IMPLEMENTATION LEVEL

National

AFFECTED FLOW

Inflow

ANNOUNCED AS TEMPORARY

No

NON-TRADE-RELATED RATIONALE

No

ELIGIBLE FIRMS

all

JUMBO

No

TARIFF PEAK

No
← back to the state act
Inception date: 28 Jun 2012 | Removal date: open ended
Still in force

Control on personal transactions

 On 28 June 2011, the Indonesian president signed law Nr. 7/2011 on currencies, requiring cash transactions within Indonesia to be conducted only in the local currency (art. 21(1) of the law).
The ban shall not hold for the following exceptions listed in the law:

  • "a. certain transactions within the framework of the implementation of budget revenues and expenditures;
  • b. accepting or awarding grant abroad;
  • c. international trade transactions;
  • d. bank deposits in foreign currencies; or
  • e. international financing transactions." (own translation; art. 21(2) of the law)

 
The regulation came into force on the day of its issuance but entities had one year to comply with the new provisions.

AFFECTED COUNTRIES

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