Banking as Usual, but No Monetary Operations on Election Day i

Bank Indonesia, the central bank, announced normal banking activity but no monetary operations for Wednesday (19/04), due to the Jakarta gubernatorial election. (Reuters Photo/Iqro Rinaldi)

By : Tabita Diela | on 6:07 PM April 17, 2017
Category : Business, Featured, Banking/Finance

Tanjung Pandan, Bangka Belitung. Bank Indonesia, the central bank, announced normal banking activity but no monetary operations for Wednesday (19/04), due to the Jakarta gubernatorial election, an executive said.

Bank Indonesia will only close its representative office in Jakarta, while operations in its other offices will run as usual.

"First of all, we support the Jakarta gubernatorial election," Bank Indonesia executive director Tirta Segara told Jakarta Globe on Monday.

"We will operate, though in a limited scope, to make sure the payment system runs well across the country," he said.

Tirta's comment came after President Joko "Jokowi" Widodo issued a presidential decree last week, declaring April 19 a public holiday in the capital to allow Jakarta residents to cast ballots in the second round of the election.

Bank Indonesia's real-time gross settlement system (BI-RTGS) for large transactions above Rp 100 million ($7,500) between banks, the transaction and securities administration system (BI-SSSS) and the clearing system (SKNBI) will operate normally.

Also the central bank's cashier services — cash deposits and disbursing cash to commercial banks and treasurers of government projects with Bank Indonesia accounts — will see no change in operations.

On Wednesday, however, Bank Indonesia will not publish its foreign exchange reference rate (a market reference for rupiah-dollar transactions) called the Jakarta Interbank Spot Dollar Rate (JISDOR), and it will not conduct foreign-denominated monetary operations.

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