JAKARTA (TheInsiderStories) — Bank Indonesia (BI) and Ministry of Finance (MoF) agreed to integrate foreign exchange revenues data from export and import through a system called SiMoDIS. The agreement is part of the central bank and government effort to monitor the foreign exchange (forex) movements in the country.
The accord memorandum of understanding inked by BI’ Governor Perry Warjiyo and Finance Minister Sri Mulyani Indrawati at the MoF office on Monday (01/07).
“Bank Indonesia and Finance ministry are committed to continuously enhancing collaboration and optimising policy making in supporting Indonesian economy,” said Warjiyo.
In the second quarter of 2018, Indonesia obtained US$34.75 billion export forex proceeds. The figure fell from $35.12 billion in the first quarter. Forex value that entered local banks also declined by 0.5 percent to 92.4 percent. By that, only $4.4 billion converted to Rupiah.
Even so, Warjiyo claimed that exporters’ obedience to fulfil export proceeds is getting better since initially implemented in 2012. Until November 2018, exporter’s compliance in the foreign exchange reached 98 percent.
The integrated foreign exchange information monitoring system will integrate documents, goods, and money circulations through export and import data from Directorate General of Customs and from Directorate General of Taxation. It also includes incoming export and outgoing import of financial transaction messaging system and foreign exchange banks.
Not only to increase export proceeds attainment, the data information also aims to optimise State revenues in customs and taxation, obtain information on the compliance profile of exporters and importers in foreign exchange and customs, also strengthen the implementation of joint analysis regarding foreign exchange.
Export proceeds will also contribute Rupiah stability, as BI obliges the forex revenues attainment to enter Indonesian banks.
The various policies released by the central bank plus global positive sentiment from United States – China trade negotiation, has bring Rupiah gaining strength on the last few days. Today, the local currency has strengthened to around 14,000 against the greenback.
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