Jakarta, CNBC Indonesia – Bank Indonesia (BI) has officially amended the Rupiah and Foreign Currency Statutory Reserves Requirements for Conventional Commercial Banks (BUK), Sharia Commercial Banks (BUS), and Sharia Business Units (UUS).
These provisions are officially carried out through the issuance of rules:
1. Bank Indonesia Regulation (PBI) No.22 / 10 / PBI / 2020 concerning the Second Amendment to PBI No. 20/3 / PBI / 2018 concerning Statutory Reserves in Rupiahs and Foreign Currencies for BUK, BUS and UUS;
2. Regulation of Members of the Board of Governors (PADG) No. 22/19 / PADG / 2020 concerning the Sixth Amendment to PADG No.20 / 10 / PADG / 2018 concerning the Statutory Reserves in Rupiahs and Foreign Currencies for BUK, BUS, and UUS.
“Both of these provisions are effective from August 1, 2020,” wrote BI in a statement on Thursday (07/30/2020).
This provision adjusts the substance related to the policy of providing current account services to BUK, BUS and UUS that fulfill the daily reserve requirement in Rupiah both daily and on average.
As is known, the Board of Governors’ Meeting (RDG) of Bank Indonesia on 17-18 June 2020 decided to provide current account services to banks that fulfill the statutory reserve requirement in Rupiah both on a daily basis and an average of 1.5% per year with the part calculated to obtain giro services amounting to 3% of DPK, effective on August 1, 2020.
This policy was adopted as part of the Bank Indonesia policy mix to maintain macroeconomic and financial system stability, in order to mitigate the risks of the COVID-19 pandemic to the economy and support national economic recovery.
(dru)
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