Bank Indonesia
| Headquarters | Jakarta , Indonesia |
| founding | July 1, 1953 |
| president | Agus Martowardojo |
| country | Indonesia |
| currency | |
| ISO 4217 | IDR |
| Currency reserves | US $ 126.600 billion (November 2019) |
| Website | |
| List of central banks | |
The Bank Indonesia (Bank Sentral Republik Indonesia), short BI, is the central bank of the Republic of Indonesia . It was founded on July 1, 1953 and is headquartered in Jakarta . The governor of Bank Indonesia, who has been in office since 2013, is Agus Martowardojo, Indonesia's former finance minister. He was sworn in on May 24, 2013 by then President Susilo Bambang Yudhoyono .
As the central bank, Bank Indonesia is responsible for stabilizing the Indonesian currency rupiah .
The size of the company is estimated at 5,000 to 10,000 employees.
history
prehistory
In 1826 King Wilhelm I gave his general agent in the Dutch East Indies the sole right to set up a bank. The aim of this new bank was to regulate and improve money transactions in the Dutch East Indies. In order to guarantee this, she was granted exclusive rights.
On January 24, 1828, the Dutch administration of the Makasar district in Jakarta finally founded the De Javasche Bank (DJB). In the period from 1828 to 1930, the DJB grew due to the constantly extended exclusive rights and had 16 branches in various cities in what is now Indonesia as well as branches in New York and Amsterdam. She was responsible for a wide range of areas, including economic and statistical tasks, administration, bank bills and securities trading.
The De Javasche Bank was both a central bank and a private bank for companies and individuals.
After the Second World War, the Dutch DJB initially continued to regulate a large part of the Indonesian economy, despite Indonesian sovereignty. Eventually the bank was nationalized on July 1, 1953 and has since been known as Bank Indonesia as the Indonesian central bank.
1953 until today
The first governor of the new central bank in the young Republic of Indonesia was Sjafruddin Prawiranegara.
Over the next few years, the bank fulfilled its role as the state central bank under great influence from the government. So she was allowed to z. B. only issue banknotes with a value of over 5 rupiah.
After 15 years, the bank with the enactment of was Act No.13 (also known as "New Order" to German "New Order" ) by the state obligations partially released and thus played only a supporting role in the development program of the government. It also obtained sole rights to issue banknotes and coins.
The Asian crisis led to the closure of several banks in 1997, which were under observation by Bank Indonesia, and in April 1998 to the dismissal of Governor Soedradjad Djiwandono and several chairmen. Furthermore, the bank lost its task of overseeing other banks to an independent supervisory authority. However, she continued to do this for an indefinite period of time.
Thanks to the liquidity aid and restructuring measures of Bank Indonesia, the country survived the crisis, albeit with considerable losses both economically and politically.
After the Act No.23 in 1999 and five years later following Act No.3 Bank Indonesia is responsible as an independent Bank Indonesia to maintain and stabilize the Indonesian currency.
In 2004 the bank started a project to improve the security of its customers in order to increase their confidence in the bank. This includes more transparency and information as well as better contact with customers through a mediation authority.
In 2013 the last edition of the “Banking Supervision Report” (BSR) was published, with which the task of monitoring other banks was transferred to the Financial Services Authority of Indonesia (FSA).
organization
Bank Indonesia is run by a board of governors. This includes the governor, the lieutenant governor and four to seven deputy governors.
They are proposed by the President and appointed with the approval of the House of Representatives. Their term of office is 5 years and they may only be nominated repeatedly for their office once.
This committee meets at least once a month to discuss general monetary policy and at least once a week to discuss other decisions and strategies.
Bank Indonesia is further divided into the following areas:
- Monetary stability
- Financial stability and payments
- Internal administration
- Offices
Functions as a central bank
general tasks
The primary task of Bank Indonesia as the central bank is to maintain a stable value of the Indonesian currency rupiah . To ensure this, monetary policy, payment transactions and the financial system must be monitored and regulated.
Stabilizing the financial system is an important task for the central bank. One speaks of Financial System Stability (FSS) when the financial system is able to cope with economic setbacks and crises.
Fighting inflation and maintaining exchange rate stability are further tasks of the central bank.
The national clearing system SKNBI (Sistem Kliring Nasional Bank Indonesia) is also managed by the bank.
