Bank Indonesia

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Bank of Indonesia Bank Indonesia
Bank Indonesia headquarters in Jakarta.
Headquarters	Jakarta, Indonesia
Coordinates	06°10′54.67″S 106°49′18.44″E / 6.1818528°S 106.8217889°E / -6.1818528; 106.8217889
Established	1 July 1953
Governor	Miranda Goeltom (ad interim)[1]
Central Bank of	Indonesia
Currency	Indonesian rupiah
ISO 4217 Code	IDR
Website	www.bi.go.id

The Bank Indonesia is the central bank of Indonesia. Its governor is going to be chosen and announced. The last governor, Boediono, resigned due to his vice presidential candidacy in the upcoming Indonesian presidential election.

Contents 1 History 2 Organization 3 Strategic objectives 3.1 List of Governors 4 References 5 See also 6 External links

[edit] History

The Bank 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.

[edit] 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.

[edit] Strategic objectives

The Bank describes its strategic objectives as being [1]:

1. Maintain monetary stability
2. Maintain the financial sustainability of the Bank of Indonesia
3. Strengthen the effectiveness of monetary management
4. Create a sound and effective banking system and financial system stability
5. Maintain the security and effectiveness of the payment system
6. Increase the effectiveness of Good Governance implementation
7. Strengthen the organization and build highly competent human resources with the support of a knowledge-based work culture
8. 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

[edit] List of Governors

No.	Name	Reign
1.	Radius Prawiro	1966-1973
2.	Rachmat Saleh	1973-1983
3.	Arifin Siregar	1983-1988
4.	Adrianus Mooy	1988-1993
5.	Soedrajad Djiwandono	1993-1998
6.	Syahril Sabirin	1998-2003
7.	Burhanuddin Abdullah	2003-2008
8.	Boediono	2008-2009
9.	to be announced	2009-

[edit] References

1. ^ http://www.antarasumut.com/nasional/ekonomi-nasional/miranda-goeltom-pegang-sementara-jabatan-gubernur-bi/ (Indonesian)

[edit] See also

• Economy of Indonesia
• Indonesian rupiah

[edit] External links

• Bank Indonesia official website

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