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Bank Indonesia, customs exchange real time trade data starting 2020

Jakarta Globe - December 27, 2019

Diana Mariska, Jakarta – Bank Indonesia, the country central bank, has collaborated with the customs office to implement an integrated system that will reconcile incoming and outgoing foreign exchange recorded by the central bank with the export and import activities recorded in the customs.

The new system, called the Real-Time Integrated Foreign Exchange Monitoring (Simodis), allows Bank Indonesia to provide more timely and accurate data for its estimation of the economic growth and the current account balance. The system will be online on Jan. 1.

"With Simonis, Bank Indonesia can also acquire data on the flow of goods and documents," Destry Damayanti, Bank Indonesia's senior deputy governor, said in a press conference on Friday.

"Simodis is real-time. One day after export and import transaction is recorded in the customs, it can be acquired by Bank Indonesia to be reconciled. This will enable us to provide a more accurate economic forecast," Destry said.

Heru Pambudi, the director-general of customs and excise at the Finance Ministry, said that his office could utilize this system for drawing up exporters' and importers' compliance profile.

It would be easier to find any data discrepancy that might indicate missing data from one of the institutions, or failure from exporter or importer to report their transaction.

Heru also added that exporters with high compliance scores based on the Simodis system would be awarded priority to receive fiscal incentives. The highly compliant cross-border traders can get the authorized economic operator (AEO) status. Customs grants route priority and impose a minimum level of physical and document examination at the border to AEO exporters or importers compared to other exporters.

Source: https://jakartaglobe.id/business/bank-indonesia-customs-exchange-real-time-trade-data-starting-202