CURRENCY LAW: IS FOREIGN CURRENCY USE LEGAL?

Overview After Law No.7 of 2011 on Currency (“Currency Law”) was passed on 28 June 2011, the public reacted negatively to clauses that affect business transactions in Indonesia using foreign currency. Throughout the last semester of 2011, Bank Indonesia and the Ministry of Finance received criticism about the Currency Law and there was a growing public demand for the wording of Articles 21 and 23 of the Currency law to be amended....