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BI Relaxes Mandatory Reporting, Late Penalties amid Covid-19 Pandemic

English indonesian economy (en)
Wahyu Dwi Anggoro • 01 April 2020 14:52
Jakarta: Bank Indonesia (BI) has relaxed mandatory reporting for commercial banks and all other parties required to report to the central bank, as well as exporters of non-natural resources that are yet to meet the regulations concerning foreign exchange proceeds from exports of non-natural resources.
To that end, the central bank has extended the reporting deadline and suspended penalties for late submission of certain reports.
"In terms of exporters of non-natural resources, export suspensions have been postponed until the end of September 2020," BI said in a press release on Tuesday, March 31, 2020.

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"The measures aim to mitigate and reduce the impact of covid-19 on banking, business activities, and economic condition," BI sttated.
Reporting deadlines and late submission penalties have been relaxed in accordance with the attached document as well as the postponement of export suspensions, effective from Tuesday, March 31, 2020 until a date yet to be determined.
BI is constantly coordinating with the government, the Financial Services Authority (OJK) and other relevant authorities to implement the required policy measures, ensure regulatory compliance and mitigate risks in the national economy.


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