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International financial crisis experience, including in Indonesia, has taught authorities the importance of Crisis Management Protocol (CMP). The definition of protocol is an accepted or established system of rules clarifying the conduct and procedures in a formal situation. Crisis Management Protocol (CMP) is critical within a financial system for crisis resolution purposes by ensuring the financial authorities can react and respond quickly through appropriate and coordinated measures.
CMP in Indonesia is regulated in accordance with Act No. 9 of 2016 concerning Financial System Crisis Prevention and Handling, most recently amended by Act No. 4 of 2023 concerning Financial Sector Development and Strengthening (UU PPSK).
The scope of CMP at Bank Indonesia covers crisis prevention and handling measures, including the decision-making process and coordination with the Government, Financial System Stability Committee (KSSK) and/or other relevant institutions. CMP at Bank Indonesia prioritises principles of good corporate governance, focusing on crisis prevention and rapid handling measures, as well as effective communication and coordination. Within that process, protocols are implemented through coordination and the exchange of data and information, while executing the decisions of the BoG Meeting, evaluating the pressure status and policy response, as well as communicating the crisis prevention and handling measures. All inter-institutional policy frameworks and coordination protocols are tested regularly through the National Crisis Prevention and Resolution Simulation (Simkrisnas).
Regarding the handling of Financial System Stability, in accordance with the mandate stipulated in the Financial Sector Development and Strengthening Act (UU PPSK), during crisis periods Bank Indonesia is authorised to:
According to the Financial Sector Development and Strengthening Act (UU PPSK), the mandate to prevent and resolve financial system crises in the national interest and to maintain the resilience of the national economy is executed by the Financial System Stability Committee (KSSK), with institutional members including the Ministry of Finance (Chairman), Bank Indonesia, Financial Services Authority (OJK) and Indonesia Deposit Insurance Corporation (IDIC). Each member acts for and on behalf of the institution they lead in accordance with prevailing laws and regulations. The Financial System Stability Committee is tasked with coordinating the monitoring and maintenance of Financial System Stability, implementing Financial System Crisis resolution measures and coordinating the resolution of issues at systemic banks under normal and crisis conditions.
The Financial Sector Development and Strengthening Act (UU PPSK) regulates the role and authority of the Financial System Stability Committee and the institutional members. The roles and authorities are strengthened through the prevention and resolution instruments for troubled banks, such as the bank recovery and resolution plan, short-term liquidity assistance and sharia short-term liquidity assistance, placements by IDIC, strengthening the role of IDIC as the resolution institution and risk minimiser, as well as strengthening macroprudential-microprudential coordination and macroprudential-microprudential resolution.