Bank of Indonesia

Infobox Central bank
bank_name = Bank of Indonesia
bank_name_in_local =
image_1 =Bank Indonesia headquarters.jpg
image_title_1 =Bank of Indonesia headquarters in Jakarta.
image_2 =
image_title_2 =
headquarters = Jakarta, Indonesia
coordinates = coord|06|10|54.67|S|106|49|18.44|E
established = 1953
president = Boediono
leader_title = Governor
bank_of = IDN
currency = Indonesian rupiah
currency_iso = IDR
borrowing_rate =
deposit_rate =
website = [http://www.bi.go.id/ www.bi.go.id]
footnotes =The Bank of Indonesia is the central bank of Indonesia. Its current governor is Boediono.

History

The Bank of Indonesia was founded on July 1, 1953, in the Sukarno era - from the nationalization of De Javasche Bank, a Dutch bank dating from colonial times.

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.23/999, finally freeing the bank from government interference.

Thereafter, the bank reported to the 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.

trategic objectives

The Bank describes its strategic objectives as being [http://www.bi.go.id/web/en/Tentang+BI/Misi+dan+Visi/] :
# 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

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

List of Governors

ee also

*Economy of Indonesia
*Indonesian rupiah

External links

* [http://www.bi.go.id Bank Indonesia official website]
* [http://www.cbrates.com/ cbrates.com: Central Bank Rate Decisions and Monetary Meetings]