BI Extends Foreign Currency Exchange Report Deadline for Non-Banks

Bank Indonesia (“BI”) recently issued Regulation No. 14/4/PBI/2012 (“14/2012 BI Regulation” or “Amending Regulation”) on the Amendment to BI Regulation No. 13/15/PBI/2011 on Foreign Currency Exchange Activity Monitoring of Non-Bank Institutions (“ 13/2011 BI Regulation”). Both Regulations govern the reporting mechanism and the procedure for Foreign Exchange activities (Foreign Reserve Exchange report hereinafter “Report”).

Foreign Exchange Traffic (termed Lalu Lintas Devisa/LLD in the Regulations) is defined as the movement of financial assets and obligations between residents and non-residents, including foreign financial assets and obligations exchange between residents (Art. 1(1), BI Regulation 13/2011). Foreign Exchange Activity in turn is defined as any activity that results in Foreign Exchange Traffic (Art. 1(2), 13/2011 BI Regulation)