In essence, the 2015 Regulation obliges individual and corporation to use rupiah currency for cash and non-cash transactions in Indonesia. Moreover, the 2015 Regulation also stipulates sanction for non-compliance as well as type of transaction in which other currency may still be used.

Bank Indonesia (BI) has issued Regulation No. 16/17/PBI/2014 on Foreign Currency against Rupiah Transactions between Banks and Foreign Parties (?Regulation?). The purpose of the Regulation is to stabilize the volatility of the rupiah value against foreign currencies.

Bank Indonesia (BI) has issued Regulation No. 16/16/PBI/2014 on Foreign Currency against Rupiah Transactions between Banks and Domestic Parties (?Regulation?). The purpose of the Regulation is to stabilize the volatility of the rupiah value against foreign currencies.

Bank Indonesia (?BI?) has issued Regulation No. 16/12/PBI/2014 on Sharia Monetary Operations (?Regulation?) setting out guidelines on carrying out monetary operations based on sharia principles, known by its abbreviation as ?OMS? (Operasi Moneter Sharia).

The 2014 Regulation is of relevance to exporters and importers, freight forwarders and their clients, foreign exchange banks, as well as foreign creditor(s) and its debtor(s).

In essence, the Amendment aims to broaden the use of electronic money (?E-Money?) in the retail sector and realize the concept of branchless banking for people who rely heavily on cash or do not have access to banking services.

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