BI Gov: Law Revision Not Aimed at Extending Authority

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  • TEMPO.CO, Jakarta – Bank Indonesia (BI) dismissed the notion that it is revising the BI Law as a way to extend their monetary authorities—overstepping the Financial Services Authority's (OJK) in doing so. BI Governor Agus DW Martowardojo said the central bank only aims to have a law that neatly regulates its governance and not overlapping with the OJK's jurisdictions.

    Agus said the revision will not cause authority clashes with the OJK. However, he asserted that BI will seek to maintain its rights to access banking information despite OJK's monitoring function.

    "BI must have access to [banking information]. Otherwise we will not be able to effectively conduct monetary, transaction system and macroprudential policies," he said on Monday as quoted by Bisnis Indonesia.

    Agus said that with the establishment of the OJK, the central bank must make amendments to its law as to prevent authority disharmonies that are prone to polemics during financial crises.