ANNOUNCEMENT 31 Mar 2015In March 2015, the government of Indonesia announced a change in the private sector requirements to balance imports and exports.
NUMBER OF INTERVENTIONS
Regulation 17/3/PBI/2015 (in Bahasa Indonesia):
On 31 March 2015, the Indonesian Central Bank announced regulation 17/3/PBI/2015 banning the use of foreign currency in domestic transactions. The bank hopes this will increase the use of the Indonesian rupiah by 6 billion USD per month. Having struggled to defend the rupiah's exchange rate to the dollar, the Indonesian currency has been the worst performing currency in recent years in South-East Asia.
The ban shall not hold for the following exceptions listed in article 4 of the regulation:
Back in 2011, the central bank had already announced a ban of foreign currency in local cash transactions (cf. Related Measures).
The regulation came into force on the day of its issuance, but the ban shall be effective starting 1 July 2015.