BI, ministry team up to launch integrated forex data monitoring

FOREX - JAKARTA. Bank Indonesia (BI) and the Finance Ministry signed an agreement on Monday on the integrated data monitoring on foreign exchange, particularly relating to exports and imports.

The cooperation was marked by the launch of the Integrated Monitoring Real Time Information Data of Foreign Exchange (SiMoDis) signed by BI Governor Perry Warjiyo and Finance Minister Sri Mulyani Indrawati in Jakarta.   

BI said the launch of the SiMoDiS was one of the first steps to strengthen the implementation of a policy related to foreign exchange from exports that had been implemented in 2012.

The SiMoDis would integrate exports and imports with real time information as a result of cooperation between the government and BI, it added.

Technically, the SiModis will integrate the flow of documents, goods and money from the Customs and Excise Office and data on taxpayers from the Directorate General of Taxation with export incoming data and import outgoing data from the financial transaction messaging system and foreign exchange banks.

“The SiMoDis will be able to provide comprehensive export and import information both to BI and the Finance Ministry,” BI said.

It added that the agreement was expected to improve the quality of information on foreign exchange resulting from exports, obtain information on foreign exchange needed for imports and to increase foreign exchange from exports.

The agreement was also expected to optimize state revenue from the customs and taxation sectors, to obtain information on the profile of exporters and import obedience as well as to strengthen the joint analysis on foreign exchange.