Agus Martowardojo

Agus Dermawan Wintarto Martowardojo[1] (born 24 January 1956) is a former Governor of the Indonesian Central Bank. He held the office for a five-year term from 24 May 2013 to 24 May 2018. Previously, he was Finance Minister of Indonesia between 2010 and 2013 after succeeding former minister Sri Mulyani Indrawati, who resigned from the office and took position as Managing Director of the World Bank Group.

This Indonesian name does not have a family name. The name Martowardojo is a patronymic, and the person should be referred by the given name, Agus.
Agus Dermawan Wintarto Martowardojo
Governor of Bank Indonesia
In office
24 May 2013 – 24 May 2018
PresidentSusilo Bambang Yudhoyono
Joko Widodo
Preceded byDarmin Nasution
Succeeded byPerry Warjiyo
Finance Minister of Indonesia
In office
20 May 2010 – 19 April 2013
PresidentSusilo Bambang Yudhyono
Preceded bySri Mulyani Indrawati
Succeeded byChatib Basri
Personal details
Born (1956-01-24) 24 January 1956
Amsterdam, Netherlands
NationalityIndonesian
Alma materUniversitas Indonesia

Early career

Agus was born in Amsterdam, Netherlands.[2] After graduating from University of Indonesia's School of Economics in 1984,[2] he became an international loan officer at the Indonesian branch of Bank of America. Agus has a long career as one of top bankers in Indonesia. He was the Chief Executive Officer of Bank Mandiri, the largest bank in Indonesia, between 2005 and 2010. He was the President Director of Bank Bumiputera (1995–1998) and President Director of Bank Ekspor Impor Indonesia (1998–1999).[3]

His performance as head of Bank Mandiri was considered successful, as he slashed non-performing loans and raised the bank's profile among international investors. He also increased profits in the banks. In 2008 for example, the bank paid $418m in dividends to the shareholders.[4] He was also instrumental in helping the Finance Ministry in recovering Rp 1.23 trillion (US$133.15 million) of state money from Tommy Soeharto, son of late former president Soeharto.[5]

Finance Ministry

Following the resignation of Sri Mulyani Indrawati, Agus was appointed as Finance Minister in the Second United Indonesia Cabinet.[2][6][7] His selection was greeted positively by analysts as he was considered to have managerial skills required for the position. He also has wide international experience and has represented Indonesia in G20 forums.[8]

In March 2011 he announced his first fiscal policy as Finance Minister with a focus on promoting real sector growth and investment intended to spur Indonesia’s economic growth. Highlights of the new regulations included removing the value added tax (VAT) for the sale of houses worth less than Rp 70 million (US$7,910) compared with the previous Rp 55 million; eliminating taxes on the sales of cooking oil and bulk cooking oil for the poor; and providing in advance 50 percent of the funds needed by the State Logistics Agency (Bulog) for the rice for the poor program.[9]

Governor of Bank Indonesia

In 2008, following resignation of Boediono as Governor of Bank Indonesia to run as Vice President of Indonesia as the running mate of Susilo Bambang Yudhoyono, Agus was nominated as one of candidates for Governor.[10] However his nomination was rejected by the national Legislature, apparently for political reasons.[6] On 22 February 2013, President Susilo Bambang Yudhoyono surprisingly named Agus as his sole candidate for the governorship, replacing Darmin Nasution. On 27 March 2013, the Indonesian House of Representatives' Finance Commission confirmed Agus as governor of Bank Indonesia for the period of 2013–2018. Agus won 46 votes of support and seven votes against. One member abstained from the vote.

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References
  1. Consistent with Javanese custom he is usually referred with by his first name, Agus.
  2. "Agus Martowardojo: Dedicated to work". The Jakarta Post. May 24, 2010. Retrieved February 22, 2011.
  3. "Martowardojo, Agus : Brief Biography". Reuters.
  4. "Mandiri to pay out $418m in dividends". The Jakarta Post. May 30, 2008.
  5. Suharmoko, Aditya (August 29, 2008). "Govt recovers Tommy's money". The Jakarta Post. Archived from the original on August 19, 2009.
  6. "PROFILE-Indonesia's Finance Minister Agus Martowardojo". Reuters. February 23, 2011. Retrieved February 22, 2011.
  7. "President names Agus Martowardojo new finance minister". The Jakarta Post. May 24, 2010. Archived from the original on March 5, 2011. Retrieved February 22, 2011.
  8. "Agus has the managerial skill as finance minister, analysts say". The Jakarta Post. May 19, 2010. Archived from the original on October 7, 2011. Retrieved February 22, 2011.
  9. "Govt unveils new fiscal policies". The Jakarta Post. March 1, 2011. Retrieved March 12, 2011.
  10. Suharmoko, Aditya (February 18, 2008). "SBY's pick of BI gov candidates seen as surprising but positive". The Jakarta Post.
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