- In an attempt to maintain the rupiah’s exchange rate, Bank Indonesia’s ("BI") Board of Governors recently issued Regulation No. 15 of 2023 ("Fifth Amendment") as the Fifth Amendment to Regulation of the BI Board of Governors No. 22/22/PADG/2020 ("Regulation 22/2020") on Instruments for Open Market Operations (operasi pasar terbuka – "OPT"), which now applies to conventional and sharia OPT participants and which has been in force since 17 November 2023.
- The Fifth Amendment has now included BI foreign currency securities (sekuritas valuta asing BI – "SVBI") and BI foreign currency sukuk (sukuk valuta asing BI – "SUVBI") on the official list of OPT instruments, in addition to the eight types of securities that originally featured under the framework of Regulation 22/2020.
- Various changes have also been introduced in relation to the characteristics and issuance of SVBI and SUVBI. Specifically, the Fifth Amendment stipulates that the issuance of these newly introduced instruments should be implemented through an auction mechanism via an automated auction system for foreign exchange monetary operations and/or other available means, in line with the following applicable methods: 1) Fixed rate tender (harga tetap); and 2) Variable rate tender (harga beragam).
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