April 23, 2026 | 01:45 pm
TEMPO.CO, Jakarta - Bank Indonesia (BI) has recorded a decline in US dollar spot transactions following the tightening of policies on foreign exchange purchases. In early April 2026, the central bank mandated the submission of underlying documents for cash purchases exceeding US$50,000, halving the previous threshold of US$100,000.
BI Deputy Governor Thomas Djiwandono stated that as of April 17, 2026, the daily average of customer spot transactions had decreased from US$78 million to US$60 million.
Speaking at a virtual press conference after the BI Board of Governors Meeting on Wednesday, April 22, 2026, he noted, "Regarding the readiness of the banks, since there is a one-month transition period for reporting and document submission, the banks are prepared, and there are no issues."
BI Governor Perry Warjiyo added that the use of underlying documents in spot transactions has risen to 93.5 percent from 89.2 percent. He pointed out that, despite being in its early stages, the tightening of foreign exchange transaction policies has already yielded positive results.
In tandem with these measures, BI is encouraging an uptick in Domestic Non-Deliverable Forward (DNDF) transactions. "The positive results are also evident in the increasing volume of transactions for Domestic Non-Deliverable Forwards," Perry remarked.
Previously, BI Communication Department Head Ramdan Denny Prakoso stated that implementing the new threshold for underlying documents is part of the central bank's effort to ensure that foreign exchange purchases are rooted in economic needs. He emphasized that the policy does not restrict foreign exchange purchases but rather strengthens the obligation to provide supporting documentation.
Denny mentioned that adjusting the threshold is an adaptive measure to respond to the shifting dynamics of global and domestic economic and financial markets.
"This policy is formulated by observing exchange rate movements and foreign exchange transaction patterns in the domestic market to maintain the stability of the rupiah and ensure that the domestic forex market remains healthy and efficient," he noted in a written statement on Tuesday, March 17, 2026.
Read: Rupiah Crumbles Against US Dollar as Iran War Rages
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