Saturday, 5 October 2013

Bank Indonesia

Bank Indonesia

Bank Indonesia
Bank Indonesia
Bank Indonesia is the central bank of the Republic of Indonesia. Agus Martowardojo, formerly the finance minister, is the current governor. The last governor before Agus Martowardojo is Darmin Nasution, resigned at 23 May 2013. Agus Martowardojo was sworn in by president Susilo Bambang Yudhoyono on May 23, 2013.
By March 26, 2013, panel of Indonesian parliament member approved Finance Minister Agus Martowardojo to become the central bank governor.
For the next 15 years, the Bank of Indonesia carried on commercial activities as well as acting as the nation’s bank.
This came to an end with the Law No.13/1968 on the Central Bank, which was subsequently replaced by Law No.23/1999, giving the bank independence.
Thereafter, the bank reported to the parliament instead of the president, and the bank’s governor was no longer a member of the cabinet.
The bank is led by the board of governors, comprising the governor, a senior deputy governor and at between four and seven deputy governors.
The governor and deputy governors serve a five year term, and are eligible for re-election for a maximum of two terms. The governor and senior deputy governor are nominated and appointed by the president, with approval from the People's Representative Council. Deputy governors are nominated by the governor and appointed by the president, with approval of the People's Representative Council. The president has no power to dismiss a member of the board, except when a board member voluntarily resigns, is permanently handicapped, or is proven guilty of criminal offence.
The Board of Governors Meeting is the bank’s highest decision-making forum. It is held at least once a month to decide on general policy on monetary affairs, and at least once a week to evaluate policy implementation or to decide on other strategic and principle policy.
The Bank is active in promoting financial inclusion policy and is a leading member of the Alliance for Financial Inclusion. It hosted AFI's 2nd annual Global Policy Forum in Bali, Indonesia in 2010. On May 14, 2012 Bank Indonesia announced it would be making specific commitments to financial inclusion under the Maya Declaration.
By December 30, 2013, the bank's microprudential supervision functions will be transferred to Financial Services Authority. In the future, the bank will maintain Indonesian financial system and monetary stability through mixture of monetary and macroprudential instruments and policies.
The aim is to integrate all Automated Teller Machines in ASEAN countries, beginning with integration 1st in each country. On January 16, 2012 interconnection between Bank Mandiri ATMs and Bank Central Asia ATMs was launched.
BI operates 37 offices across Indonesia, and four representative offices in New York, London, Tokyo and Singapore. In addition, Bank Indonesia also operates a Museum, which is housed in the former De Javasche Bank head office building in the Old Town (Kota Tua) area of Jakarta.

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