Indonesia Quarterly Regulatory Updates - May to September 2022

We provide herein the executive summary of 19 newly enacted regulations in Indonesia issued between May and September 2022. 

Click here to access the full regulatory updates. 

No Regulation Summary

Minister of Trade Regulation No. 25 of 2022 on Amendment to Minister of Trade Regulation No. 20 of 2021 on Policies and Regulations on Imports (“MoT Reg. 25/2022”)

Enforcement Date:

24 May 2022

  • Under MoT Reg. 25/2022, Importers shall apply through Indonesia’s National Single Window System (“SINSW”) to obtain a business license for import activities issued by the Ministry of Trade.
  • MoT Reg. 25/2022 also stipulates that before any import activity takes place, an Importer is required to submit a commitment statement for the issuance of the business license in the form of an import approval. Please note that any Importer who has secured the business license is still required to submit the commitment statement.

Bank Indonesia Board of Governors Regulation No. 24/8/PADG/2022 on Implementing Regulations for the Fulfillment of Minimum Statutory Reserves in Rupiah and Foreign Exchange by Conventional Commercial Banks, Sharia Commercial Banks, and Sharia Business Units (“GBI Reg. 24/8/2022”)

Enforcement date:

1 July 2022

  • The minimum Statutory Reserve Requirement (Giro Wajib Minimum or “GWM”) for Conventional Commercial Banks is 7.5% in effect starting from 1 July 2022 until August 2022, and 9% in effect starting from 1 September 2022.
  • The minimum GWM for Sharia Commercial Banks and Sharia Business Units is 6%, in effect starting from 1 July until 31 August 2022, and 7.5% in effect starting from 1 September 2022.

The article above was prepared by Marshall S. Situmorang (Partner) and Audria Putri (Senior Associate).

Disclaimer: The information herein is of general nature and should not be treated as legal advice, nor shall it be relied upon by any party for any circumstance. Specific legal advice should be sought by interested parties to address their particular circumstances.