BI DKI Will Temporarily Limit Foreign Exchange Business Activity Permits

Illustration (Photo: Doc. ANTARA)

JAKARTA - The Bank Indonesia Representative Office of DKI Jakarta Province will temporarily limit the granting of permits for Non-Bank Foreign Exchange Business Activities (KUPVA BB) to maintain efficiency, growth and healthy business competition in the service industry.

"The provisional limitation for granting permits for BB KUPVA applies July 1, 2025 to December 31, 2026," said Head of the Bank Indonesia Representative Office (Kpw) DKI Jakarta Province Arlyana Abubakar as reported by ANTARA, Friday, May 30.

Evaluation of the implementation of the policy will be carried out regularly every six months.

The decision was taken taking into account the level of fulfillment of public services related to the provision of community needs for foreign currency exchange (UKA) in the relatively adequate DKI Jakarta Province.

Arlyana said, in addition to KUPVA BB, the need for UKA exchange services could be met with the number of foreign exchange banks spread throughout Jakarta and the KUPVA BB Branch Office (KC) headquartered in other areas.

Furthermore, KPw Bank Indonesia (BI) Jakarta has set a temporary limitation to apply for the granting of a new BB KUPVA permit, the opening of a new KC KUPVA BB for BB KUPVA Organizers from KP outside Jakarta.

In addition, the transfer of KP and/or KC KUPVA BB addresses into Jakarta by KUPVA BB which had the previous KP/KC address outside Jakarta.

Meanwhile, temporary restrictions on granting permits do not apply for the extension of permits for BB KUPVA in Jakarta and the opening of KC by KUPVA BB which has a KP address at Jakarta.

Then, transfer the KP/KC KUPVA BB address which is already located in Jakarta and a new permit application that is included in the Ease (d/h E-Licensing) licensing application with complete documents before July 1, 2025.

"The temporary limitation of granting permits for BB KUPVA in the Jakarta area is an effort by the KPw BI of DKI Jakarta Province to keep the BB KUPVA industry in Jakarta healthy and competitive so that the payment system can run effectively and efficiently," said Arlyana.