Regulatory Alerts2023-06-27
Bank Indonesia Regulation Number 6 of 2023 on Money Market and Foreign Exchange Market
Bank Indonesia issued Regulation Number 6 of 2023 to replace previous rules and establish a comprehensive framework for regulating, developing, and supervising the money and foreign exchange markets. The regulation defines key market participants, instruments, and transaction types while mandating digitalization, Sharia compliance options, and the use of smart contracts. It further outlines strict settlement principles, including close-out netting protections, and establishes mechanisms for reference price formation to ensure financial stability and monetary policy effectiveness.
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