No. 23/135/DKom
Bank Indonesia has amended its regulation on the
monitoring system for foreign exchange transactions against the Rupiah through
promulgation of Bank Indonesia Regulation (PBI) No. 23/5/PBI/2021 concerning
the Monitoring System for Foreign Exchange Transactions against the Rupiah
(SISMONTAVAR). The regulation was amended to increase
implementation of an expeditious and relevant exchange rate management strategy
based on market developments by strengthening the monitoring of foreign exchange
transactions against the Rupiah. The new
regulation is effective from 2nd June 2021.
The system has been strengthened by expanding the
scope of SISMONTAVAR monitoring beyond interbank foreign exchange transactions
against the Rupiah to include foreign exchange transactions between banks and
their customers, including: (i) spot transactions with a minimum value of
USD250,000 or equivalent; and (ii) derivative transactions with a minimum value
of USD1 million or equivalent.
When the new regulation comes into effect, the
implementation regulations contained in Bank Indonesia Regulation (PBI)
No. 12/16/PBI/2010 concerning the
Monitoring System of Foreign Exchange Transactions against the Rupiah will
remain in force providing there are no contradicting provisions. Meanwhile, Bank Indonesia Regulation (PBI)
No. 12/16/PBI/2010 concerning the Monitoring System of Foreign Exchange
Transactions against the Rupiah is repealed in its entirety and no longer
effective.
Further information is available for
download via the following link.
Jakarta, 31st May 2021
Head
of Communication Department
Erwin
Haryono
Executive Director
Information about Bank Indonesia
Tel. 021-131, Email: bicara@bi.go.id
The monitoring system for foreign
exchange transactions against the rupiah (SISMONTAVAR) monitors transactions
directly and in real time.
