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Today's Headlines Bank Indonesia

  • Foreign Exchange Reserves Indonesia Higher at End-July 2017

    Foreign Exchange Reserves Indonesia Higher at End-July 2017

    The central bank of Indonesia (Bank Indonesia) announced that the country's foreign exchange reserves rose USD $4.7 billion to the level of USD $127.76 billion at the end of July 2017. Growth of forex assets was primarily attributed to foreign exchange receipts, including the government's issuance of global bonds, tax revenues and government oil & gas export proceeds. Lastly, the auction of Bank Indonesia foreign exchange bills also added forex receipts.

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  • Currency of Indonesia: Jokowi Approves Rupiah Redenomination Plans

    In local Indonesian media it is reported that Indonesian President Joko Widodo has given his blessing to the central bank (Bank Indonesia)'s plan to redenominate the rupiah. Bank Indonesia has already prepared a draft bill on the redenomination of the Indonesian Rupiah with the aim to improve economic efficiency and to create smoother commercial transactions. While the rupiah value would remain unchanged, the draft bill eyes to remove the last three zeros on all rupiah bills and coins.

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  • Bank Indonesia Leaves Monetary Policy Unchanged at July Meeting

    Bank Indonesia Leaves Monetary Policy Unchanged at July Meeting

    Indonesia's central bank (Bank Indonesia) concluded its Board of Governors Meeting later than usual on Thursday evening (20/07). However, there were no surprises. At the July policy meeting Bank Indonesia decided to keep its benchmark interest rate - the 7-day reverse repurchase rate - at 4.75 percent, in line with analyst estimates. Meanwhile, the deposit facility and lending facility were kept at 4.00 percent and 5.50 percent, respectively, effective per 21 Juli 2017.

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  • Indonesia's Foreign Exchange Reserves Fell in June 2017

    Indonesia's Foreign Exchange Reserves Fell in June 2017

    Since November 2016 we had seen six consecutive months of rising foreign exchange reserves in Indonesia. However, this trend ended in June 2017. The central bank of Indonesia (Bank Indonesia) announced on Friday (07/07) that the nation's foreign exchange assets fell to USD $123.09 billion last month, from USD $124.95 billion in May 2017 (which was an all-time record high level).

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  • Bank Indonesia: Rising Inflation but Expected to Stay in Target

    Bank Indonesia: Rising Inflation but Expected to Stay in Target

    The central bank of Indonesia (Bank Indonesia) expects Indonesia's inflation rate to rise to 4.36 percent year-on-year (y/y) by the end of 2017, a significant jump compared to the 3.02 percent (y/y) inflation rate in 2016 but still within the initial target range of Bank Indonesia (that is set at a wide range of 3 - 5 percent y/y). According to the latest data from Indonesia's Statistics Agency (BPS), Indonesia's annual inflation rate rose to 4.33 percent (y/y) in May, up from 4.17 percent (y/y) in the preceding month.

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  • Bank Indonesia: Foreign Exchange Reserves at Record High in May

    Bank Indonesia: Foreign Exchange Reserves at Record High in May

    The central bank of Indonesia (Bank Indonesia) announced the country's foreign exchange reserves rose by USD $1.7 billion to reach the new record high of USD $124.95 billion at the end of May 2017. Growth of Indonesia's foreign exchange assets was attributed to foreign exchange receipts (mainly originating from tax revenues and government oil & gas export earnings), as well as to Bank Indonesia's foreign exchange bills auction.

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  • How Much Money Can I Carry when Traveling to Indonesia?

    How Much Money Can I Carry when Traveling to Indonesia?

    Starting from March 5, 2018, Indonesian citizens as well as foreigners need to be a bit more careful when bringing foreign-denominated cash money into Indonesia. A new Bank Indonesia regulation sets a IDR 1 billion (approx. USD $75,000) ceiling on the total amount of foreign cash money an individual can bring into Indonesia.

