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Jakarta Post

House drops BI Law amendment, opts for omnibus finance bill

  • Adrian Wail Akhlas

    Jakarta

Jakarta   /   Tue, December 1 2020   /  01:00 am
Logo of Bank Indonesia is seen in front of the central bank's building in Jakarta. (JP/Rafaela Chandra)

The House of Representatives has dropped deliberation of a bill that would amend the prevailing Bank Indonesia (BI) Law, three lawmakers have said, as the House shifts focus to an omnibus bill on the financial sector to strengthen the country’s financial system. The omnibus bill includes some of the regulations previously stipulated in the BI bill, such as mandating the central bank to pursue economic growth and employment, on top of its current mandate to maintain the rupiah exchange rate and price stability, according to a draft dated Nov. 20 obtained by The Jakarta Post. The bill stipulates that BI will have the duty to determine and implement monetary policy sustainably, consistently and transparently while taking “into account the government’s economic policy”, and to manage and maintain payment systems and to make and implement macroprudential policy i...