| Regulation : | Bank Indonesia Regulation Number 13/4/PBI/2011 concerning Revocation of Bank Indonesia Regulation Number 10/22/PBI/2008 concerning Meeting of Need of Foreign Exchange for Domestic Corporation through Bank | | Effective Date : | January 21, 2011 | |
Summary :
I. Background and Objectives
In October 2008, Bank Indonesia issued a policy on meeting of need of foreign exchange for domestic corporation through Bank in the context of coping with economic upheaval affecting the availability of foreign exchange in the domestic market. This policy is a temporary measure aiming at giving the certainty about the availability of foreign exchange liquidity in the domestic market to the public, particularly domestic corporations.
Recently, the economy and condition of domestic foreign exchange market have undergone an increase, which also leads to the improvement of the ability of domestic corporations to fulfill the requirements for foreign currency through the mechanism generally accepted in the domestic market. Therefore, it is necessary to revoke the provisions concerning meeting of need of foreign exchange for domestic corporation through Bank.
II. Regulation Material
Bank Indonesia Regulation Number 10/22/PBI/2008 concerning Meeting of Need of Foreign Exchange for Domestic Corporation through Bank shall be revoked and declared null and void.
