UNLIKE the other Association of Southeast Asian Nations (ASEAN) economies, the Indonesian economy was barely affected by the Covid-19 pandemic. In fact, when the outbreak subsided, several sectors came out even stronger than the pre-pandemic time. The Financial Services Authority (OJK) recorded quite favorable growths during the period January-February of 2023. Bank credit grew 10 to 12 percent, higher than the rate during the pandemic. Non-bank