BI Redefines Provisions on the Monitoring System for Transactions in Foreign Exchange Against the Rupiah

In an attempt to optimize the implementation of management strategies aimed at achieving a rapid and precise exchange rate in accordance with developments in the marketplace, [1] Bank Indonesia (“ BI ”) recently strengthened provisions that address the Monitoring System for Transactions in Foreign Exchange Against the Rupiah (Sistem Monitoring Transkasi Valuta Asing terhadap Rupiah- “ Sismontavar ”) through the issuance of Regulation No. 23/5/PBI/2021 (“ Regulation 23/2021 ”). Provisions that specifically addressed the Sismontavar system were previously set out under Regulation of BI No. 12/16/PBI/2010 (“ Regulation 12/2010 ”), which has now been repealed and replaced. [2]