No more foreign currencies- what that means for you..
No more foreign currencies- what that means for you..
22 July 2015
Dear vendors, clients and future buyers,
according to a new regulation imposed by Bank Indonesia, all values for goods or services, consequentially also for property, have to be displayed in Indonesian Rupiah (IDR) from 1 July 2015 on. If you want to find out more, please read the following publication.
There are severe penalties being introduced, should a transaction not be made in Indonesian Rupiah, except for in a very limited range of exemptions.
That leaves businesses with no choice other than to comply. That is why we have to display all the prices on our website in IDR, however it is still possible to see an equivalent in another currency (as all the zero's may be a bit too much for some of us).
The actual payment transfer to overseas will also be more complex and may incur an exchange rate loss of 1.3 to 2%. However, as this is a new regulation we may have to see if that indeed is a feasible policy being continued by the Government - or not.
The actual payment transfer to overseas will also be more complex and may incur an exchange rate loss of 1.3 to 2%. However, as this is a new regulation we may have to see if that indeed is a feasible policy being continued by the Government - or not.
We will keep you updated as soon as news come in.
Ramon / Sr. advisor UbudProperty
Dear vendors, clients and future buyers,
according to a new regulation imposed by Bank Indonesia, all values for goods or services, consequentially also for property, have to be displayed in Indonesian Rupiah (IDR) from 1 July 2015 on. If you want to find out more, please read the following publication.
There are severe penalties being introduced, should a transaction not be made in Indonesian Rupiah, except for in a very limited range of exemptions.
That leaves businesses with no choice other than to comply. That is why we have to display all the prices on our website in IDR, however it is still possible to see an equivalent in another currency (as all the zero's may be a bit too much for some of us).
The actual payment transfer to overseas will also be more complex and may incur an exchange rate loss of 1.3 to 2%. However, as this is a new regulation we may have to see if that indeed is a feasible policy being continued by the Government - or not.
The actual payment transfer to overseas will also be more complex and may incur an exchange rate loss of 1.3 to 2%. However, as this is a new regulation we may have to see if that indeed is a feasible policy being continued by the Government - or not.
We will keep you updated as soon as news come in.
Ramon / Sr. advisor UbudProperty