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Ada Pertanyaan? Hubungi Kami Fathan Qorib, Christina Desy
On the agenda since last year, the long awaited and much anticipated standard operating procedures (SOP) for hedging transactions have now been finalized. Several parties were involved in the drafting process of the SOP covering the Audit Board of the Republic of Indonesia (BPK), Ministry of Finance, Ministry of State-Owned Enterprises (BUMN), Bank Indonesia (BI), National Police, Attorney General’s Office (AGO), and the Finance and Development Supervisory Board (BPKP).
The SOP, which implements Minister of BUMN Regulation No. PER-09/MBU/2013 on General Policies for Hedging Transactions by State Owned Enterprises, has been eagerly awaited for by State-Owned Enterprises, as many were considering entering into hedging transactions, but were too afraid to do so. This was based on a fear that if a loss resulted from a hedging transaction, such loss could be deemed a state loss, which in turn could lead to allegations of corruption.
Now that the SOP are available, BUMNs do not need to hesitate in executing hedging transactions as any consequent loss will not be considered a state loss provided that the respective BUMN complies to the SOP provisions.
Chatib Basri, Minister of Finance, stated that the SOP clearly defines that any gap in a hedging transaction will be deemed a cost, and any excess will be revenue, not profit. Nonetheless, hedging transactions must be properly executed, in other words, there must not be any fraud, gratification, or involvement of any unlawful actions.
“The transaction must be accountable,” said Mr. Basri in Jakarta on Wednesday.
Further explaining the SOP, Agus Martowardojo, Governor of BI, said that his institution will issue a regulation related to the SOP. Mr. Martowardojo also shared Mr. Basri’s view that hedging transactions must be accountable, prudent, and consistent.
Mr. Martowardojo hopes that the SOP will encourage BUMNs to increase the use of hedging mechanisms in their transactions. Current data indicates that 67% of a total of USD 150 billion foreign loans are not hedged despite a general consensus that it is important to do so to control external risk which could impact the Rupiah exchange rate.
The SOP is also welcomed by the AGO. Widyo Pramono, Deputy Attorney General for Special Crimes (Jampidsus) at the AGO, said that his institution will issue an Attorney General Regulation on this matter. As a follow up, the AGO will also conduct a familiarization process on the SOP and hedging transactions for prosecutor offices throughout Indonesia.
(hot/kc)
Fathan Qorib, Christina Desy
On the agenda since last year, the long awaited and much anticipated standard operating procedures (SOP) for hedging transactions have now been finalized. Several parties were involved in the drafting process of the SOP covering the Audit Board of the Republic of Indonesia (BPK), Ministry of Finance, Ministry of State-Owned Enterprises (BUMN), Bank Indonesia (BI), National Police, Attorney General’s Office (AGO), and the Finance and Development Supervisory Board (BPKP).
The SOP, which implements Minister of BUMN Regulation No. PER-09/MBU/2013 on General Policies for Hedging Transactions by State Owned Enterprises, has been eagerly awaited for by State-Owned Enterprises, as many were considering entering into hedging transactions, but were too afraid to do so. This was based on a fear that if a loss resulted from a hedging transaction, such loss could be deemed a state loss, which in turn could lead to allegations of corruption.
Now that the SOP are available, BUMNs do not need to hesitate in executing hedging transactions as any consequent loss will not be considered a state loss provided that the respective BUMN complies to the SOP provisions.
Chatib Basri, Minister of Finance, stated that the SOP clearly defines that any gap in a hedging transaction will be deemed a cost, and any excess will be revenue, not profit. Nonetheless, hedging transactions must be properly executed, in other words, there must not be any fraud, gratification, or involvement of any unlawful actions.
“The transaction must be accountable,” said Mr. Basri in Jakarta on Wednesday.
Further explaining the SOP, Agus Martowardojo, Governor of BI, said that his institution will issue a regulation related to the SOP. Mr. Martowardojo also shared Mr. Basri’s view that hedging transactions must be accountable, prudent, and consistent.
Mr. Martowardojo hopes that the SOP will encourage BUMNs to increase the use of hedging mechanisms in their transactions. Current data indicates that 67% of a total of USD 150 billion foreign loans are not hedged despite a general consensus that it is important to do so to control external risk which could impact the Rupiah exchange rate.
The SOP is also welcomed by the AGO. Widyo Pramono, Deputy Attorney General for Special Crimes (Jampidsus) at the AGO, said that his institution will issue an Attorney General Regulation on this matter. As a follow up, the AGO will also conduct a familiarization process on the SOP and hedging transactions for prosecutor offices throughout Indonesia.
(hot/kc)