The development of retail and large value payment system infrastructures plays an important role in accelerating the digitalization of the national economy and finance. To reform the retail payment system infrastructures, Bank Indonesia is building BI-FAST to replace the Bank Indonesia National Clearing System (Sistem Kliring Nasional Bank Indonesia - SKNBI).
Vulnerabilities in euro area financial markets were shown up by recent stress in the banking sector in other regions, which led to market reactions here too, although such spillovers were mitigated by solid euro area bank fundamentals. These tensions were short-lived, however, owing to prompt interventions by the authorities in the United States and Switzerland.