THE GRANTING OF AUTHORITY TO BANK INDONESIA IN THE FIELD OF MONETARY CONTROL
(Presidential Decree No. 23/1998, dated January 21, 1998)
THE PRESIDENT OF THE REPUBLIC OF INDONESIA
Considering :
a. that for the restoration of monetary stability, more effective monetary control policies are required;
b. that in order to quarantee the effectiveness of the said monetary control, it
is necessary to grant full authority to Bank Indonesia;
c. that it is therefore necessary to stipulate provisions on the granting of
outhority to bank indonesia in the field of monetary control by issuing a
presidential decree.
In view of :
1. Article 4 paragraph (1) of the Constitution of 1945;
2. Law No. 13/1968 on the central bank (Statute Book of 1968 No. 63,
Supplement to Statue Book No. 2865).
DECIDES :
To stipulate :
Article 1
Bank Indonesia shall formulate and implement monetary policies
Article 2
Within the framework of implementing monetary policies, Bank Indonesia shall
determine monetary targets, including interest rates of monetary instrument,
exchange retes, and foreign exchange policies, by observing inflation rates
estimated by the government.
Article 3
This presidential decree shall come into force as from the date of stipulation.
Stipulated in Jakarta On January 21, 1998
THE PRESIDENT OF THE REPUBLIC OF INDONESIA
Sgd
