Omnibus Law on Financial Sector Erodes BI's Independence

By Editorial Team 12/12/2022
Bank Indonesia
Summary

The Indonesian government and the House of Representatives' (DPR) Finance Commission agreed to pass the Development and Strengthening of the Financial Sector Bill (RUU PPSK) on Dec 8. Member of the DPR's Finance Commission Muhammad Misbakhun hoped that DPR's plenary session on Dec 12 would pass the bill into law.

Misbakhun assured that all parties had worked hard to polish the omnibus law on the financial sector. He claimed that the law would help navigate uncertain economic situations. "We are not in a hurry, but we see an urgency to prepare adequate legal instruments as a basis for policy-making when the government faces uncertainties," he said.

**The final draft of the PPSK Bill is available for download at the end of this article

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