JAKARTA: The collapse of Silicon Valley Bank (SVB) will not have a direct effect on Indonesia’s banking sector as it is strong and stable, according to a senior official.
SVB, a major lender for start-ups in the US, collapsed after a sudden run on deposits, prompting regulators to seize control last week. It had about US$209 billion in total assets before suddenly collapsing within 48 hours.
The Joe Biden administration has moved to prevent financial contagion. It has unveiled emergency measures to guarantee the deposits of SVB’s customers. OJK will continue to monitor various developments that are taking place globally and their implications for Indonesia’s banking sector, he added.“insignificant exposures”On Wednesday, Malaysia’s Deputy Finance Minister Steven Sim told parliament that SVB’s collapse will have minimal and limited impact on banking institutions in the country.
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