Oil & gas transactions must be in rupiah
The government has stipulated the mandatory use of the rupiah in oil and gas–related transactions, after nine months of delay for settling technicalities. Before implementing the measure, the Upstream Oil and Gas Special Task Force (SKK Migas) had to classify which transactions to list in Category 1 (obligatory use of rupiah in quotation and payment) and which in Category 3 (optional use of the national currency either partially or both in quotation and payment). The Jakarta Interbank Spot Dollar Rate (JISDOR) had been chosen as the reference quotation, with zero spread, he explained. If there was a need to exchange between US dollar and rupiah, it would be settled within the same day.