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  • Rupiah Exchange Rate News: Bank Indonesia's Intervention in Markets

    Rupiah Exchange Rate News: Bank Indonesia's Intervention in Markets

    Sugeng, Deputy Governor of Indonesia's central bank (Bank Indonesia),  confirmed on Monday morning (08/05) that his institution has recently been intervening in the foreign exchange market in an effort to limit sharp rupiah appreciation. So far in 2017 the Indonesian rupiah has appreciated 1.11 percent against the US dollar with most of the rupiah's advance stemming from the first month of the year.

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  • Monetary Policy Bank Indonesia: Easing the Minimum Statutory Reserves

    Monetary Policy Bank Indonesia: Easing the Minimum Statutory Reserves

    Following the announcement last year, the central bank of Indonesia (Bank Indonesia) has again stated that it is to ease the minimum statutory reserves (in Indonesian: giro wajib minimum) regulations for conventional local banks (both for rupiah and foreign-denominated currencies). With this looser approach, banks can manage their liquidity more effectively, which should lead to reduced volatility on the overnight money market ("interest rate buffer").

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  • Foreign Exchange Reserves Indonesia Grew in March 2017

    Foreign Exchange Reserves Indonesia Grew in March 2017

    The central bank of Indonesia (Bank Indonesia) said the nation's foreign exchange reserves rose to USD $121.8 billion in late March 2017 from USD $119.9 billion in the preceding month. The increase was primarily attributed to proceeds from tax collection, state revenue from the oil & gas sector, the issuance of global bonds and the auction of Bank Indonesia foreign exchange bills.

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Latest Columns Bank Indonesia

  • Press Release Bank Indonesia: BI Rate Held at 7.50% in August 2015

    Press Release Bank Indonesia: BI Rate Held at 7.50% in August 2015

    During Bank Indonesia’s Board of Governors it was decided on 18th August 2015 to hold the BI Rate at 7.50 percent, while maintaining the Deposit Facility rate at 5.50 percent and the Lending Facility rate at 8.00 percent. The decision is consonant with efforts to control inflation within the target corridor of 4±1 percent in 2015 and 2016. In the short term, Bank Indonesia (BI) is focused on efforts to stabilize the rupiah amid uncertainty in the global economy, by optimizing monetary operations in the rupiah and the foreign exchange market.

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  • Indonesia Lowers Down Payments for Car, Motorcycle & Property Purchases

    Indonesia Lowers Down Payments for Car, Motorcycle & Property Purchases

    In a bid to boost economic activity in Indonesia, the central bank (Bank Indonesia) revised several regulations involving down payments for the purchase of cars and motorcycles as well as the maximum loan-to-value (LTV) ratios for first or more home purchases by Indonesian citizens. Yati Kurniati, Director of Bank Indonesia’s Macroprudential Department, said that the central bank implemented the looser monetary policy in the property and automotive sectors in an effort to boost credit growth, hence boosting the whole economy.

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  • Circular Bank Indonesia Clarifies Mandatory Use Rupiah (1/2)

    Circular Bank Indonesia Clarifies Mandatory Use Rupiah (1/2)

    On June 1, 2015, Bank Indonesia (BI) issued circular letter number 17/11/DKSP on the Mandatory Use of Rupiah Currency in the Territory of Indonesia (Circular Bank Indonesia). The Circular Bank Indonesia provides further explanation to the BI regulation number 17/3/PBI/2015 on the Mandatory Use of Rupiah Currency in the Territory of Indonesia (Regulation), which we have discussed in our previous column. The Circular Bank Indonesia does not provide many new additions, and mainly provides clarifications and examples to the matter regulated in the Regulation.

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  • Buying a House in Indonesia Made Easier as BI Supports Economic Growth

    Buying a House in Indonesia Made Easier as BI Supports Economic Growth

    Soon it will be made easier to buy property in Indonesia as the country’s central bank (Bank Indonesia) plans to ease down payment (DP) requirements for mortgages. Today (22/05), Bank Indonesia Governor Agus Martowardojo told reporters that the DP obligation for first-home buyers will be lowered from 30 percent to 20 percent of the property’s value. This relaxation should have a positive effect on the performance of Indonesia’s financial institutions and property developers as demand for loans and property is assumed to grow.

