OJK: COVID-19 Credit Restructuring At Financing Companies Ends On April 17, 2024

JAKARTA - Chief Executive of the Supervision of Financing Institutions, Ventural Capital Companies, Micro Financial Institutions and Other Financial Services Institutions of the Financial Services Authority (OJK) Agusman said the COVID-19 credit restructuring policy in the finance company (multifinance) industry ended on April 17, 2024.

"The Countercyclical Policy on the Impact of the spread of Coronavirus Disease 2019 for Non-Bank Financial Services Institutions ends in April 2023, which was later extended to April 17, 2024," Agusman said in Jakarta, quoted from Antara, Thursday, April 4.

OJK considers that if the restructuring policy is stopped in April 2024, then gross non-performing financing (NPF) is projected to be only slightly affected, which is around 2.48 percent to 2.55 percent.

Thus, the financing company industry is considered to be quite fundamentally ready when policy normalization is carried out. This is in line with Indonesia's economic growth which is expected to continue to grow quite well in 2024 amid global economic uncertainty.

In addition, Agusman said the COVID-19 credit restructuring stimulus policy in the banking industry ended on March 31, 2024.

The amount of COVID-19 restructuring credit continued the downward trend in February 2024 to IDR 242.80 trillion, down IDR 8.41 trillion from the position in January 2024 which was recorded at IDR 251.21 trillion.

The number of customers who received credit restructuring also decreased to 943 thousand customers in February 2024, from the position in January 2024 which was recorded at 977 thousand customers.