Bank Indonesia (BI) is the central bank of the Republic of Indonesia. Darmin Nasution, formerly the interim governor, is the current governor. The last governor before Darmin Nasution became interim governor, Boediono, resigned when he was selected to run as vice president in the Indonesian presidential election in 2009. Darmin Nasution was sworn in by president Susilo Bambang Yudhoyono on September 1, 2010.
Finance Minister Sri Mulyani Indrawati was proposed as a candidate for governor of BI in 2009. However, the suggestion did not proceed and she later left the cabinet on 5 May 2010 and moved to the World Bank Group as Managing Director. [1][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, giving the bank independence.
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.
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.
The Bank is active in promoting financial inclusion policy and is a leading member of the Alliance for Financial Inclusion. It hosted AFI's second annual Global Policy Forum (GPF) [3] in Bali, Indonesia in 2010. On May 14, 2012 Bank Indonesia announced it would be making specific commitments to financial inclusion under the Maya Declaration.
Finance Minister Sri Mulyani Indrawati was proposed as a candidate for governor of BI in 2009. However, the suggestion did not proceed and she later left the cabinet on 5 May 2010 and moved to the World Bank Group as Managing Director. [1][2]
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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, giving the bank independence.
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.
The Bank is active in promoting financial inclusion policy and is a leading member of the Alliance for Financial Inclusion. It hosted AFI's second annual Global Policy Forum (GPF) [3] in Bali, Indonesia in 2010. On May 14, 2012 Bank Indonesia announced it would be making specific commitments to financial inclusion under the Maya Declaration.
Strategic objectives
The Bank describes its strategic objectives as being [4]:- Maintain monetary stability
- Maintain the financial sustainability of the Bank of Indonesia
- Strengthen the effectiveness of monetary management
- Create a sound and effective banking system and financial system stability
- Maintain the security and effectiveness of the payment system
- Increase the effectiveness of Good Governance implementation
- Strengthen the organization and build highly competent human resources with the support of a knowledge-based work culture
- Integrate the Bank of Indonesia's transformation in line with Bank Indonesia's destination statement of 2008
National Payment Gateway
The aim is to integrate all Automated Teller Machines in ASEAN countries, beginning with integration first in each country. On January 16, 2012 interconnection between Bank Mandiri ATMs and Bank Central Asia ATMs (Prima ATMs) was launched.[3]Offices
BI operates 37 offices across Indonesia, and four representative offices in New York, London, Tokyo and SingaporeIndonesian offices
Worldwide representative offices
- Singapore: 11 Collyer Quay 08-01 The Arcade Singapore 049317.[4]
- London: 10 City Road, London EC 1Y 2EH.
- Tokyo: New Kokusai Building Room 906 No.4 - 1, Marunouchi 3 - Chome Chiyoda-ku, Tokyo, 100-0005 Japan.
- New York: One Liberty Plaza 165 Broadway, 31st floor New York N.Y. 10006.[5]
List of Governors
| Name | Period |
| Radius Prawiro | 1966–1973 |
| Rachmat Saleh | 1973–1983 |
| Arifin Siregar | 1983–1988 |
| Adrianus Mooy | 1988–1993 |
| J. Soedradjad Djiwandono | 1993–1998 |
| Syahril Sabirin | 1998–2003 |
| Burhanuddin Abdullah | 2003–2008 |
| Boediono | 2008–2009 |
| Darmin Nasution | 2009- |
See also
References
- ^ Suharmoko, Aditya (28 July 2009). "New senior deputy governor vows to carry on with reforms". The Jakarta Post. Archived from the original on 10 August 2009. Retrieved 24 September 2009.
- ^ 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.
- ^ "Senin Besok, ATM Mandiri Mulai Koneksi BCA". January 14, 2012.
- ^ http://masnet.mas.gov.sg/fin/findir/SDWFIDIR.NSF/69af9793282a89864825635e00263a34/d25e4e24755a3007482565e9002af812?OpenDocument
- ^ http://www.bi.go.id/web/id/Tentang+BI/Organisasi/perwakilan.htm
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