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On 1 July 2015, Bank Indonesia’s BI Regulation No. 17/3/PBI/2015 regarding the Mandatory Use of the Rupiah in Indonesia came into effect. This BI Regulation, signed on 31 March 2015, restricts the use of foreign currencies in transactions conducted in Indonesia with the aim to deepen the domestic rupiah market, stabilize the rupiah (which has been depreciating against the US dollar), and foster economic expansion. A previous law (Law No. 7/2011) allowed for involved contract parties to agree using another currency (than the rupiah) for payments.
Domestic Transactions that Require the Use of the Indonesian Rupiah:
BI Regulation No. 17/3/PBI/2015 regarding the Mandatory Use of the Rupiah in Indonesia (henceforth BI Regulation No. 17) requires the use of the rupiah in cash and non-cash transactions (for example check, giro order, credit card, debit card, ATM card or electronic money) conducted within the territory of Indonesia. This involves: