No Foreign Currency Transactions: BI

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  • Ilustrasi mata uang Rupiah. TEMPO/Imam Sukamto

    Ilustrasi mata uang Rupiah. TEMPO/Imam Sukamto

    TEMPO.CO, Jakarta - Bank Indonesia (BI) has obliged Rupiah use in all regions in Indonesia, be it cash or non-cash transaction. The regulation started effectively on June 1.

    Acting Chief of the Money Management Department, Eko Yulianto, said that Bank Indonesia is coordinating with the police to watch the Rupiah use in Indonesia.

    "Violating the regulation can result in 1 year imprisonment and maximum fine of Rp200 million," he said on Tuesday, June 9.

    As for non-cash transaction, Bank Indonesia will impose administrative sanction and fine of 1 percent of the transaction value.

    Bank and budget administrator must also inform rupiah use to their customers. If the customers insist on using foreign currency, bank must request the customer to fill in transaction purpose.

    Expert Staff of the Governor Board of Bank Indonesia, Lambok Siahaan, said that the use of foreign currency has contributed in Rupiah’s depreciation. Foreign currency use now reaches US$ 6-7 billion per month.