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Analisis & Pembahasan Manajemen Tata Kelola Dana Pensiun Laporan Keuangan Konsolidasi

Management Discussion & Analysis Good Pension Fund Governance Consolidated Financial Report

• Indeks Dow Jones dan S&P turun sebesar +1% karena • The Dow Jones and S & P fell as much as + 1% on fears of
kekhawatiran krisis Deutsche Bank AG yang dikenakan Deutsche Bank AG’s fiscal crisis of USD14 billion by the US
sanksi denda sebesar USD14 miliar oleh US Justice 0f Justice 0f Department.
Departement.

Sementara peristiwa penting selama kuartal ke-IV 2016 adalah While important events during the fourth quarter of 2016 were
sebagai berikut: as follows:
• Cadangan Devisa RI dan nilai tukar Rupiah per USD1 bulan • Indonesia Foreign Exchange Reserves and the rupiah
berjalan melemah. exchange rate per USD1 for the current month weakened.
• BI 7D RR rate turun sebesar 25 bps ke 4,75%. • BI 7D RR fell by 25 bps to 4.75%.
• Bulan Oktober terjadi inflasi 0,14% MoM dan 3,31% YoY. • In October there was inflation of 0.14% MoM and 3.31% YoY.
• Tingkat pengangguran di Amerika Serikat menurun dan • The unemployment rate in the United States was decreasing
potensi peningkatan FFR semakin besar. and there was potential for greater FFR increases.
• Indeks Dow Jones turun sekitar 0,93% MoM. • The Dow Jones index was down about 0.93% MoM.
• Ekonomi Jepang masih mengalami kontraksi tercermin • Japan’s economy was still contracting as reflected in
dari terjadinya deflasi sejak April 2016. deflation since April 2016.
• Pemilu Amerika Serikat diluar dugaan banyak pihak • United States election, against expectations, was won by
dimenangkan kandidat dari Partai Republik, yaitu Donald Republican candidate Donald Trump.
Trump.
• Data ekonomi Amerika Serikat semakin membaik seperti • US economic data improved with the unemployment
data pengangguran 4,9% maupun penjualan rumah yang data of 4.9% and home sales increased sharply in the last
meningkat tajam dalam 8 (delapan) tahun terakhir pada 8 (eight) years in November 2016 so that the potential
bulan November 2016 sehingga potensi kenaikan FFR di increase in FFR in December 2016 was stronger.
bulan Desember 2016 semakin kuat.
• OPEC bersedia mengurangi produksi minyaknya sehingga • OPEC was willing to reduce its oil production so that world
harga minyak dunia mengalami apresiasi. oil prices could appreciate.
• Ficth Rating meningkatkan rating outlook sovereign • Fitch Rating raised Indonesia’s sovereign credit rating
credit rating Indonesia dari stabil menjadi positif dan outlook from stable to positive and confirmed sovereign
menegaskan peringkat soverign risk di BBB- (investment risk rating at BBB- (investment grade).
grade).
• Di sisi lain, Presiden Tiongkok, Xi Jinping mengumumkan • On the other hand, Chinese President Xi Jinping
untuk lebih memilih pertumbuhan ekonomi negaranya announced his preference that the country’s economic
tumbuh di bawah 6,5% namun stabil ketimbang growth grow below 6.5% and be stable rather than risk
menghadapi resiko bubble asset dan terus meningkatnya bubble assets and increasing debt.
utang.
• Data penjualan rumah baru yang naik 5,2% menjadi 592.000 • New home sales data rose 5.2% to 592,000 in November
di November menjadi katalis utama aksi beli investor. and became the main catalyst for investor buying action.
• Akumulasi aksi beli oleh investor telah mendorong • The accumulated buying action by investors boosted Wall
kapitalisasi pasar bursa saham Wall Street mencapai 38% Street’s stock market capitalization to 38% of the world’s
dari total kapitalisasi pasar saham dunia, yang merupakan total stock market capitalization, which was a record high.
rekor tertinggi.
• Indonesia, Malaysia dan Thailand diketahui telah • Indonesia, Malaysia and Thailand signed an MoU to
menanda tangani MoU untuk meningkatkan penyelesaian increase bilateral trade settlement and direct investment
perdagangan bilateral dan investasi langsung dengan with local currency. This is aimed at reducing dependence
mata uang lokal. Ini ditujukan untuk mengurangi on the US Dollar.
ketergantungan terhadap Dolar AS.

Sumber : BI, BPS, OJK, cogensis, BEI, IBPA (diolah) Source: BI, BPS, OJK, cogensis, BEI, IBPA (processed)

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