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Bank Indonesia has signed the Regional Payment Network Connectivity Agreement with central banks in Singapore, Malaysia, and Thailand to enable seamless integration of cross-border payment systems. Consumers can complete payments via QR codes, reducing transaction times from several days to just seconds. This initiative is expected to lower cross-border transaction costs and promote regional economic integration.

Bank Indonesia and the Monetary Authority of Singapore (MAS) have extended their bilateral financial arrangement until November 1, 2027. The agreement includes currency swaps and bilateral repurchase agreements backed by government bonds, aimed at fostering monetary and financial stability between the two nations. This arrangement will further strengthen economic cooperation between Indonesia and Singapore, providing greater financial flexibility and support to both parties.

Bank Indonesia has announced an expansion of its foreign exchange reserve policy to counter the continued depreciation of the rupiah against the U.S. dollar. Since the beginning of the year, the rupiah has weakened by over 5%, largely due to the Federal Reserve's rate hikes and global economic uncertainties. The central bank plans to stabilize the currency by increasing market interventions and enhancing foreign exchange liquidity in domestic banks. Additionally, the retention period for exporters’ foreign exchange earnings will be extended to six months to ensure long-term forex stability

The Indonesian tax authority has announced plans to enhance tax compliance checks for high-income individuals and corporations to address the 2024 budget deficit. A tax amnesty program has also been introduced, allowing taxpayers to voluntarily disclose unpaid taxes and receive penalty reductions. Through this policy, the government aims to increase tax revenue and improve fiscal conditions.

The Indonesian government is planning to extend the period during which natural resource exporters are required to retain their foreign exchange earnings within the country. Currently set at three months, the government is considering a longer duration to bolster domestic forex reserves and stabilize the rupiah. According to the Coordinating Minister for Economic Affairs, this move aims to provide greater economic stability and reduce dependence on forex market volatility.

According to a report by the Financial Services Authority (OJK), Indonesia's fintech industry grew by 50% in the first half of 2024, with total transactions exceeding $30 billion. Payment and lending platforms remain key areas, while blockchain technology is rapidly emerging in cross-border payments and smart contracts. OJK has launched a regulatory sandbox to encourage startups to test innovative products and support sustainable growth in the sector.

The Indonesian Financial Services Authority (OJK) has announced that the maximum daily interest rate for consumer loans will be reduced to 0.3% starting January 1, 2024. This measure aims to tighten regulations on fintech lending platforms, reduce borrowing costs for consumers, and promote healthy industry growth.

The Indonesian government has issued $2 billion in green bonds to fund sustainable infrastructure projects, including renewable energy, electric vehicle charging networks, and forest conservation initiatives. With an annual yield of 4.5%, the bonds attracted investors from Asia and Europe. The Finance Minister highlighted this issuance as part of Indonesia's commitment to achieving net-zero emissions and announced plans to issue more green bonds annually to meet market demand.

The Indonesian government has launched a "Golden Visa" program, offering long-term residency permits to foreign investors to attract more foreign capital. The visa is designed for entrepreneurs and high-net-worth individuals who make significant investments in Indonesia, aiming to boost economic growth and create more job opportunities.

Starting October 2024, the Indonesian Financial Services Authority (OJK) will require all banks to disclose the detailed breakdown of their lending rates, including loan costs and profit margins. This new regulation aims to enhance transparency, promote fair competition in the lending market, and ensure borrowers are not subjected to excessive costs