2012年-IMF国际货币组织全球_Indonesia_Detailed_Assessment_of_Observance_of_IMF_Code_of_Good_Practices_on_Transparency_in_Monetary_and_Financial_Policies_40页_1mb

报告摘要

Summary of Indonesia's Observance of IMF Code of Good Practices on Transparency in Monetary and Financial Policies

Core Content

This document is a detailed assessment of Indonesia's observance of the IMF Code of Good Practices on Transparency in Monetary and Financial Policies, prepared in December 2010. It is part of the Financial Sector Assessment Program (FSAP), conducted jointly by the IMF and the World Bank in 2009–2010. The assessment highlights the progress Indonesia has made in monetary policy transparency and outlines areas for further improvement.

Main Findings

Indonesia has made significant progress in monetary policy transparency over the last decade, particularly since the adoption of the Inflation Targeting (IT) framework in 2005. The Bank Indonesia (BI), as the central bank, is responsible for monetary policy formulation and implementation, and its institutional structure is well-defined in the BI Act and other relevant laws. The relationship between BI and the Ministry of Finance (MOF) is also clearly outlined.

Key Achievements

High Transparency: BI meets most of the transparency standards in the Code, particularly in the areas of public availability of information, accountability, and communication.
Inflation Targeting Framework: The IT framework has improved BI's ability to anchor inflation expectations and enhance public communication.
Data Dissemination: Indonesia has met the Special Data Dissemination Standard (SDDS) since June 2000, and BI provides timely and regular data through monthly and quarterly reports.
Public Communication: BI uses various media outlets, including its website, publications, and press conferences, to communicate monetary policy decisions and their rationale.
Internal Controls: BI has implemented financial disclosure requirements for staff and established internal audit procedures to ensure the integrity of its operations.

Areas for Improvement

Clarification of BI's Objectives: While the BI Act specifies the ultimate objective as maintaining the stable value of the rupiah, it does not explicitly prioritize domestic price stability over exchange rate stability, which can lead to confusion among market participants.
Inflation Target Discrepancy: BI's inflation targets often differ from the official targets set by the MOF, which may create uncertainty in the market.
Disclosure of Counterparty Selection Criteria: The criteria for selecting counterparties in the foreign exchange market are not yet publicly disclosed, which could reduce the transparency of BI's operations.
Accounting Credibility: Although BI's financial statements are audited by the Supreme Audit Board (BPK), it would enhance credibility to also have them audited by an internationally recognized accounting firm.

Recommendations

Recommended Action Plan

Clarify BI's Objective: A public statement with government or DPR endorsement should be issued to clarify that domestic price stability is the primary objective of BI, especially during periods of potential conflict with exchange rate stability.
Align BI's Inflation Targets with Official Targets: A clear mechanism should be established for aligning BI's inflation targets with the official targets set by the MOF.
Disclose Counterparty Selection Criteria: The selection criteria for counterparties in the foreign exchange market should be publicly disclosed to promote fairness and transparency.
Enhance Credibility through Dual Auditing: BI's financial statements should be audited by both BPK and an international accounting firm to increase credibility and transparency.

Key Information

BI's Role: As the central bank, BI is responsible for monetary policy, bank supervision, and payments system oversight.
Inflation Targeting: Adopted in 2005, the IT framework has been instrumental in improving transparency and public communication.
Monetary Instruments: BI uses open market operations, statutory reserve requirements, and securities (SBIs and SUNs) for liquidity management.
Balance Sheet Transparency: BI publishes its detailed balance sheet monthly and condensed balance sheet weekly, both available on its website.
Legal and Institutional Framework: The BI Act and related laws define BI's responsibilities, objectives, and accountability to the government and legislature.

Conclusion

Indonesia has made substantial progress in implementing the IMF Code of Good Practices on monetary policy transparency. The Bank Indonesia has adopted modern policy tools and enhanced communication channels to ensure transparency. However, there is still room for improvement, particularly in clarifying its policy objectives, aligning inflation targets, and increasing operational transparency. With these steps, Indonesia can further strengthen the credibility and effectiveness of its monetary policy framework.