From MarketWatch By Robert Powell December 14, 2013 Larry Kotlikoff, a professor at Boston University...
Act No. 23 Concerning Bank Indonesia
(enacted in 1999)
Act No. 23 Concerning Bank Indonesia is the comprehensive act which governs Bank Indonesia, the central bank of Indonesia.
Notably, the Act gives Bank Indonesia fully independent status, and provides for a dual banking system which includes Syariah (Sharia) Banking (Islamic banking).
The Act is organized as follows:
- Chapter I General Provisions;
- Chapter II Status, Domicile and Capital;
- Chapter III Objectives and Tasks;
- Chapter IV The Task of Prescribing and Implementing Monetary Policy;
- Chapter V The Task of Regulating and Safeguarding the Smoothness of the Payment System;
- Chapter VI The Task of Regulating and Supervising Banks;
- Chapter VII The Board of Governors;
- Chapter VIII Relationship with the Government;
- Chapter IX International Relations;
- Chapter X Accountability and Budget;
- Chapter XI Criminal Provisions and Administrative Sanctions;
- Chapter XII Transitional Provisions; and
- Chapter XIII Final Provisions (bringing the act into force).
This act was later amended in 2004 by Act No. 3 Concerning Amendment to Act No. 23 Concerning Bank Indonesia, which can be found under “Related Amendments.”
DISCLAIMER: The attached document is an unofficial translation of Bank Indonesia Regulation No. 8/5/PBI/2006. An official translation is unavailable.