REPUBLIKA.CO.ID, JAKARTA -- The restructuring of banking credit in Indonesia is considered to be running smoothly and on target. The restructuring of banking credit is one of the financial stimuli from the Indonesian government in the midst of the corona virus pandemic.

The Financial Services Authority (OJK) revealed that the total bank credit restructuring was Rp999.7 trillion as of March 8, 2021. It was recorded that debtors who received bank credit restructuring facilities reached 7.97 million accounts.

The outstanding value of bank credit restructuring or deducted by the repayment value of Rp825.8 trillion for 6.06 million debtors as of January 31. The amount is 15.32 percent of total bank credit.

The details, the outstanding MSME loan restructuring amounting to Rp 328.1 trillion to 4.37 million debtors. Meanwhile, the outstanding non-MSME loan restructuring was valued at Rp. 497.7 trillion to 1.68 million debtors.

"The number continues to increase even though the trend is getting sloping since the end of last year," said Chairman of the OJK Board of Commissioners Wimboh Santoso in an official statement on Sunday (28/3).

Wimboh detailed that the banking sector had restructured 6.17 million MSME (micro small medium enterprises) debtors with a total debit balance of Rp. 392.3 trillion. Meanwhile, the number of non-MSME debtors who were restructured was 1.8 million debtors with a debit balance of IDR 607.5 trillion.

Apart from banking, finance companies have also restructured loans worth Rp193.5 trillion for 5.06 million contracts.

"If it is not restructured, the debtor will default (default) and will have a major impact on banking performance and will affect the stability of the financial system and the national economy," he said.

OJK has extended the credit restructuring relaxation policy for one year. The decision was made considering that the business world had not fully recovered from the impact of Covid-19.

"The restructuring extension is an anticipatory measure to support the decline in debtor quality," he said.

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