Money markets ("Markets") have now been classified into the following two forms: 1) Market instruments (e.g. promissory notes, payment orders, debt securities and so forth); and 2) Market transactions (e.g. trading of financial instruments through Markets, repo transactions, derivative transactions that are completed through Markets and so forth)

The overall procedure that must be followed in order to settle SVBI and SUVBI transactions breaks down as follows: 1) Registration and/or updating of the relevant required information; 2) Submission of application to participate in an auction; 3) Updating of the relevant information (if any); and 4) Submission of an auction offer

Broadly speaking, the changes that have been made encompass various matters, including the reporting of DHE-SDA special accounts (rekening khusus/Reksus), transaction reports that affect foreign banks financial assets (aset finansial luar negeri/AFLN) and foreign banks financial obligations (kewajiban finansial luar negeri/KFLN), up to the submission of LLD reports

The introduction of Regulation 4/2023 directly affects non-SDA Exporters, importers, commercial banks that conduct business in foreign currencies and the Indonesian Export Funding Agency

Regulation 7/2023 now mandates that a minimum of 30% of any DHE SDA that has previously been deposited into the Special Account should be placed within the Indonesian financial system for a minimum of three months after the relevant deposit

The opening and closing of BI checking accounts, as well as any changes that are made to such accounts will all be completed through the Licensing Front Office, as provided through the BI Service App

The Bill on the Development and Strengthening of the Financial Sector has finally been passed by Indonesia's House of Representatives and includes 341 articles that span 27 chapters

Reports should be prepared in line with metadata stipulated by BI, which can be found in the following: 1) Guidelines for the preparation of Reports; and 2) Technical metadata in the form of data structures and validation rules that are published through the BI reporting portal. The scope of Reports encompasses reports on the realization of the carriage of foreign banknotes, as undertaken by Reporting Parties, including carriages of foreign banknotes in amounts of less than Rp. 1 billion

In terms of mandatory spin-offs of conventional commercial banks that are looking to convert their sharia business units into sharia commercial banks, the Draft Bill removes the spin-off deadline and now only states that spin-offs are mandated for conventional commercial banks with sharia business units with asset values of at least 50% of the total asset values of the relevant parent banks. Previously, a deadline of 2023 was set for mandatory spin-offs

BUS and UUS are prohibited from engaging in any of the following types of Transactions: 1) Transfers of rupiah to foreign countries; 2) Foreign-currency, non-deliverable, forward Transactions against the rupiah in foreign countries; 3) Granting of overdrafts (cerukan) and credit and/or financing for Transactions that are undertaken against the rupiah; 4) Granting of overdrafts and credit and/or financing in rupiah or other foreign currencies to any non-residents; 5) Purchases of securities in rupiah that are issued by non-residents; and 6) Engaging in rupiah investments in non-residents