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  • Rupiah & Stocks Weaken Ahead of Bank Indonesia Policy Meeting

    Rupiah & Stocks Weaken Ahead of Bank Indonesia Policy Meeting

    Investors are clearly waiting for results of Bank Indonesia’s Board of Governor’s Meeting, conducted today (19/05). In this monthly policy meeting, Indonesia’s central bank will decide on its monetary approach. For most market participants it is of crucial importance to learn whether Bank Indonesia will adjust its interest rate policy in order to support the country’s economic growth (which slowed to a five-year low in the first quarter of 2015). Ahead of results, scheduled to be released this afternoon, Indonesian stocks and the rupiah weaken.

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  • Foreign Debt Growth Indonesia Slows, What about the Interest Rate?

    Foreign Debt Growth Indonesia Slows, What about the Interest Rate?

    Bank Indonesia announced today that the country’s total foreign debt rose 7.6 percent (y/y) to USD $298.1 billion in the first quarter of 2015. This figure means that the pace of the country’s foreign debt growth has slowed from the 10.2 percentage point growth (y/y) that was recorded in the preceding quarter. Both public and private sector foreign debt growth slowed as both sectors are more careful to take up loans amid a weakening rupiah while export revenues decline amid sluggish global (and domestic) economic growth.

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  • April Inflation Update Indonesia: Consumer Price Index up 0.36% m/m

    April Inflation Update Indonesia: Consumer Price Index up 0.36% m/m

    Statistics Indonesia (BPS) announced on Monday morning (04/05) that Indonesia’s inflation accelerated to 6.79 percent year-on-year (y/y) in April 2015. On a month-to-month basis, Indonesian inflation was recorded at 0.36 percent in April. Although this result is in line with analysts’ previous projections, April inflation realization is in sharp contrast with the ‘usual’ inflation pace in the fourth month of the year. Usually, Indonesia records slight deflation in April as prices ease amid the peak of the harvest season.

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  • Inflation Update Indonesia: "April Inflation Higher than Usual"

    Inflation Update Indonesia: April Inflation Higher than Usual

    Inflation in Indonesia is expected to accelerate to 6.80 percent year-on-year (y/y) in April 2015, from 6.38 percent y/y in the previous month, according to the central bank of Indonesia (Bank Indonesia). As global oil prices have somewhat recovered from their recent lows, they add inflationary pressures in Indonesia (higher transportation costs). On a month-on-month (m/m) basis, Indonesian inflation is expected to be around 0.35 percent in April. This figure would be in sharp contrast to ‘normal’ April inflation.

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  • Slowing Economic Growth Indonesia to Continue in Q1-2015?

    Slowing Economic Growth Indonesia to Continue in Q1-2015?

    Within a couple of days Statistics Indonesia (BPS) is scheduled to release Indonesia’s GDP growth figure for the first quarter of 2015. Despite economic growth forecasts for full-year 2015 - both of the Indonesian government and international institutions such as the World Bank, International Monetary Fund (IMF) and Asian Development Bank (ADB) - signalling a rebound from the five-year low of 5.02 percent (y/y) in 2014, various analysts expect to see further slowing economic growth in Q1-2015.

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  • New Regulation on Mandatory Use of Rupiah in Indonesia

    New Regulation on Mandatory Use of Rupiah in Indonesia

    On March 31, 2015, Bank Indonesia issued regulation number 17/3/PBI/2015 concerning Mandatory Use of Rupiah in the Territory of Indonesia (BI Regulation). In the much discussed Law number 7 of 2011 concerning Currency the mandatory use of rupiah in Indonesia was already regulated, however could be exempted in case the contract parties had agreed in writing to the terms of payment in a currency other than rupiah. Under the new BI regulation the terms on the use of foreign currencies are further restricted. In this column we discuss the most important changes based on the BI Regulation.

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