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All companies operating in Indonesia forex usd idr dubai to be aware that this new regulatory obligation includes:. Forex usd idr dubai to comply can result in criminal or administrative sanctions, so it is important to ensure all foreign currency denominated transactions comply with the new regulation.

Bank Indonesia may revisit this requirement if it raises practical difficulties in business continuity and forex usd idr dubai economic growth.

The BI Regulation reiterates the exceptions under the Currency Law from the requirement to use Indonesian Rupiah for certain transactions, which are:. While the Currency Law did not define the scope of international trade, the BI Regulation provides that the use of forex usd idr dubai currency in international trade transactions is now only permitted for two types of transactions:.

While the Currency Law indicated that any foreign currency payment would be permitted if this had previously been agreed in writing, the BI Regulation goes further. It only allows foreign currency payments for non-cash transactions that are exempt, regardless of the presence of a prior written agreement.

Existing contracts entered into prior to 1 July for non-cash transactions that are not exempt will remain in force until they expire. If the parties intend to use foreign currency for non-cash transactions that are not exempt such as charter contractsthe relevant agreements will need to be signed before 1 July Meanwhile, any contract amendments made after 1 July will be subject to the BI Regulation requirements.

As a consequence, Indonesian borrowers such as shipping companies should ensure they have sufficient hedging arrangements to manage the foreign exchange risks.

The BI Regulation will particularly affect both shipping companies that provide charter forex usd idr dubai and port services companies. For non-cash transactions that are not exempt — including charter services i. For cash transactions that are not exempt, companies have not been able to charge or denominate their services in foreign currencies since 31 March It remains unclear at this stage if USD can be used to charge port services for international containers.

Although this instruction was only addressed to these Directorates General, the intention was to require transport operators to use IDR in their transportation transactions. Other businesses and activities affected from 1 July include office building management for rental charges and sub-franchise arrangements involving Indonesian sub-franchisees.

It remains unclear whether the purchase of shares in a foreign investment company can still be denominated and paid in USD or other currencies such forex usd idr dubai the AUD. Failure to comply with the new requirements on cash transactions will lead to criminal sanctions under the Currency Law. Pending its issuance, it would be prudent to consider what preparatory actions are needed. This would likely include finalising foreign currency denominated contracts before 1 July In addition, banks need to ensure that Indonesian borrowers that will be impacted have sufficient hedging arrangements in place.

Use of cookies by Norton Rose Fulbright. We use cookies to deliver our online services. Details and instructions on how to disable those cookies are set out at nortonrosefulbright. By continuing to use this website you agree to our use of our cookies unless you have disabled them. Online services, resources, and tools Technical resources Stay connected. New regulation restricts foreign currency use in Indonesia Publication June All companies operating in Indonesia need to be aware that this new regulatory obligation includes: Exceptions The BI Regulation reiterates the exceptions under the Currency Law from the requirement to use Indonesian Rupiah for certain transactions, which are: Additional exceptions under the BI Regulation include: A strategic infrastructure project can be exempted if approved by BI based on a statement by the relevant authorities.

Limited scope of international trade transactions While the Currency Law did not define the scope of international trade, the BI Regulation provides that the use of foreign currency in international trade transactions is now only permitted for two types of transactions: Contracts prior to July While the Currency Law indicated that any foreign currency payment would be permitted if this had previously been agreed in writing, the BI Regulation goes further.

Implications for certain businesses from 1 July Shipping and port services companies The BI Regulation will particularly affect both shipping companies that provide charter services and port services companies. Other businesses Other businesses and activities affected from 1 July include office building management for rental charges and sub-franchise arrangements involving Indonesian sub-franchisees.

Sale and purchase of shares in a foreign investment PMA company It remains unclear whether the first options binary 60 sec trading demo account of forex usd idr dubai in a forex usd idr dubai investment company can still be denominated and paid in USD or other currencies such forex usd idr dubai the AUD.

Sanctions Failure to comply with the new requirements on cash transactions will lead to criminal sanctions under the Currency Law.

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