BI Refines Statutory Reserves for Commercial Banks

Bank Indonesia has issued Regulation No. 15/15/PBI/2013 on Rupiah and Foreign Currency Statutory Reserve Requirements for Conventional Commercial Banks (“2013 Regulation”).

The 2013 Regulation sets out the statutory reserve requirements (Giro Wajib Minimum – “GWM”) in Rupiah and foreign currencies that must be satisfied on a daily basis by commercial banks and the branch offices of foreign banks.

Prior to the 2013 Regulation, GWM for commercial banks were set out in BI Regulation No. 12/19/PBI/2010, as last amended by BI Regulation No. 15/7/PBI/2013 (“2010 Regulation”).[1]