Bank Indonesia

Bank Indonesia

Central Bank
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Bank Indonesia

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Description:
Bank Indonesia is the central bank of The Republic of Indonesia. Bank Indonesia is currently governed by Darmin Nasution, former interim governor. The last governor before the interim phase, Boediono, resigned due to his vice presidential candidacy in the Indonesian presidential election. Darmin Nasution was sworn in by President Susilo Bambang Yudhoyono on September 1, 2010.

Finance Minister Sri Mulyani Indrawati was proposed as a candidate to take over the Bank Indonesia governorship earlier in 2009. However, the suggestion did not proceed and later she left the cabinet on 5 May 2010 and moved to the World Bank Group as Managing Director.

History

Bank Indonesia was founded on 1 July 1953 from the nationalization of De Javasche Bank, a Dutch bank dating from colonial times.

For the next 15 years, the Bank of Indonesia carried on commercial activities as well as acting as the nation’s bank.

This came to an end with the Law No.13/1968 on the Central Bank, which was subsequently replaced by Law No.23/1999, freeing the bank from government interference.

Thereafter, the bank reported to the parliament (People's Representative Council) instead of the president, and the bank’s governor was no longer a member of the cabinet.

Organization

The bank is led by the board of governors, comprising the governor, a senior deputy governor and at between four and seven deputy governors.

The governor and deputy governors serve a five year term ,and are eligible for...
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