Summary :

1. This regulation is the third improvement of Bank Indonesia Circular Letter No. 10/42/DPD concerning Purchase of Foreign Currencies against Rupiah to Banks which is intended to enhance foreign currencies liquidities in domestic market. It is expected that this will support Bank Indonesia efforts in achieving and maintaining the stability of rupiah value.
2. Improvement of the regulation includes:
   1. Adding underlying of foreign currency purchase namely activities of exports of goods and services which shall be regulated as follows:
      1. Purchase of foreign currency against rupiah may only be conducted by exporters which have conducted sale of foreign currencies on export proceeds.
      2. Foreign currencies purchased by exporters can be used among others for placement in foreign currency deposits.
      3. Documents required among others in the form of documents of foreign currency sale against rupiah derived from the sales of foreign currency of export proceeds.
      4. Validity of foreign currency sale documents that can be used as underlying shall be no longer than 6 (six) months after the date of issuance of foreign currency documents.
      5. Purchase value of the foreign currency against rupiah shall not exceed the sale value of foreign currency specified in the document of foreign currency sale against rupiah.
   2. Adding documents of underlying transaction in the form of pro forma invoice regulated as follows:
      1. Pro forma invoice shall be fixed and final, and become an inseparable part of the final invoice.
      2. Amount of foreign currency purchased against rupiah on the basis of pro forma invoice shall not exceed the amount specified in the pro forma invoice.
      3. Amount of foreign currency purchased against rupiah shall not exceed the amount specified in the final invoice, and already includes the amount specified in the pro forma invoice.