The regulation is aimed at cutting demand for US dollar and protect the national currency rupiah, which has lost much of its value lately.
"US dollar is still used in many transactions in the country. This is significant in keeping the dollar demand high," deputy governor of the central bank Mirza Adityaswara said here on Friday.
Among the transactions using the US dollar are transactions between textile producers and buyers, Mirza said.
He said such transaction is no longer used in many other developing nations.
"Therefore, even if we chalk up surplus in trade we still face high demand for dollar in the country. It is not from export and import sector but from domestic transactions," he said.
The condition weighs on the country's economic growth with weak rupiah against the dollar, he said.
"Therefore we want to slap the policy (requiring the use of rupiah in domestic transaction) strengthened with the Law No.7 of 2011 and BI regulation that domestic transaction must be with rupiah," he said.
He acknowledged that ti would take time to make the regulation effective, saying but big companies should start complying with the regulation.
"The regulation would be effective as from this month . In this context we still honor the existing contracts between suppliers and buyers , but in the next contracts transactions should be in rupiah," he said. .
He said the regulation is applied in both cash and non cash transactions.
"Our hope is that we are all aware of the importance of the policy that we don't have to given sanctions against violation of the regulation . Criminal sanction could be imposed on violation of the regulation in cash transactions.
(U.SYS/A/A. Saragih/A. Abdussalam) 05-06-2015 08:15:10
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