JAKARTA - Bank Indonesia (BI) has partnered the Ministry of Finance through the Directorate General of Customs and Excise to launch the Immediate Integrated Foreign Exchange Monitoring Information System (Simodis) on January 1, 2020. The system aims to integrate the flow of export and import documents from Customs as well as the flow of money at BI.
“With this integrated system, the government and Bank Indonesia can reconcile import/export data with foreign exchange transactions in a comprehensive and integrated manner as one of the efforts to improve compliance with foreign exchange reporting obligations,” BI wrote in an official statement received by IDNFinancials.com, Friday (27/12).
“This is expected to support the control of the current account deficit.”
According to BI Senior Deputy Governor Destry Damayanti, the implementation of Simodis will support policymaking with more accurate and up-to-date information on export foreign exchanges and import payment foreign exchanges. For exporters, importers, and banks, the system can improve the efficiency of reporting due to information being spread quickly, appropriately, and accurately online. (MS)