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Jakarta, CNBC Indonesia – The Legislation Body (Baleg) of the House of Representatives (DPR RI) is currently drafting the Revision of Law No. 23 of 1999 relating to Bank Indonesia (BI). In this review there will be many articles that were removed and added.
In their presentation, Baleg’s team of experts said that one of the things that would be revised would be Article 9, which would be removed and added to new articles, namely 9a, 9b and 9c. This series of articles 9 will cover the members of the monetary council to their functions.
In this bill, article 9 will later establish a currency board made up of members of the Financial System Stability Committee (KSSK). The money board’s job is to assist the government and BI in planning and setting policy.
“The monetary council leads, coordinates and directs monetary policy in line with the general government policy in the economic sector,” Baleg’s team of experts said on Monday (8/31/2020).
In paragraph 3 of Article 9a, the currency board is established in 5 members consisting of the Minister of Finance, then one of the Minister of Economy, the Governor of BI, the Senior Vice President of Bi and the Board of Commissioners of the Authority of Financial Services (OJK).
“If deemed necessary, the government can add several ministers as advisory members of the currency council. The secretariat of the currency council is in charge of BI,” said the team of experts.
Meanwhile, for paragraph 2 of article 9b, the Minister of Finance will be appointed president of the monetary council. The money council must also meet at least twice a month or according to urgent needs.
“Paragraph 3, in technical talks, the members of the currency council have the right to appoint expert advisers who can attend the currency session,” he explained.
The 9c will then stipulate that money board decisions will be made by deliberation to reach consensus if the BI governor cannot agree on the results of the money council deliberations. In this case, the BI Governor can present his opinion to the government.
“The rules of procedure for carrying out the work of the money council are determined by the money council.”
Ahmad Baidhowi, deputy director of the Baleg DPR, said today that a meeting was held to draw up a temporary draft. And that is what the experts do.
“So before the inaugural AT presentation meeting [Tenaga Ahli] related to the revision of the BI Law. Subsequently, Baleg will prepare the academic manuscript and the bill. One of them is that the meaning of independence should be interpreted within the framework of the Republic of Indonesia, not as freely and independently as possible. Don’t be like a country within another country. But there is still a long way to go in preparation, “Ahmad told CNBC Indonesia.
According to Ahmad, the DPR proposed the revision of the BI Law. Later, he continued, the government will formulate a DIM or List of Inventory of Problems to respond to the formulation of the bill.
[Gambas:Video CNBC]
(dru)
