ACCOUNTABILITY

The new Bank Indonesia Act demands that Bank Indonesia must always adhere to the principles of accountability and transparency in implementing its duties, authorities and budget. The accountability and transparency demanded from Bank Indonesia are intended to increase all stakeholders' participation in overseeing every policy taken by the Bank.

From the aspect of implementing duties and authority, accountability and transparency are applied in the form of open information pertaining the evaluation of monetary policy implemented in the previous year, and monetary policy plan and monetary target for the next year, to public via mass media at the commencement of each year. Such information is also reported directly to the President and The House of Representatives - DPR.

Under the supervisory function of The House of Representatives, Bank Indonesia is required by law to submit a quarterly -- or as per request -- progress report on implementation of its duties and responsibilities.

For transparency in budgeting, Bank Indonesia is required to submit its annual budget to The House of Representatives. In addition, Bank Indonesia Annual Report is submitted to State Auditors (BPK) for auditing and the result is announced to the public through mass media. Bank Indonesia is also obliged to prepare a weekly balance sheet for publication in the State Gazette (Berita Negara Republik Indonesia).

As further steps toward transparency, Bank Indonesia periodically publishes various publications such as the Weekly Report (Laporan Mingguan), Monthly Indonesian Financial and Economic Statistics, Monthly Review of Monetary Policy, Quarterly Monetary and Economic Progress, Quarterly Report on Monetary Policy Progress, and Annual Report. Bank Indonesia's homepage (http://www.bi.go.id) is accessible for members of the public who wish to obtain data and information from the Bank.