Bank Indonesia’s West Nusa Tenggara Office Strengthens Economic and Inflation Assessments Through Respondent Data

Bank Indonesia’s West Nusa Tenggara office is turning to businesses and residents for a closer view of economic conditions and price pressures in the region.

At a respondent forum in Mataram, the office’s head, Hario Kartiko Pamungkas, said information gathered directly from the field helps the central bank track changes in business activity, prices, demand and supply, as well as factors that could affect inflation.

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Information from respondents is an important part of Bank Indonesia’s efforts to monitor economic conditions directly in the field.

Respondents include businesses, retail traders, consumers and other commercial operators. Bank Indonesia processes their information for its economic assessments, recommendations to local governments and public information about regional economic developments. Pamungkas said the data also helps the bank understand the challenges businesses face as conditions change.

The forum also focused on business adaptation in the era of artificial intelligence. Speakers said technology is changing operations rapidly and that companies need to adapt to avoid falling behind. They described AI as more than conversational applications such as ChatGPT, noting that it can help perform tasks, process information, analyze data and raise productivity. Businesses were encouraged to use the technology carefully while considering its risks and limitations. Speakers also highlighted data management, the reduction of repetitive manual work and cooperation between businesses and universities as ways to strengthen the technology ecosystem.

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Technology is developing very quickly. Businesses must be able to adapt so they are not left behind.