- In order to achieve and maintain the stability of the national rupiah currency, Bank Indonesia (“BI”) sets monetary and macroprudential policies, as well as rupiah management and payment-system policies. These policies include the macroprudential policy on the relaxation of the obligation of banks to fulfill the minimum statutory reserve (giro wajib minimum – “GWM”) requirement in rupiah.
- In this regard, BI recently issued Regulation No. 24/4/PBI/2022 on the Fourth Amendment to Regulation of BI No. 20/3/PBI/2018 on Statutory Reserve Requirements in Rupiah and Foreign Currencies for Conventional Commercial Banks, Sharia Commercial Banks and Sharia Business Units (“Fourth Amendment”), which relaxes the obligation for conventional commercial banks (bank umum konvensional/BUK), sharia commercial banks (bank umum syariah/BUS) and sharia business units (unit usaha syariah/UUS) to fulfill the GWM in rupiah, both on a daily and aggregate basis, in relation to macroprudential policies. Previously, this relaxation only applied to the obligation to fulfill the GWM on a daily basis.
- The Fourth Amendment has been in force since 1 March 2022.
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