Regulations
As the rupiah plummeted to a historic low against the dollar, the House gave the green light for a legislative amendment that has raised alarm bells over central bank independence.
A man walks past the Bank Indonesia (BI) headquarters in Jakarta on Sept. 2, 2024. (Reuters/Ajeng Dinar Ulfiana)
The House of Representatives passed a bill Thursday expanding the central bank's role to include responsibility for economic growth and allowing lawmakers to evaluate its performance.As the rupiah plummeted to a historic low against the dollar, the House gave the green light for a legislative amendment that has raised alarm bells over central bank independence.
On Wednesday, Finance Minister Purbaya Yudhi Sadewa told lawmakers the amendment was aimed at boosting economic growth and enhancing global competitiveness at a time the country is facing multiple pressures from high global oil prices.
