Regulatory Alerts2024-09-25
Regulation of Member of Board of Governors Number 10 of 2024 on Settlement for Bilateral Transactions between Indonesia and South Korea Using Rupiah and Won
Bank Indonesia issued this regulation to establish a structured framework for bilateral transactions between Indonesia and South Korea using local currencies to support rupiah exchange rate stability. The document defines designated Appointed Cross-Currency Dealer Banks and outlines specific operational requirements for opening and managing special purpose non-resident accounts for both currencies. It further regulates financial activities including balance limits, permissible investments, fund transfers, and trade financing mechanisms to ensure efficient and governed cross-border settlements.
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