JAKARTA: Bank Indonesia again gives more room for the corporate sector to access forex at banks after previously revoking the regulation that once limited those top debtors early this year.The provision was contained in Bank Indonesia Regulation (PBI) No: 13/4/PBI/2011 on the Repeal of PBI No.10/22/PBI/2008 on the Fulfillment of Domestic Corporate Needs for Forex at Banks.In the previous regulation, PBI No.10/22/PBI/2008, the access to forex at banks by those debtors were somehow limited. Banks even can propose for the forex needs against rupiah to BI for those domestic corporate.Head Public Relations Bureau of Bank Indonesia, Difi A. Johansyah addressed such revocation aimed to show that Indonesias economy is already normal, enabling those corporate to directly access forex . Thus, the companies can now access forex at domestic market instead of going to BI, he said to Bisnis yesterday.He further added that such provision is also issued to anticipate the economic condition amidst the crisis specifically and to avoid speculative forex loans which may trigger currency fluctuation.Prior to his, PBI [Fulfillment of Domestic Corporate Needs for Forex at Banks) aims as an anticipative measure so that companies not rush for forex which may destabilize the currency, he said.Difi added that at the moment, central bank believes that the current economic condition is relatively normal, thus such provision needs to be revoked as the forex availability domestically is rather sufficient along with the excessive foreign inflow.During the 2008 crisis, rupiah touched IDR12,000 per US dollar following the rising forex needs either for corporate interest, capital accumulation or only for speculation.Preventing speculationThus, BI issued such regulation to anticipate the currency speculation that may worsen rupiah even more. In such regulation, bank may propose forex needs against rupiah to BI as it only applies for governmental institutions.Besides, bank is prohibited to propose forex needs for any domestic corporate related to the bank. Any proposal relating to forex must have underlying economic activities in Indonesia.Underlying economic activities include forex debt settlement, import payment, and any other needs supported by legal documents or as long as the company exploits it neither for any transactions nor investment in the money market. Director of Bank Mutiara, Benny Purnomo supported such revocation since it may increase the corporate access to forex loan. The bank once named Century recorded an intensified forex transaction in its core business.By such revocation, the domestic company has more choices in fulfilling its funding needs. They can use both dollar and rupiah, he said. (T02/NOM)
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