Regulatory Alerts2010-08-30
Bank Indonesia Circular Letter Number 12/26/DPM on Amendment to Procedures for Sharia Certificate Repo Transactions
Bank Indonesia issued Circular Letter Number 12/26/DPM to amend procedures for Sharia Certificate Repo Transactions in order to harmonize monetary operations and align with updated Sharia Certificate regulations. The amendment mandates that Bank Indonesia pay SBIS returns to participating banks up to one business day prior to any early redemption. It also establishes specific financial penalties for cancelled settlements and imposes a five-day suspension on banks that cancel three or more transactions within a six-month period.
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