BI to Grant Incentives to Banks Which Provide Funding to Certain and Inclusive Businesses

In an effort to further accelerate Indonesia’s ongoing economic recovery, Bank Indonesia (“ BI ”) recently issued Regulation No. 24/5/PBI/2022 (“ Regulation 24/2022 ”) which authorizes BI to grant certain incentives to commercial banks, sharia commercial banks and sharia business units (“ Banks ”) that provide funding for certain and inclusive economic activities. [1] Regulation 24/2022 has now repealed and replaced Regulation of BI No. 22/4/PBI/2020 of 2020 , which was amended by Regulation of BI No. 22/19/PBI/2020 (collectively referred to as “ Regulation 22/2020 ”) [2] which addressed similar incentives for Banks that provided funding for economic activities that were being affected by the COVID-19 Pandemic.