Pandemic-hit Indonesian borrowers to gain extension of credit relief rules until 2023

Muslim people conduct Friday prayers with physical distancing at the Istiqlal mosque in Jakarta on Friday, Sept 3, 2021. - AFP

JAKARTA, Sept 3 (Reuters): A relaxation of banking rules that make it easier for Indonesian borrowers hurt by the pandemic to restructure their loans will be extended until March 2023, the country's Financial Services Authority (OJK) said.

The extension will help "maintain national economic recovery momentum and banking stability as well as the performance of restructured COVID-19 debtors that have shown improvement," the regulator's chairman, Wimboh Santoso, said in a statement.