Nasori, Jakarta – Bank Indonesia has reduced the amount of US dollars individuals can purchase in the domestic market without supporting documentation to $50,000 per month, as authorities step up efforts to stabilize the rupiah amid mounting global pressures.
Governor Perry Warjiyo said Tuesday that the previous limit of $100,000 per person per month had been halved, and the central bank is preparing further restrictions that would lower the threshold to $25,000.
"The limit for purchasing US dollars in the domestic market without underlying documents, previously $100,000 per person per month, has been reduced to $50,000," Perry said at the Merdeka Palace in Jakarta.
"Underlying" refers to supporting transaction documents – such as import paperwork or service payment records – demonstrating that foreign exchange purchases are tied to genuine economic activity rather than speculative purposes.
The move forms part of broader coordination with the Financial System Stability Committee (KSSK) to support the rupiah, which has come under pressure from global market volatility and geopolitical tensions.
Perry said the tighter rules are intended to curb speculative activity in the domestic foreign exchange market and reinforce confidence in the national currency.
"We are preparing to lower the limit again to $25,000, meaning any dollar purchase above that amount would require underlying documentation," he said.
To enforce the policy, Bank Indonesia is intensifying oversight of banks and corporations with high levels of dollar-buying activity. The central bank is also coordinating with the Financial Services Authority (OJK), deploying supervisors directly to financial institutions to ensure compliance.
Perry said stronger monitoring is essential to prevent exchange rate volatility driven by transactions unrelated to real economic activity.
The rupiah weakened another 30 points, or 0.17%, on Tuesday to close at Rp 17,424 per U.S. dollar, compared with Rp 17,394 previously. Bank Indonesia's Jisdor reference rate also slipped to Rp 17,425 per dollar from Rp 17,368.