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Ada Pertanyaan? Hubungi Kami Fathan Qorib, Robert Sidaruk
Bank Indonesia (BI) has emphasized that state-owned enterprises (BUMN) should not hesitate in entering non-speculative hedging transactions because they are now protected under BI Regulation No. 15/8/PBI/2013 on Hedging Transactions for Banks.
Mirza Adityaswara, Senior Deputy Governor at BI, confirmed that he is aware there has been a concern among BUMNs when entering hedging transaction that they may be considered liable for harming state finances if the transaction results in a loss.
“If the actual currency turns out better than the hedged currency, this should not be considered a loss to state finances,” said Mirza at BI’s office in Jakarta last Friday.
Mirza also explained that hedging is a common business transaction for companies that are involved in payments in foreign currencies.
He further added that hedging in the form of spot transactions reached IDR 33 million in January this year and IDR 50 million in June. Likewise, hedging through swap transactions reached IDR 22 million and IDR 28 million for the same months.
Responding to the issue of potential state losses through hedging transactions, Harry Azhar Aziz, Deputy Chairman of Commission XI at the House of Representative, asserted that evaluations will be made by law enforcers.
As a consequence, Azhar explained, BUMNs must be in careful of the manner in which they perform hedging, as BUMN’s funds are considered state’s assets under Law No. 17 of 2003 on State Finances.
“But then again, it is down to law enforcers to decide whether losses as the result of hedging constitute an act of harming state finances,” concluded Azhar.
(hot/kc)
Fathan Qorib, Robert Sidaruk
Bank Indonesia (BI) has emphasized that state-owned enterprises (BUMN) should not hesitate in entering non-speculative hedging transactions because they are now protected under BI Regulation No. 15/8/PBI/2013 on Hedging Transactions for Banks.
Mirza Adityaswara, Senior Deputy Governor at BI, confirmed that he is aware there has been a concern among BUMNs when entering hedging transaction that they may be considered liable for harming state finances if the transaction results in a loss.
“If the actual currency turns out better than the hedged currency, this should not be considered a loss to state finances,” said Mirza at BI’s office in Jakarta last Friday.
Mirza also explained that hedging is a common business transaction for companies that are involved in payments in foreign currencies.
He further added that hedging in the form of spot transactions reached IDR 33 million in January this year and IDR 50 million in June. Likewise, hedging through swap transactions reached IDR 22 million and IDR 28 million for the same months.
Responding to the issue of potential state losses through hedging transactions, Harry Azhar Aziz, Deputy Chairman of Commission XI at the House of Representative, asserted that evaluations will be made by law enforcers.
As a consequence, Azhar explained, BUMNs must be in careful of the manner in which they perform hedging, as BUMN’s funds are considered state’s assets under Law No. 17 of 2003 on State Finances.
“But then again, it is down to law enforcers to decide whether losses as the result of hedging constitute an act of harming state finances,” concluded Azhar.
(hot/kc)