Indonesia lowers threshold for rupiah spot FX purchases from US$25,000 to US$10,000

13 July 2026

On 1 July 2026, Bank Indonesia’s Board of Governors put into effect Regulation No. 15 of 2026 (“Regulation 15”), which was issued on 29 June 2026 as the Third Amendment to Regulation No. 11 of 2024 on Foreign Exchange Market Transactions. The first amendment was introduced through Regulation No. 7 of 2026, issued on 26 March 2026, while the second amendment was introduced through Regulation No. 11 of 2026 (“Regulation 11”) issued on 26 May 2026. Regulation 11 is discussed in our article “Indonesia lowers threshold for foreign exchange spot purchase transactions of rupiah”.

Regulation 15 responds to shifts in the global and domestic strategic environments that exert pressure on the rupiah. To stabilise the currency, Regulation 15 adjusts the threshold for foreign exchange spot purchase transactions (“Spot FX Purchases”) to strengthen foreign exchange market policies and safeguard the exchange rate.

Spot FX Purchases

Regulation 15 sets a threshold for Spot FX Purchases without underlying transactions of US$10,000 or its equivalent per month per foreign exchange market participant (“Market Participant”), a decrease from the previous limit of US$25,000 limit set out under Regulation 11.

Derivatives

Regulation 15 does not change the thresholds for foreign currency derivative transactions against the rupiah without underlying transactions (that is, forward, domestic non-deliverable forward (“NDF”), swap, and other transactions) as set out in Regulation 11.  Purchase transactions remain capped at US$100,000 or its equivalent per month per Market Participant for both forward/NDF and other transactions. On the sale side, forward/NDF and swap transactions remain subject to a US$10,000,000 limit per transaction, while other transactions remain capped at US$1,000,000 per transaction, in each case or its equivalent.

Transitional policies

For Spot FX Purchases exceeding US$10,000 and up to US$25,000 (or its equivalent) per month, per Market Participant, conducted between 1 July 2026 and 31 July 2026:

  • Market Participants must submit the underlying and/or supporting transaction documents by 7 August 2026; and
  • Banks must submit any corrections to the related periodic reports by the same date.