OJK Boss Reveals Indonesia's Financial Market Is Limited Relative Amid 32 Percent US Import Tariffs

JAKARTA - The Financial Services Authority (OJK) assesses that the impact of the 32 percent import rate policy announced by United States President Donald Trump on the Indonesian financial market is still relatively limited.

Chairman of the Board of Commissioners of the Financial Services Authority (OJK) Mahendra Siregar said that his party continues to closely monitor current developments, and there are different financial market reactions compared to last March and April.

"It can be seen that at this early stage the reaction from the financial market is different compared to last March and April. At this time it is relatively more limited and may still digest what happened more," he said at a press conference on the results of the June 2025 Monthly Board of Commissioners Meeting (RKDB), Tuesday, July 8.

He said that the OJK also continues to monitor developments until August 1, namely the effective date for the implementation of the related decree, as well as observing the position of the United States Government which can still change.

In dealing with the current situation, Mahendra said, OJK carefully monitors the potential impact on the stability of the national financial services sector and takes appropriate mitigation and response steps.

He added that previously in March and April, in response to significant volatility in the domestic financial markets, the OJK and the Indonesia Stock Exchange had implemented a series of anticipatory and mitigative policies that are still in effect today.

Mahendra said that the policy includes regulating securities transactions, investment management, as well as stimulus and relaxation for industry players.

"Also the policy that continues as previously updated by Mr. Inarno regarding the implementation of share buyback buyback by issuers without GMS remains in effect. Likewise, the policy of delaying the implementation of short selling transaction financing by securities companies is still in effect," he said.

In addition, he conveyed that the implementation of the asymmetric auto rejection feature on the IDX still applies permanently to reduce price fluctuations that do not reflect fundamental values.

According to him, these steps are expected to maintain investor confidence, support market intermediation functions optimally, and ensure financial system stability is maintained despite the pressure from external conditions.

"OJK has also since March-April this year asked financial service institutions in all fields to proactively carry out risk assessments, carry out periodic stress tests on capital security and liquidity adequacy, including monitoring the performance of debtors in sectors that have the potential to be affected by the application of import rates by the United States," he said.

Mahendra said that all these steps were carried out with the principles of prudence, risk management, and good governance, which must continue to be carried out by financial service institutions in running their business.

"Overall, of course, OJK is brought to coordination by the government, of course, it will participate in formulating Indonesia's official provisions or positions, and also of course proactively coordinated by the government in formulating policies and more comprehensive mitigation measures, which are currently and may be taken related to certain industries and the economy as a whole," he concluded.