Celebrating Southeast Asian Culture And Economy, BI Selengglakan ASEAN Fest 2023

Photo: Doc. Bank Indonesia

JAKARTA Bank Indonesia (BI) this week held an ASEAN Fest which is an inclusive performance in the financial sector as part of the chairmanship of Indonesia in ASEAN 2023. This agenda is included in the second side event of the ASEAN Finance Ministers and Central Bank Governments Meeting (AMFGM).

It was stated that the ASEAN Fest held many activities, such as seminars, as a vehicle for cultural education, culinary for all ASEAN countries, the ASEAN museum, and the MSME exhibition.

We are all ASEAN countries are families, this is what makes ASEAN matters. This is what underlies the ASEAN Fest 2023. Let's come here every day (until August 25, 2023). Watch the cultural exhibitions of all ASEAN countries and attend seminars and talk shows around ASEAN," he said in a written statement quoted Wednesday, August 23.

Perry explained that his party also held a Digital Financial Inclusion (DFI) Festival to support sustainable economic growth, as well as increase public understanding of the importance of digital financial literacy.

Furthermore, he revealed that ASEAN has become a reference in implementing the policy mix through the implementation of various policy devices including exchange rate interventions, capital flow management, and macroprudential policies in the midst of global uncertainty conditions.

"Indonesia has succeeded in implementing the economic policy mix which has been based on strong conceptual framework and coordination between policy makers through open dialogue. This is evidenced by the Indonesian economy which remains stable in the midst of global challenges," he said.

On the same occasion, the Governor of the Central Bank of Thailand, Sethaput Suthiwartnarueput, conveyed his country's experience and challenges in implementing the economic policy mix.

According to him, it is important to coordinate between strong policy makers in ensuring the implementation of effective policies.

"No one policy fits to all as well as the need for flexibility in operationalizing the policy mix in accordance with the conditions and readiness of each country is very important to do," he said.

Similarly, Deputy Governor of the Philippine Central Bank Francisco G. Dakila expressed the need for integration of various policy instruments to be able to balance the interaction between implemented instruments.

"There must be strong communication considering that the policy mix is multi-objective," said Deputy Dakila.