July 23, 2020 / 3:22 AM / 13 days ago

Indonesia loan growth seen at 3%-4% in 2020: regulator

JAKARTA (Reuters) - Indonesia’s loan growth is expected to be around 3% to 4% in 2020, down from an initial target of 10%-12%, as economic activity is hit by the coronavirus pandemic, the chairman of the Financial Services Authority (OJK) said on Thursday.

“Loan growth must have been dropped in June because economic activity had not moved and it just started moving in July,” Wimboh Santoso told an online discussion.

OJK reported loan growth in May at 3.04%.

Reporting by Tabita Diela; Editing by Ed Davies

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