Bank Indonesia


Bank Indonesia
Bank Indonesia
Logo of Bank Indonesia Bank Indonesia headquarters
Logo of Bank Indonesia Bank Indonesia headquarters
Headquarters Jakarta, Indonesia
Established 1 July 1953
Governor Darmin Nasution [1]
Central bank of Indonesia
Currency Indonesian rupiah
ISO 4217 Code IDR
Website www.bi.go.id

Bank Indonesia is the central bank of The Republic of Indonesia. Bank Indonesia is currently governed by Darmin Nasution, former interim governor. The last governor before the interim phase, Boediono, resigned due to his vice presidential candidacy in the Indonesian presidential election. Darmin Nasution was sworn in by President Susilo Bambang Yudhoyono on September 1, 2010.

Finance Minister Sri Mulyani Indrawati was proposed as a candidate to take over the Bank Indonesia governorship earlier in 2009. However, the suggestion did not proceed and later she left the cabinet on 5 May 2010 and moved to the World Bank Group as Managing Director. [1][2]

Contents

History

Bank Indonesia was founded on 1 July 1953 from the nationalization of De Javasche Bank, a Dutch bank dating from colonial times.[2]

For the next 15 years, the Bank of Indonesia carried on commercial activities as well as acting as the nation’s bank.

This came to an end with the Law No.13/1968 on the Central Bank, which was subsequently replaced by Law No.23/1999, freeing the bank from government interference.

Thereafter, the bank reported to the parliament (People's Representative Council) instead of the president, and the bank’s governor was no longer a member of the cabinet.

Organization

The bank is led by the board of governors, comprising the governor, a senior deputy governor and at between four and seven deputy governors.

The governor and deputy governors serve a five year term ,and are eligible for re-election for a maximum of two terms.

The governor and senior deputy governor are nominated and appointed by the president, with approval from the People's Representative Council. Deputy governors are nominated by the governor and appointed by the president, with approval of the People's Representative Council.

The president has no power to dismiss a member of the board, except when a board member voluntarily resigns, is permanently handicapped, or is proven guilty of criminal offence.

The Board of Governors Meeting is the bank’s highest decision-making forum. It is held at least once a month to decide on general policy on monetary affairs, and at least once a week to evaluate policy implementation or to decide on other strategic and principle policy.

Strategic objectives

The Bank describes its strategic objectives as being [3]:

  1. Maintain monetary stability
  2. Maintain the financial sustainability of the Bank of Indonesia
  3. Strengthen the effectiveness of monetary management
  4. Create a sound and effective banking system and financial system stability
  5. Maintain the security and effectiveness of the payment system
  6. Increase the effectiveness of Good Governance implementation
  7. Strengthen the organization and build highly competent human resources with the support of a knowledge-based work culture
  8. Integrate the Bank of Indonesia's transformation in line with Bank Indonesia's destination statement of 2008

It operates 37 offices across Indonesia, and four representative offices in New York, London, Tokyo and Singapore

List of Governors

No Name Period
1. Radius Prawiro 1966-1973
2. Rachmat Saleh 1973-1983
3. Arifin Siregar 1983-1988
4. Adrianus Mooy 1988-1993
5. J. Soedradjad Djiwandono 1993-1998
6. Syahril Sabirin 1998-2003
7. Burhanuddin Abdullah 2003-2008
8. Boediono 2008-2009
9. Darmin Nasution 2009-

Offices worldwide

  • Bank Indonesia Representative Office at Singapore: 11 Collyer Quay 08-01 The Arcade Singapore 049317.[3]
  • Bank Indonesia Representative Office at London: 10 City Road, London EC 1Y 2EH.
  • Bank Indonesia Representative Office at Tokyo: New Kokusai Building Room 906 No.4 - 1, Marunouchi 3 - Chome Chiyoda-ku, Tokyo, 100-0005 Japan.
  • Bank Indonesia Representative Office at New York: One Liberty Plaza 165 Broadway, 31st floor New York N.Y. 10006.[4]

See also

References

  1. ^ Suharmoko, Aditya (28 July 2009). "New senior deputy governor vows to carry on with reforms". The Jakarta Post. http://www.thejakartapost.com/news/2009/07/28/new-senior-deputy-governor-vows-carry-with-reforms.html. Retrieved 24 September 2009. 
  2. ^ Cribb, Robert & Kahin, Audrey (2004). Historical Dictionary of Indonesia. Historical dictionaries of Asia, Oceania, and the Middle East (2nd ed.). Lanham, MD: Scarecrow Press. pp. 45–46. ISBN 978-0-8108-4935-8. 
  3. ^ http://masnet.mas.gov.sg/fin/findir/SDWFIDIR.NSF/69af9793282a89864825635e00263a34/d25e4e24755a3007482565e9002af812?OpenDocument
  4. ^ http://www.bi.go.id/web/id/Tentang+BI/Organisasi/perwakilan.htm

External links


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