OJK Ensures Publication of Transparent Bank Interest Rate Regulations Before End of Year

Jakarta 10 Oct, 2023 - The Financial Services Authority (OJK) is currently drafting regulations regarding the transparency of banking interest rates. Dian Ediana Rae, Chief Executive of OJK Banking Supervision, said the regulations would be issued before the end of 2023.

Dian said that the regulations that would later become POJK were in the finalization stage. "Indeed, we are currently still in the process of preparing the POJK," said Dian in a statement quoted on Tuesday, October 10 2023. According to Dian, currently the POJK is related to interest rate transparency. is in the process of being refined.

He also explained that the rules regarding transparency of banking interest rates were actually contained in POJK Number 37/POJK.03/2019 concerning Transparency and Publication of Bank Reports.

"So now it is in POJK No. 37/POJK.03/2019, now it will become a POJK related to transparency and publication of basic credit interest rates for conventional commercial banks, in accordance with the mandate of the PPSK Law," he explained.

Dian said that the OJK would later ask the DPR and stakeholders to provide comments or consultations regarding this matter.

"The process is still iongoing  and soon we will ask for opinions from related parties and ask for written responses. "The target is before end of year," said Dian.

Source: Infobank News