BI Raises the Bar! Stricter Foreign Exchange Reporting Requirements Introduced

In order to strengthen its authority over the management of foreign exchange flows and to also support the overall stability of the rupiah currency, Bank Indonesia (“BI”) recently issued Regulation No. 9 of 2024 on Foreign Exchange Flow Management (Lalu Lintas Devisa – “LLD”) (“Regulation 9/2024”), which officially came into force on 23 December 2024.[1] As its title suggests, Regulation 9/2024 establishes BI's authority to regulate transfers of domestic and foreign financial assets and liabilities between residents and non-residents.[2]