Regulatory Alerts2008-12-24
Bank Indonesia Circular Letter 10/48/DPD on Foreign Exchange Transactions Against Rupiah
Bank Indonesia issued Circular Letter 10/48/DPD to implement Regulation 10/37/PBI/2008 by defining operational standards for foreign exchange transactions against the Rupiah. The directive mandates full principal fund transfers for settlement, prohibits credit and overdraft facilities for such transactions, and restricts structured product usage. It further outlines specific documentation requirements for force majeure extensions and establishes procedures for transaction termination and restructuring.
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