As an Independent State Institution
A new chapter in the history of Bank Indonesia as an independent central bank was initiated when a new Central Bank Act, the UU No. 23/1999 on Bank Indonesia, was enacted on May 17, 1999. The Act confers it the status and position as an independent state institution and freedom from interference by the Government or any other external parties.
As an independent state institution, Bank Indonesia is fully autonomous in formulating and implementing each of its task and authority as stipulated in the Act. External parties are strictly prohibited from interfering with Bank Indonesia's implementation of its tasks, and Bank Indonesia has the duty to refuse or disregard any attempt of interference in any form by any party.
In order to further assure its independence, the Act confers Bank Indonesia a special position within the civil structure of the Republic of Indonesia. As an independent state institution, the position of Bank Indonesia is not similar with other state high offices. In addition, the position of Bank Indonesia is not the same as that of other Government Departments, in that Bank Indonesia exists outside of the Government.
Such unique status and position are necessary so that Bank Indonesia can implement its role and function as monetary authority more effectively and efficiently.
As a Legal Entity Whether as a public legal entity or as civil legal entity, the position of Bank Indonesia is regulated by the statutes. As a public legal entity, Bank Indonesia has the authority to issue policy rules and regulations, which are binding to the public - at - large. As a civil legal entity, Bank Indonesia is able to represent itself in and outside the court of law.
As an independent state institution, Bank Indonesia is fully autonomous in formulating and implementing each of its task and authority as stipulated in the Act. External parties are strictly prohibited from interfering with Bank Indonesia's implementation of its tasks, and Bank Indonesia has the duty to refuse or disregard any attempt of interference in any form by any party.
In order to further assure its independence, the Act confers Bank Indonesia a special position within the civil structure of the Republic of Indonesia. As an independent state institution, the position of Bank Indonesia is not similar with other state high offices. In addition, the position of Bank Indonesia is not the same as that of other Government Departments, in that Bank Indonesia exists outside of the Government.
Such unique status and position are necessary so that Bank Indonesia can implement its role and function as monetary authority more effectively and efficiently.
As a Legal Entity Whether as a public legal entity or as civil legal entity, the position of Bank Indonesia is regulated by the statutes. As a public legal entity, Bank Indonesia has the authority to issue policy rules and regulations, which are binding to the public - at - large. As a civil legal entity, Bank Indonesia is able to represent itself in and outside the court of law.
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