INDONESIA: Bank Indonesia Issues Technical Guidance on the Obligation to Use Rupiah

Friday June 26 2015

News Source: Global Exchanges

Focus: Trading Rules

Type: General

Country: Indonesia

Link: http://www.bi.go.id/en/ruang-media/info-terbaru/Pages/Petunjuk-Teknis-Kewajiban-Penggunaan-Rupiah.aspx

Bank Indonesia has issued SE No17/11/DKSP regarding the Obligation to Use Rupiah in the Territory of the Unitary State of the Republic of Indonesia. The regulation contains technical guidance in implementing Bank Indonesia Regulation (PBI) Number 17/3/PBI/2015 concerning the Obligation to Use Rupiah in the Territory of the Unitary State of the Republic of Indonesia (NKRI) which was issued on March 31, 2015.

SE No17/11/DKSP further governs among others: i) Obligations to specify the prices of goods and/or services in rupiah; ii) Implementation of obligations to use rupiah for strategic infrastructure projects agreed in writing; iii) Implementation of obligations to use Rupiah for non-cash transactions for businesses with certain characteristics; iv) Reports related to the use of Rupiah in the territory of the Unitary State of the Republic of Indonesia; v) Sanctions for violators of the obligation to use Rupiah.

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