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House to review existence of BI supervisory body
The Jakarta Post | Wed, 02/11/2009 4:52 PM | Business
The House of Representatives will review the existence of Bank Indonesia Supervisory Body (BSBI) after acknowledging that the body could not carry out its duties optimally due to variouslegal constraints.
Chairman of House Commission XI overseeing financial affairs Hafiz Zawawi said there were two options available: optimizing its role through providing stronger legal support for its operations or completely disbanding the institution.
Hafiz said the body had been performing poorly due to contradicting regulatory governing the body and the central bank. In some instances, he said, the regulatory issues made the central bank hesitant in opening itself to the body's supervision.
"The activity of the supervisory body often overlapped what had been demanded by the law," he said.
According to Bank Indonesia Law, the supervisory body is responsible for auditing BI's financial reports, operational budget, investments, decision making procedures outside the monetary policies and asset management. (and)
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