Jakarta - Bank Indonesia (BI) has officially issued Bank Indonesia Regulation No. 23/13/PBI/2021 concerning Macroprudential Inclusive Financing Ratio (MIFR).

Chief Executive Director of the BI Communications Department Erwin Haryono said this policy was issued as BI's efforts to increase economic inclusion, open financial access, and strengthen the role of MSMEs in the national economic recovery during the COVID-19 pandemic.

"The central bank issued the BI Regulation for Conventional Commercial Banks, Islamic Commercial Banks, and Sharia Business Units, and will be effective on August 31, 2021. This policy provides wider options for banks to participate in financing MSMEs, low-income individuals and inclusive financing others," Erwin said in his statement on  Thursday (2/9).

According to Erwin, the regulation's substance includes an explanation of the MIFR by banks and their scope. Second, the obligation to fulfill the MIFR is car