Bank Indonesia Forex Purchase Rules Revised

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JAKARTA. Bank Indonesia revises rules for the purchase of foreign exchange (FX) against the rupiah to banks. One of those changes, Bank Indonesia only allow the purchase of foreign currency against the dollar for the same type of the underlying documents listed in foreign currency, which except for the liquidity is not available in the domestic financial market.

These rules already contained in the Circular of Bank Indonesia No. 14/11/DPM in effect since March 21, 2012. Managing Director of Bank Indonesia Monetary Hendar says, this change is to support an increase in economic activity in the real sector which require foreign exchange particularly related to international trade. In addition, the Bank Indonesia expects these new rules could favor a deepening foreign exchange markets with permanent attention to the stability of the domestic currency rupiah.

The other change is the Elimination of foreign exchange to purchase arrangements through the Automated Teller Machine rupiah (ATM). Other provisions concerning the purchase of disetip is the currency against the dollar by the customer or foreigners to the bank over US $ 100,000 or equivalent per month per customer or per foreign parties with different types of underlying placement on deposit in a foreign currency.

Documents required in transactions above US $ 100,000 is attached on each transaction based on the transaction date. If not can be attached on the date of the transaction, then the documents can be submitted at the latest on the date of the Exchange transaction is concerned with listing the date of the transaction.

Foreign currency purchase transaction documents against the rupiah by customer for imports of goods and services in the form of a copy of the notice of imported goods (PIB) issued by the relevant authorities, the Letter of Credit (L/C), invoice with a validity period of not longer than six months after the date of issuance of the invoice, or in accordance with the due date of payment, or a list of invoices.

There are two things to note regarding the transaction documents. First, the list of invoices signed by the authorities of the customer. Second, the submission of invoices by customer included with original invoices for verification purposes by the bank and for the next original invoices can be ditatausahakan by the customer. “Bank Indonesia may request the bank providing the original invoices at any time for the purposes of examination of the bank or the post audit,” says Hendar.

The following criteria for the purchase of foreign currency against the dollar by the customer:

a. purchase of foreign currency against the dollar performed regularly with a relatively fixed number of purchases over time.

b. purchase of foreign currency against the rupiah is done gradually for the purpose of the payment obligations of the exchange for a total amount of purchases at most equal to the amount of foreign currency requirements laid out in the documents underlying.

c. Customer has been known by both the bank and the bank has a track record of customer in question.Documents required for the transaction of purchasing foreign currency against the dollar made a one time in one calendar year or up to the amount of foreign currency purchases against the rupiah for the payment of corresponding documents underlying met, depending which one is first.

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