In performing monetary and banking supervision task, a daily, real-time, secured, accurate, reliable and simultaneously accessible information system would be required. The Central Bank recently released Regulation No. 7/10/PBI/2005 concerning daily reporting system of general banks (“Regulation”). The Regulation will improve current reporting system conducted by Money Market Information Center. 

Banks are obligated to draw up accurate, factual and comprehensive daily reports comprising of transactional and non-transactional data. Transactional data includes inter-bank money market transactions for both Rupiah and foreign currencies, interbank money market Sharia transactions, exchange transactions, and any commercial paper transactions on the Secondary Market).Meanwhile, nontransactional data (derivative sales transactions, net exchange positions, cash projections, interest rates, and specified account balances).

As the Regulation does not specify any exact time that these reports must be lodged it can be assumed that the data must be submitted sometime after the close of business and before the opening for business the following day. The daily report must be based upon General Banks Daily Reporting scheme as regulated by Bank Indonesia. All report shall be conducted on-line. In case of technical errors however, banks may submit the hard copy of its report. This must be conducted on the same day the error occurs and must be signed by authorized official.

The processed report will become available to reporting banks Money Market Information Center’s subscribers. The Regulation imposed sanction from IDR 50 thousand to IDR 2 million depending on the breach of the provisions. These sanctions will not come into effect until 1 June 2005.

The Regulation implies step-by-step compliance from the bank, namely that in the period from 9 March through to 13 May 2005 General Banks are required to submit daily reports at least twice per week. However, from 16 May 2005 General Banks will be required to submit daily reports. As of 1 June 2005 BI Regulation No. 5/24/PBI/2003 and Articles 4(1)-(2) and 9 are repealed. (mma)