethics” has stopped them from doing so.
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