BI, Finance Ministry Ink Agreement on Forex Data Monitoring

TEMPO.CO, Jakarta - Bank Indonesia (BI) and the Finance Ministry have agreed on the integrated usage and monitoring of data and\or foreign exchange related to import and export via the Instantly Integrated Foreign Exchange Monitoring Information System (SiMoDIS). 

The executive director of the central bank’s communications department, Agusman Zainal, said the agreement took form in an MoU inked by BI Governor Perry Warjiyo and Finance Minister Sri Mulyani today, Monday, January 7, 2019. 

Agusman said since the system took effect in 2012, exporters’ compliance in meeting the foreign exchange from export proceeds (DHE) revenue had been improving and reached 98.0 percent in November 2018. 

“The positive performance of exporters’ compliance was attributable to the robust synergy of policy between BI and the Finance Ministry, as well as support from the banking sector and exporters,” he said in a written statement on Monday. 

According to him, SiMoDIS is an measure to cement DHE policy by integrating export and import information and synergizing the government’s and BI’s policy in export and import instantly. 

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“Technically, SiMoDIS will integrate the flows of documents, goods and money through export and import documents from the Customs and Excise DG and the data of tax identification numbers (NPWP) from the Tax DG with the data of incoming export and outgoing import from the financial transaction messaging system and forex banks,” he said. 

Through this integration, he continued, SiMoDIS would able to provide comprehensive information related to Indonesian export and import for both the Finance Ministry and BI. 

Agusman mentioned that BI and the Finance Ministry would gain benefits from the agreement, such as increasing numbers and quality of forex data from export activities, obtaining forex information from import activities, increasing export proceeds (DHE) revenue, optimizing state revenue in customs and taxation, securing information on compliance profile of exporters and importers in the forex and customs sector, “and strengthening the establishment of joint analysis on foreign exchange.” 

BI and the Finance Ministry, Agusman remarked, are committed to continuously extending the ties in supporting and optimizing the policy-making and duties accomplishment based on their respective authority to present optimal contribution to supporting Indonesia’s economy. 

MUHAMMAD HENDARTYO