- The Bank Indonesia (“BI”) Board of Governors (“Board of Governors”) recently issued Regulation No. 23/10/PADG/2021 on the Amendment to Regulation of the Bank Indonesia Board of Governors No. 22/23/PADG/2020 on the Implementation of Open-Market Operations (“Amendment”).
- In general, the Amendment now allows for rollovers to be conducted in relation to domestic, non-deliverable forward (“DNDF”) transactions.
- Participants in Conventional Open-Market Operations (Operasi Pasar Terbuka – “OPT”) now may apply for DNDF transaction rollovers as long as their DNDF transaction positions are about to mature. Applications for DNDF transaction rollovers may be submitted directly by conventional OPT participants or through intermediary institutions to BI.
- The abovementioned participants in conventional OPT and intermediary institutions should submit their bids for DNDF transaction rollovers to BI through the automated system for the auction of foreign currency monetary operations and/or other means stipulated by BI within the stipulated timeframe.
- Bids for the nominal value of DNDF transaction rollovers submitted by conventional OPT participants and intermediary institutions should amount to at least US$1 million in multiples of US$1 million.
- BI should determine the results of DNDF transaction rollovers by either accepting all DNDF transaction rollover applications or accepting parts of the relevant applications through processes of proportional calculation.
- The Amendment has been in force since 20 May 2021 and can be accessed here.
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