Want to pay US$ in Indonesia? Good luck.
Regulatory roundup: Mandatory rupiah use is in effect, with grace measures; Singapore plots M&A rule changes; India offers up new interbank benchmark
Indonesia brings mandatory rupiah use into effect, with grace measures
Bank Indonesia (BI) announced on July 1 that every cash or non-cash transaction in Indonesia must use rupiah with immediate effect. BI, however, may grant approvals to businesses that wish to keep using foreign currencies for strategic infrastructure projects, system adjustment, accounts and records, business strategies and corporate finance. The BI also allows contracts using foreign currencies made before July 1 to remain valid until those agreements expire.
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