Mr Luky I Walalangi

Luky I Walalangi

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Banking

Currency Law uncertainty over foreign currency payments
Indonesia | 12 August 2011

The new Currency Law is likely to have a major impact on Indonesia's payment systems and in the fields of trade and finance due to its requirements regarding the use of rupiah for payments. Its controversial prohibition of foreign currency for domestic payments appears to catch Indonesian subsidiaries and branches of foreign companies, including foreign-owned companies and bank branches.