Regulatory Alerts2020-08-28
Regulation of Member of Board of Governors No. 22/20/PADG/2020 on Settlement for Bilateral Transactions Between Indonesia and Japan Using Rupiah and Yen Through Bank
Bank Indonesia issued this regulation to implement the local currency settlement framework for bilateral transactions between Indonesia and Japan using the Rupiah and Yen. The document establishes criteria and procedures for appointing Indonesian Authorized Correspondent Clearing Banks, defines permissible financial activities and transactions, and mandates specific underlying transaction documentation. It further outlines reporting obligations, price quotation requirements, and sanction mechanisms for banks participating in the scheme.
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