Bank Indonesia Increases Supervision of Foreign Exchange Carrying for Rupiah Stability

Bank Indonesia (BI) said it would tighten supervision of the inflow and outflow of foreign paper currency or foreign exchange (foreign exchange) to maintain the stability of the rupiah value in the country.

Head of the Payment System Policy Department of BI Bram Handoko in Tangerang, Friday, said that based on the policy contained in BI Regulation Number 19/7/PBI/2017. Where, each person is only allowed to allow licensed entities to carry foreign physical money with a value equivalent to or exceeding Rp. 1 billion.

"Bank Indonesia itself in this situation, of course, we are strengthening our supervision of transactions related to foreign exchange," he said.

He said that if there are people and international travelers carrying foreign banknotes equivalent to or exceeding Rp. 1 billion without official BI permission, then the Financial Transaction Reporting and Analysis Center (PPATK) and the Directorate General of Customs of the Ministry of Finance will prevent or confiscate the money.

"For carrying foreign banknotes with a value of Rp. 1 billion, it must be done by an authorized body. The authorized body consists of banks and KUPVA, not like money changers in Indonesia," he said.

In addition, BI will also monitor high-value foreign currency transaction flows flowing through the banking system. This is because if it is not controlled it will have a crucial impact on the national economy.

"In the context of carrying foreign banknotes, we work together with our colleagues at the Customs at all the entrances in Indonesia. We are very grateful. The synergy with the Customs and other law enforcement partners is what we optimize," he said as quoted by Antara.

Previously, the Soekarno-Hatta Customs and Excise Main Office (Soetta), Tangerang, Banten, was investigating the motives of a man with the initials RR, a Thai citizen, who brought foreign currency (UKA) amounting to 350,000 USD or equivalent to Rp. 6.3 billion to Indonesia.

This is being tried, after his party carried out a crackdown on violations of carrying foreign banknotes (UKA) at Terminal 2F of the Soekarno-Hatta International Airport on Monday (22/06).

"So, this passenger with the initials RR does not have a permit, he also did not report to the Customs and Excise officers, like that," said Head of the Soekarno-Hatta Customs Office, Hengky Tomuan Parlindungan Aritonang.

He said that this action was initiated from the results of tracking from the risk-based profiling system for international passengers.

Then, from the results, the officers paid attention to the luggage belonging to a passenger who arrived from Thailand. Through X-ray scanning, officers detected a suspicious density image leading to the carrying of a pile of cash.

After the persuasive action was carried out, continued Hengky, a physical examination in a special room was also carried out until it was proven that the passenger was carrying cash in the form of 3,500 pieces of USD 100, with a total value of 350,000 USD or equivalent to Rp. 6.3 billion.

"Currently, the goods resulting from the enforcement have been secured at the Soekarno-Hatta Customs Office and the perpetrators are undergoing further customs research to delve into compliance with related corporate financial administration," he said.

In this case, Soetta Customs immediately coordinated with representatives of the Financial Transaction Reports and Analysis Center (PPATK) to conduct in-depth analysis to find out about suspected criminal acts or other violations.

"Because the information of this foreign national is always changing, then the regime we do is to report to PPATK. Later from PPATK will conduct an in-depth investigation of the person's profile, the person's finances, and the continuation of whether there is a connection with crimes, such as that," he explained.