BI Revises and Merges Provisions on Foreign Exchange Market Transactions

In an effort to establish and maintain the stability of the rupiah currency and ensure the operation of a liquid, efficient and transparent money market, as well as to support the effectiveness of Bank Indonesia (“BI”) monetary policies and national economic activities, BI has issued Regulation No. 24/7/PBI/2022 (“Regulation 24/2022”) on Transactions Through the Foreign Exchange Market (“Transactions”),[1] which stands as the most recent legal framework for the development of the foreign currency market through various arrangements, as well as for the supervision and imposition of sanctions in relation to Transactions.[2] Through the enforcement of Regulation 24/2022, six BI regulations have now been repealed and replaced, including:[3]