The bank is also responsible for managing government bonds.
Liquidity support
The central bank's liquidity support is the last resort in matters of liquidity support and is prescribed by the state. It provides commercial banks with liquidity loans ( Likuiditas Bank Indonesia ) at subsidized interest rates.
The "BI rate"
The "BI rate" is the interest rate policy with a view to monetary and currency policy. It can be compared to the base rate and is announced monthly by the Board of Governors.
The "BI Rate" was first announced in July 2005 with a value of 8.5%. It rose rapidly to its previous high of 12.75% in December of the same year. In 2015 it was constant at around 7.5%.
Offices
Representative offices abroad
- London - 10 City Road, London EC 1Y 2EH
- New York - One Liberty Plaza 165 Broadway, 31st floor New York NY 10006
- Singapore - 11 Collyer Quay 08-01 The Arcade Singapore 049317
- Tokyo - New Kokusai Building Room 906 No.4-1, Marunouchi 3 - Chome Chiyoda-ku, Tokyo, 100-0005 Japan
Indonesian offices
Bank Indonesia has 41 branches in Indonesia's most important cities (as of 2012).
museum
The former building of Bank Indonesia and De Javaschen Bank is now available to tourists as a museum. It has historical documents and artifacts. In addition, the museum is intended to inform visitors about the tasks of the bank then and now.
Individual evidence
- ^ Indonesia Foreign Exchange Reserves . tradingeconmoics.com. Accessed December 12, 2019 (English)
- ^ Board of Governors January 25, 2016
- ↑ https://www.linkedin.com/company/central-bank-of-indonesia?trk=extra_biz_viewers_viewed January 28, 2016
- ↑ DJB Pursuant to 1st until 8th Octrooi January 25, 2016
- ^ History of the Central Bank Development in the Indonesian Archipelago January 25, 2016
- ↑ DJB Pursuant to De Javasche Bank Wet 1922 January 25, 2016
- ↑ Javasche Bank, the Old Dutch City Hospital of Batavia-Jakarta and the Mandiri Bank Museum January 25, 2016
- ↑ Cribb, Robert & Kahin, Audrey, Historical Dictionary of Indonesia . Historical dictionaries of Asia, Oceania, and the Middle East (2nd ed.). Lanham, MD: Scarecrow Press, 2004, pp. 45-46, ISBN 978-0-8108-4935-8
- ↑ Governors of Bank Indonesia From 1953 until Now January 28, 2016
- ↑ Payment System January 28, 2016
- ^ History of Bank Indonesia Institution January 25, 2016
- ↑ Djiwandono, Soedradjad, Bank Indonesia and the Crisis - An Insider's View , Institute of Southeast Asian Studies, Singapore, 2005, p. 216, ISBN 978-981-230-308-0
- ↑ Kaiser, Arvid: Asia crisis: When the tigers fell. In: Manager Magazin. July 5, 2015, accessed January 31, 2016 .
- ↑ CSR - BI Program January 25, 2016
- ↑ Improvement of Customer Protection January 28, 2016
- ↑ BSR - Banking Supervision Report 2012 , p. 6, January 27, 2016
- ^ Board of Governors January 25, 2016
- ^ Organization January 25, 2016
- ↑ Objectives and Tasks January 27, 2016
- ↑ About FSS January 28, 2016
- ↑ Mission and Vision January 27, 2016
- ↑ Titiheruw, Ira S. & Atje, Raymond, Payment System in Indonesia: Recent Developments and Policy Issues , ADBI Working Paper Series No. 149, September 2009, pp. 9/15
- ↑ Djiwandono, Soedradjad, Bank Indonesia and the Crisis - An Insider's View , Institute of Southeast Asian Studies, Singapore, 2005, pp. 168-170, ISBN 978-981-230-308-0
- ↑ Introduction to BI Rate January 26, 2016
- ↑ Data BI Rate January 26, 2016
- ↑ Representative Office of Bank Indonesia in Abroad January 25, 2016
- ↑ - ( Memento of the original from May 7, 2015 in the Internet Archive ) Info: The archive link was automatically inserted and not yet checked. Please check the original and archive link according to the instructions and then remove this notice. , P. 1, January 27, 2016
- ^ Museum Background January 28, 2016
