BI Redefines Provisions on the Monitoring System for Transactions in Foreign Exchange Against the Rupiah

In an attempt to optimize the implementation of management strategies aimed at achieving a rapid and precise exchange rate in accordance with developments in the marketplace,[1] Bank Indonesia (“BI”) recently strengthened provisions that address the Monitoring System for Transactions in Foreign Exchange Against the Rupiah (Sistem Monitoring Transkasi Valuta Asing terhadap Rupiah - “Sismontavar”) through the issuance of Regulation No. 23/5/PBI/2021 (“Regulation 23/2021”). Provisions that specifically addressed the Sismontavar system were previously set out under Regulation of BI No. 12/16/PBI/2010 (“Regulation 12/2010”), which has now been repealed and replaced.[2]