- In order to ensure that the rupiah currency will ultimately help to develop and improve the national economy, Bank Indonesia ("BI") has decided to introduce a set of comprehensive provisions on the utilization of the rupiah during international activities through the issuance of Regulation No. 24/6/PBI/2022 ("Regulation 24/2022"), which has effectively been in force since 27 April 2022. Moreover, Regulation 24/2022 has also been introduced in order to maintain the overall stability of the monetary system, as well as to prevent and minimize any risks inherent within the monetary sector.
- Under Regulation 24/2022, the scope of utilization of the rupiah currency during international activities encompasses the following activities: 1) Utilization of the rupiah outside Indonesian territories; and 2) Utilization of the rupiah by non-citizens within Indonesian territories. Said utilizations may only be carried out if it is deemed that such activities will ultimately have a positive impact upon or benefit the Indonesian economy in line with various related factors.
- The utilization of the rupiah outside Indonesian territories may be undertaken in various forms, including: 1) Physical forms; 2) Account-based forms; and 3) Digital forms. Meanwhile, the utilization of the rupiah by non-citizens within Indonesian territories must be supported by underlying economic activities, which include the following: 1) Ongoing transactions; 2) Financial transactions; 3) Capital transactions; and 4) Other transactions determined by BI.
- Finally, BI may request the submission of relevant data, information or statements by citizens and/or non-citizens in order to monitor the implementation of Regulation 24/2022 in line with relevant BI regulations.
- For more on this story, see Hukumonline: “Begini Aturan Penggunaan Rupiah dalam Berkegiatan Internasional”.
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