Information about the organisation, transformation and history of Bank Indonesia as the central bank of the Republic of Indonesia.
Information about the main functions and responsibilities of Bank Indonesia to achieve and maintain rupiah stability.
Information about the rupiah as the currency of the Republic of Indonesia managed by Bank Indonesia pursuant to prevailing laws and regulations.
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Statement of Commitment to Market Codes
In line with the vision of the National Strategy for Financial Market Development (SN-PPPK) 2018 – 2024, which is to achieve a deep financial market capable of competing globally, the Blueprint for Money Market Development 2025 is present to complement all initiatives and implementation of SN-PPPK consisting of acceleration phase (2020 – 2022) and deepening phase (2023 – 2024) to eventually reach the desired state: a modern and advanced money market in 2025.
The Blueprint for Money Market Development 2025 focuses on three initiatives: 1) promote digitalization and strengthening of financial market infrastructures, 2) strengthen effectiveness of monetary policy transmission, and 3) develop economic financing sources and risk management. These three initiatives are implemented through fourteen key deliverables with various development and strengthening programs related to market products, pricing, and participants, as well as financial market infrastructures. It is expected that this effort will be able to increase market confidence, which may eventually realize a modern and advanced market characterized by a deep, inclusive, and contributive money market environment.
With a deep, inclusive, and contributive market environment, money market will play a significant role to increase effectiveness of monetary policy transmission, thereby supporting monetary stability and financial system stability. It is expected that this condition enables money market as a catalyst to provide financing sources in order to meet the national development requirements. Consequently, money market contributes to the achievement of the vision toward a Developed Indonesia. [download blueprint]
a. Survey of Banking Sector
Bank Indonesia has surveyed the banking sector to identify LIBOR use in the domestic financial markets. The survey revealed LIBOR exposure in the banking industry as well as banking industry preparedness for the discontinuation of LIBOR.
In total, 39 domestic banks actively transacting foreign currencies were surveyed, representing 86% of exposure to foreign currency loans, rupiah loans and foreign currency derivatives. The salient results of the survey are as follows:
b. Survey of Non-Financial Corporations
At the end of 2020, Bank Indonesia surveyed non-financial corporations with high foreign exchange exposure. With respondents totalling 219 corporations, only 11% or 23 corporations were affected by LIBOR exposure. Of the 23, most (70%) were yet to transition due to insufficient information. Meanwhile, some of the other corporations had identified financial contracts with LIBOR exposure but were yet to transition.
Bank Indonesia has increased the preparedness of market players for the discontinuation of LIBOR by sending a CEO Letter to all banks and several corporations in June 2020. Through the CEO Letter, Bank Indonesia reminded domestic banking industry and corporate sector leaders to undertake the following anticipatory measures: