Wednesday, June 10, 2015

Indonesia bans local transactions in forex

To encourage the use of Indonesian Rupiah (IDR) for domestic Indonesian transactions, the Bank of Indonesia passed, on 31 March 2015, Regulation 17 which will ban the use of foreign currencies in such transactions from July 1, 2015.

According to the Bank of Indonesia’s director of money management, the Regulation is part of an effort to avoid a “dollarized economy” and uphold the “sovereignty of the rupiah”.

http://www.lexology.com/library/detail.aspx?g=d2bedf4d-9000-436d-b58c-7565f44bbbae

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