Agus Martowardojo
Agus Martowardojo | |
|---|---|
| Born | January 24, 1956 Amsterdam, Netherlands |
| Occupation(s) | Economist, banking executive, politician |
| Years active | 1984–present |
| Known for | Governor of Bank Indonesia (2013–2018), Minister of Finance of Indonesia (2010–2013) |
Agus Dermawan Wintarto Martowardojo (born 24 January 1956) is a distinguished Indonesian economist and banking executive who held the position of Governor of Bank Indonesia, the nation's central bank, from 2013 until 2018. Prior to this role, he served as Indonesia's Minister of Finance between 2010 and 2013, taking over from Sri Mulyani Indrawati after her departure to join the World Bank Group.
Early career
Agus was born in Amsterdam, Netherlands, and completed his studies at the Faculty of Economics, University of Indonesia, graduating in 1984. He commenced his professional journey as an international loan officer at Bank of America’s Indonesian branch, subsequently advancing in the banking sector. Between 2005 and 2010, Agus led Bank Mandiri, Indonesia’s largest banking institution, as its CEO. His earlier leadership roles included serving as President Director at Bank Bumiputera (1995–1998) and Bank Ekspor Impor Indonesia (1998–1999).
During his tenure at Bank Mandiri, Agus achieved a substantial reduction in non-performing loan portfolios, increased profitability, and elevated the bank’s standing among global investors. Notably, in 2008, the bank distributed dividends amounting to $418 million. Additionally, he played an instrumental role in aiding the Finance Ministry’s recovery of Rp 1.23 trillion (approximately US$133 million) in state funds linked to Tommy Soeharto, son of former president Soeharto.
Minister of Finance
Agus was appointed Finance Minister in the Second United Indonesia Cabinet following Sri Mulyani's resignation. Analysts widely welcomed his appointment due to his strong managerial capabilities and broad international exposure, including representing Indonesia at various G20 summits.
In March 2011, he implemented fiscal reforms designed to stimulate growth within the real sector and attract investment to accelerate economic development. Key initiatives involved increasing the VAT exemption limit for housing transactions from Rp 55 million to Rp 70 million (around US$7,910), removing taxes on cooking oil purchases for low-income households, and providing an upfront disbursement of 50% of funds to the State Logistics Agency (Bulog) to support the rice subsidy program for impoverished communities.
Governor of Bank Indonesia
After Boediono stepped down as Governor of Bank Indonesia in 2008 to pursue the Vice Presidency, Agus was proposed as a candidate for the position but was not approved by the national legislature, reportedly due to political considerations.
On 22 February 2013, President Susilo Bambang Yudhoyono nominated Agus as the sole contender to succeed Darmin Nasution. Subsequently, on 27 March 2013, the Finance Commission of the Indonesian House of Representatives endorsed Agus’s appointment as Governor of Bank Indonesia for the term spanning 2013–2018 with a decisive vote: 46 in favor, seven opposed, and one abstention.