Bank Indonesia Board of Governors Member Regulation Number 15 of 2026 Lowers the Threshold for Cash Foreign Exchange Purchase Transactions Without Supporting Documents

Introduction

On 29 June 2026, Bank Indonesia issued Board of Governors Member Regulation Number 15 of 2026 concerning the Third Amendment to Board of Governors Member Regulation Number 11 of 2024 on Foreign Exchange Market Transactions (“PADG 15/2026”), which took effect on 1 July 2026.

PADG 15/2026 revises the transaction value threshold applicable to customers’ cash foreign exchange purchase transactions to align with Bank Indonesia’s monetary policy direction. The reduction of the threshold for cash foreign exchange purchases was introduced following the effectiveness of the previous tightening measures, as reflected by the significant decline in foreign exchange purchase transactions conducted without underlying documents supporting real economic activities.

PADG 15/2026 was issued in response to changes in the global and domestic strategic environment that have placed pressure on the Indonesian rupiah exchange rate. Furthermore, the regulation strengthens the governance of foreign exchange traffic while supporting the maintenance of financial system stability amid evolving economic conditions. Given the high domestic demand for foreign currency and continuing uncertainty in global financial markets, Bank Indonesia considers it necessary to further lower the threshold for cash foreign exchange purchase transactions conducted without supporting documents. This policy is intended to reduce speculative transactions, encourage the use of foreign exchange for genuine economic activities, and strengthen the long-term stability of the rupiah exchange rate.

Comparison

PADG 15/2026 amends the transaction value threshold previously regulated under Board of Governors Member Regulation Number 11 of 2026 concerning the Second Amendment to Board of Governors Member Regulation Number 11 of 2024 concerning Foreign Exchange Market Transactions (“PADG 11/2026”). The comparison is as follows:

Key Provisions

Reduction of the Threshold for Cash Foreign Exchange Purchase Transactions

Article 25 paragraph (1) lowers the transaction threshold for foreign exchange purchases that may be conducted without supporting documents.

Participants in the Foreign Exchange Market are now permitted to conduct cash purchases of foreign currency against rupiah without an underlying transaction document only up to a maximum of USD10,000.00 per month.

Where the amount of the foreign currency purchase exceeds this threshold, customers are required to provide valid supporting documents evidencing the underlying transaction.

Thresholds for Foreign Exchange Derivative Transactions

Unlike cash foreign exchange transactions, the thresholds applicable to foreign exchange derivative transactions against rupiah remain unchanged in order to support hedging activities undertaken by market participants, as follows:

• Article 25 paragraph (2): For forward and Domestic Non-Deliverable Forward (DNDF) transactions, the purchase transaction threshold is USD100,000.00 per month per customer, while the selling transaction threshold is USD10,000,000.00 per transaction.
• Article 25 paragraph (3): For swap transactions, the threshold remains USD10,000,000.00 per transaction.
• Article 25 paragraph (4): For derivative transactions other than forward, DNDF, and swap transactions, the purchase transaction threshold is USD100,000.00 per month per customer, while the selling transaction threshold is USD1,000,000.00 per transaction.

Transitional Provisions

Customers conducting cash purchases of foreign currency in excess of USD10,000.00 but not exceeding USD25,000.00, or its equivalent per month per customer, during the period from 1 July 2026 to 31 July 2026, are granted an extension for the submission of the required documentation.

The underlying transaction documents and/or supporting documents must be submitted to the relevant bank no later than 7 August 2026.

In addition, the deadline for banks to submit corrections to their periodic reports concerning cash purchases of foreign currency against rupiah with transaction values exceeding USD10,000.00 up to USD25,000.00 conducted during the period from 1 July 2026 to 31 July 2026 may also be extended until 7 August 2026.

Closing

PADG 15/2026 strengthens the regulatory framework governing foreign exchange market transactions by lowering the threshold for cash foreign exchange purchase transactions that may be conducted without underlying transaction documents.

This policy is intended to ensure that foreign exchange transactions are supported by genuine economic activities, reduce speculative transactions, and maintain the stability of the rupiah exchange rate and the financial system.

Accordingly, foreign exchange market participants, including customers and banks, should adjust their transaction procedures and ensure timely compliance with the applicable requirements for submitting underlying transaction documents and periodic reports in accordance with the revised thresholds and prescribed deadlines.