Good News From OJK: Financial Industry In Papua Grows Positively Exceeding National Growth

Illustration. (Photo: Doc. Antara)

JAKARTA - The Financial Services Authority (OJK) of the Provinces of Papua and West Papua said the financial services industry in Bumi Cenderawasih was recorded to be stable and growing positively despite being pressured by the COVID-19 pandemic.

Head of the OJK Office for Papua and West Papua Provinces, Adolf Fictor Tunggul Simanjuntak, said that the performance of the financial services industry in Papua Province grew higher than the national one.

"In terms of the banking industry, the position of third party funds in July 2021 in Papua Province was IDR 45.77 trillion or grew by 4.43 percent compared to last year in the same period," he said, quoted from Antara, Thursday, September 2.

According to Adolf, as well as lending grew by 5.12 percent year on year (yoy) or higher than national growth, where the performance of banking intermediation in Papua Province went well in line with efforts to recover the economy as reflected in increased household consumption. "In the capital market, both the value of share ownership and the value of share transactions in Papua Province also grew positively yoy in July 2021," he said. 22.90 percent) and Rp.555.54 billion (53.51 percent) where the positive achievement was driven by an increase in public participation in the capital market as a safe investment alternative, as reflected in the number of investors in Papua Province which experienced an increase of 76.72 percent yoy in July 2021.

"As for the Non-Bank Financial Industry (IKNB), receivables from finance companies in Papua Province were able to grow positively by 4.47 percent with a receivable value of Rp. 1.33 trillion," he added. recorded significant growth, both in terms of financial intermediation achievements and the number of lender and borrower accounts, the amount of funds collected from lenders at the position of July 2021 was IDR4.94 billion (72 percent ytd) and the amount of funds distributed to borrowers was IDR27.55 billion ( 84.98 percent ytd). "This achievement is inseparable from the increase in the number of lender and borrower accounts in Papua Province which grew by 81 percent and 58.39 percent, respectively," he said.