Perry Warjiyo

Perry Warjiyo
Governor of Bank Indonesia
Assumed office
24 May 2018
President Joko Widodo
Preceded by Agus Martowardojo
Deputy Governor of Bank Indonesia
In office
15 April 2013 – 24 May 2018
President Susilo Bambang Yudhoyono
Joko Widodo
Executive Director of the IMF
In office
2007–2009
Managing Director Rodrigo Rato
Dominique Strauss-Kahn
Personal details
Born (1959-02-25) 25 February 1959
Sukoharjo, Central Java, Indonesia
Nationality Indonesian
Alma mater Universitas Gadjah Mada
Iowa State University

Perry Warjiyo (born 25 February 1959) is the current Governor of Bank Indonesia, Indonesia's central Bank. His nomination for the post of Governor was approved by the Indonesian parliament on 28 March 2018. He was sworn into office on 24 May 2018, succeeding the previous Governor Agus Martowardojo.

Perry has over 30 years of experience working on central bank policy issues in Indonesia.[1] He has been described as a central banker who is “as battle-tested as monetary policymakers get”.[2] His appointment reflects the practice in Indonesia of frequently appointing professionals with strong economic and policymaking experience (often referred to as “technocrats”) to senior economic posts in government.[3]

Background

Perry Warjiyo was born in Sukoharjo, a town in Central Java south of the larger city of Surakarta. He attended primary and secondary school in Sukoharjo before studying at Gadjah Mada University in Yogyakarta. He graduated from the Economics Faculty at Gadjah Mada University in 1982 and later undertook studies at Iowa State University in the United States. He graduated in economics at Iowa State University, specialising in monetary policies and international finance, with a Masters degree in 1989 and a PhD in 1991.

Work with government

A brief summary of Perry Warjiyo’s work with government is as follows:

  • 1984: Joined Bank Indonesia as a junior staff member in January.
  • 1992: Officer, Staff of the Governor (served as staff to Governors Adrianus Mooy and Soedradjad Djiwandono)
  • 1995: Head, Balance of Payments Section
  • 1997: Head, Monetary Policy and Analysis Section
  • 1998: Head, Bureau of the Governor
  • 2000: Deputy Director for Economic Research and Monetary Policy
  • 2003: Director, Centre for Education and Study of Central Bank Issues
  • 2005: Director for Economic Research and Monetary Policy
  • 2007: Executive Director, International Monetary Fund (IMF), Washington, representing the South East Asian Voting Group (a constituency including 13 countries in South East Asia)
  • 2013: Deputy Governor, Bank Indonesia

During his career in government, Perry Warjiyo has acted as an adviser to Indonesian delegations to numerous international meetings including with the International Monetary Fund and World Bank, Asian Development Bank, G20, EMEAP, Bank for International Settlements, and the Consultative Group on Indonesia.

Policies as Governor

Shortly after Perry become Governor in mid-2018, international economic conditions led to pressure on the Indonesian exchange rate and the rupiah depreciated noticeably. In response, several increases in the domestic interest rate were announced and Perry indicated that Bank Indonesia planned to pursue policies to promote domestic economic growth and maintain stability. He said that he believed that there were "three keys to a country's resilience in the face of external pressures."[4] These were, "First, the conviction that our economy is healthy. Second, it's the courage to adopt the policies that are required, which are sound and preemptive. If you live under uncertainty, don't linger over it. ... Third, there should be clear and intensive communication." In mid-August 2018 when there appeared to be market pressures encouraging a depreciation of the rupiah, Perry announced a further increase in domestic interest rates.[5]

Later in 2018, as the US Fed tightened monetary policy in America, Bank Indonesia indicated that interest rates in Indonesia would be increased further if necessary. In late September, the official rate in Indonesia was lifted to 5.25%. This increase was the fourth rise in interest rates since Perry had been appointed Governor.[6].

Other activities

Perry Warjiyo has an extensive publication record of articles covering a wide range of monetary policy issues in both English and Indonesian.[7] He has also maintained links with universities across Indonesia. He has provided numerous guest lectures about monetary policy in Indonesian universities and has acted as a supervisor and examiner in post-graduate studies in the Faculty of Economics and Business in the University of Indonesia in Jakarta.[8]

References

  1. ↑ See Bank Indonesia, Perry Warjiyo, Governor. See also Curriculum Vitae, Perry Warjiyo, February 2010.
  2. ↑ William Pesek, Indonesia's new central bank chief faces pre-election pressures', Nikkei Asian Review, 5 April 2018.
  3. ↑ Other well-known economic technocrats who have been appointed to senior policy-making positions in Indonesia include Widjojo Nitisastro, Sumitro Djojohadikusumo, Ali Wardhana, Boediono, Mari Pangestu, and Sri Mulyani Indrawati.
  4. ↑ 'Bank Indonesia Governor Perry Warjiyo: Our Economy is Stronger', Tempo.com, 29 June 2018.
  5. ↑ Erwida Maulia, 'Further Indonesian rate hikes expected as Fed moves loom', Nikkei Asian Review, 16 August 2018.
  6. ↑ William Pesek, 'Monetary sobriety arrives in Asia', Nikkei Asian Review, 1 October 2018.
  7. ↑ See, for example, various papers on Indonesian monetary policy published through the Bank for International Settlements.
  8. ↑ Report from examination of doctoral thesis, Faculty of Economics and Business, University of Indonesia, January 2018.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.