TEMPO.CO, Jakarta – Finance Minister Sri Mulyani Indrawati has reappointed JP Morgan Chase Bank NA as the main dealer for the Indonesian state bonds (SUN) on April 17. The decision is put into effect as per May 2nd.
With the re-inclusion of JP Morgan Chase Bank NA, Indonesia now has 20 institutions acting as official SUN dealers. They comprise of 16 banks and four securities firms.
In January last year, the Finance Ministry cut ties with JP Morgan after the bank downgraded Indonesia’s debt rating from overweight to underweight.
The government assessed that the research released by JP Morgan Chase Bank NA did not use proper indicators and that the result may jeopardize the state’s financial system’s stability.
Other institutions who are also authorized to act as SUN dealers include Bank Mandiri, BNI, BRI, Citibank NA, BCA, Standard Chartered Bank, and others.