As an alternative implementation of monetary policy, Bank Indonesia (“ BI ”) has now introduced domestic non-deliverable forward (“ DNDF ”) transactions as a monetary operations instrument under Regulation of BI (“ Amendment ”), which is an amendment of Regulation of BI on Monetary Operations (“ Regulation 5/2018 ”). [1] In essence, the Amendment redefines two provisions which pertain to the following matters:

Domestic Non-Deliverable Forward as a Monetary Operations Instrument
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