BLBI:
Scapegoats Needed
Monday, November 20, 2000
There’s nothing more controversial in the Indonesian economy that Bank Indonesia Liquidity Support (BLBI). This funding, provided by the central bank to banks that were experiencing liquidity difficulties, has become such a problem that seemingly it had no end or beginning. The funds involved are enormous—Rp164 trillion—and the BLBI problem has affected many different parties.
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Bank owners who received BLBI funding had to agree to have their banks taken over by the government or else face being closed down. They would later be responsible for paying what they owed through a variety of schemes, including both the Master of Settlement and Acquisition Agreement (MSAA) and Master of Refinancing Agreement (MRA). Bank Central Asia (BCA), for example, had obligations totaling Rp48 trillion. To pay for this, the Salim Group han...
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