In this context, I would note that we are very aware of the uncertainty surrounding both the projection and the transmission mechanism that links our actions to demand and inflation.18 While it is still early to offer any definitive judgments, I would suggest that so far one of the most important results of the targets has been an increase in the internal discipline of the policy-making process.
Recently, on February 3, 2020, the BSP signed a Memorandum of Understanding (MoU) with the Bank of Indonesia on cooperation in the area of payment systems and digital financial innovation. The MOU aims to provide a framework for closer cooperation between the two central banks to achieve a more secure, efficient, and reliable payment system, and to promote digital financial innovation.