Regulatory Alerts2013-08-27
Circular Letter No. 15/33/DPM on Third Amendment of Foreign Currency Purchase Regulations Against Rupiah for Banks
Bank Indonesia issued Circular Letter No. 15/33/DPM to amend regulations governing the purchase of foreign currencies against the rupiah by banks, aiming to boost domestic foreign currency liquidity and stabilize the rupiah. The amendment restricts eligible underlying transactions to export activities, permitting banks to purchase foreign currency only from exporters who have previously sold export proceeds, with purchase values strictly capped at documented sale amounts. It also mandates rigorous documentation standards, requiring underlying sale documents issued within six months and regulating pro forma invoices to ensure purchased amounts never exceed specified final or pro forma invoice values.
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