Please be informed that on 25 August 2015 Bank Indonesia has issued the following regulations:
BI Regulation No. 17/13/PBI/2015 related to 2nd amendment to BI Regulation No. 16/16/PBI/2014 concerning foreign exchange transaction against Rupiah between bank and domestic party.
BI Regulation No. 17/14/PBI/2015 related to 2nd amendment to BI Regulation No. 16/17/PBI/2014 concerning foreign exchange transaction against Rupiah between bank and foreign party.
with major changes as per below:
Threshold changes in monthly cumulative foreign currency spot transaction against Rupiah between bank and customer (domestic and foreign party) from currently USD 100,000 (one hundred thousand USD) eq to USD 25,000 (twenty five thousand USD) eq per customer.
Underlying transactions are to be rounded up to the nearest multiple of USD 5,000 (five thousand USD) from currently USD 10,000 (ten thousand USD).
In accordance with the above, we will require you provide us a declaration form (click here) together with the payment instruction for each foreign exchange purchase against Rupiah that is below USD 25,000 eq, per month. If such foreign exchange transaction exceeds the USD 25,000 eq threshold, you will need to provide us the underlying transaction along with the supporting documentation as necessary. There are no changes on existing transaction codes.
Please also be advised that this regulation is come into effect effective immediately and failure to comply may result in delay or cancellation in your payment instruction processing.
Notwithstanding the above, we highly suggest you to directly read and review the new regulations which can be accessed from www.bi.go.id. Should you have further queries on the above you can contact your respective Relationship Manager.
