There are a few gloomy moments on our path towards stability, however, there are also many bright days where the stakeholders finally comprehend that ex-post adjustments do not mean a lack of commitment to achieve what we have announced ex-ante. To characterize Bank Indonesia’s policy initiative management over the last five years I would use two keywords: gradualism and balancing.
Within the two keywords, there is an understanding that the management of policy initiatives and programs cannot merely be rulebased. It is sometimes necessary to be discretionary when changes in the strategic environment and in the economic constraints occur.