As the regulatory/policy authority, Bank Indonesia is required to ensure the policymaking process follows structured and systematic procedures and mechanisms in order to formulate a credible policy output and meet public accountability principles.
The following principles underlie policymaking at Bank Indonesia in order to enhance policy quality:
- Research-based
- Forward-looking
- Good governance
- Interactions with other policies
- Legal/regulatory compliance
To ensure a systematic policymaking process, Bank Indonesia established a policy framework that integrates monetary, macroprudential, payment system and rupiah currency management policies, while supporting regional economic policy and international policy. Furthermore, a greater focus on governance is expected to produce effective and credible Bank Indonesia policy that meets public accountability principles.
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