Jakarta, 30 Oktober 2014. Bank Indo

Jakarta, 30 Oktober 2014. Bank Indonesia mensosialisasikan pengaturan tentang Prinsip Kehati-hatian Dalam Pengelolaan Utang Luar Negeri (ULN) Korporasi Nonbank kepada perusahaan debitur ULN. Gubernur Bank Indonesia, Agus D.W. Martowardojo di hadapan para pimpinan korporasi debitur ULN menyampaikan bahwa ketentuan tersebut dirilis agar korporasi nonbank dapat memitigasi risiko yang dapat timbul dari kegiatan ULN sehingga mampu berkontribusi optimal terhadap perekonomian nasional tanpa menimbulkan gangguan pada kestabilan makroekonomi. Ketentuan ini tidak dimaksudkan sebagai upaya melarang, menghambat atau membatasi kegiatan ULN namun mendorong korporasi untuk meningkatkan pengelolaan risiko dalam melakukan ULN, terutama risiko nilai tukar, risiko likuiditas dan risiko utang yang berlebihan (overleverage). Korporasi tetap dapat melakukan ULN namun dengan disertai pelaksanaan prinsip kehati-hatian dalam kegiatannya.

Jumlah ULN swasta cenderung terus meningkat, bahkan saat telah melebihi jumlah ULN Pemerintah. Dalam kurun waktu kurang dari sepuluh tahun, jumlah ULN sektor swasta meningkat tiga kali lipat, yaitu dari 50,6 miliar dolar AS pada akhir 2005 menjadi 156,2 miliar dolar AS pada akhir Agustus 2014. Posisi ULN swasta pada Agustus 2014 ini bahkan telah mencapai 53,8% dari total ULN Indonesia. Hasil kajian Bank Indonesia menunjukkan bahwa ULN swasta tersebut rentan terhadap sejumlah risiko, terutama risiko nilai tukar (currency risk), risiko likuditas (liquidity risk), dan risiko beban utang yang berlebihan (overleverage risk). Risiko nilai tukar cukup tinggi karena sebagian besar ULN swasta digunakan untuk membiayai kegiatan usaha berorientasi domestik yang menghasilkan pendapatan dalam rupiah sedangkan pembayaran ULN dilakukan dalam valuta asing (valas). Kerentanan terhadap risiko nilai tukar semakin tinggi karena minimnya penggunaan instrumen lindung nilai (hedging) di kalangan korporasi nonbank yang memiliki ULN. Risiko likuiditas juga cukup tinggi karena jumlah dan pangsa ULN swasta berjangka pendek terus meningkat. Sementara itu, indikasi peningkatan risiko overleverage terlihat dari semakin meningkatnya rasio utang terhadap pendapatan.

Risiko ULN swasta semakin tinggi karena prospek perekonomian masih diliputi oleh berbagai ketidakpastian. Likuiditas global diperkirakan akan mengetat dengan tingkat suku bunga yang meningkat seiring berakhirnya kebijakan moneter akomodatif di negara-negara maju, khususnya di Amerika Serikat. Pada saat yang bersamaan, ekonomi negara-negara emerging market yang menjadi mitra dagang utama Indonesia diperkirakan masih akan mengalami perlambatan disertai dengan harga komoditas ekspor di pasar internasional yang masih rendah. Kondisi ini menyebabkan beban pembayaran ULN berpotensi meningkat, sebaliknya kapasitas membayar ULN berpotensi menurun.

Untuk menghadapi risiko-risiko tersebut, Bank Indonesia mewajibkan korporasi nonbank yang memiliki ULN untuk memenuhi tiga hal, yaitu rasio lindung nilai minimum untuk memitigasi risiko nilai tukar, rasio likuditas valas minimum untuk memitigasi risiko likuiditas, dan peringkat utang minimum untuk memitigasi risiko overleverage. Namun, kewajiban ini tidak diterapkan terhadap ULN valas yang berupa utang dagang (trade credit). Secara ringkas, pokok-pokok pengaturan dimaksud adalah sebagai berikut:


Untuk periode 1 Januari 2015 s.d. 31 Desember 2015, korporasi nonbank yang memiliki ULN valas wajib melakukan lindung nilai valas terhadap Rupiah dengan rasio sebesar 20%, kemudian sejak 1 Januari 2016 ditingkatkan menjadi sebesar 25%. Rasio ini diterapkan terhadap selisih negatif antara aset valas dan kewajiban valas yang akan jatuh waktu sampai dengan 3 (tiga) bulan ke depan dan yang akan jatuh waktu lebih dari 3 (tiga) bulan sampai dengan 6 (enam) bulan ke depan.

Pada periode 1 Januari – 31 Desember 2015, Korporasi Nonbank yang memiliki ULN valas wajib menyediakan aset valas minimal sebesar 50% dari Kewajiban valas yang akan jatuh waktu sampai dengan 3 (tiga) bulan ke depan. Kemudian sejak 1 Januari 2016 rasio likuiditas tersebut ditingkatkan menjadi sebesar 70%.

Korporasi nonbank yang melakukan ULN dalam valas wajib memiliki peringkat utang (Credit Rating) paling kurang setara BB yang dikeluarkan oleh Lembaga Pemeringkat yang diakui oleh otoritas yang berwenang. Peringkat utang tersebut berupa peringkat yang masih berlaku atas korporasi dan/atau surat utang sesuai dengan jenis dan jangka waktu ULN dalam valas. Kewajiban ini berlaku bagi ULN yang ditandatangani atau diterbitkan sejak tanggal 1 Januari 2016, tetapi tidak berlaku bagi ULN valas yang merupakan refinancing serta ULN valas yang diperoleh dari kreditor lembaga internasional (bilateral/multilateral) terkait pembiayaan proyek infrastruktur.


Guna mendukung pelaksanaan ketentuan ini serta meningkatkan kelengkapan dan akurasi data dan informasi ULN korporasi, Bank Indonesia juga akan mengeluarkan ketentuan mengenai pelaporan kegiatan lalu lintas devisa dan pelaporan penerapan prinsip kehati-hatian dalam pengelolaan ULN Korporasi nonbank beserta aturan pelaksanaanya.

結果 (英語) 1:

Jakarta, October 30, 2014. Bank Indonesia promotes the setting of Prudence in the management of foreign debt (ULN) the debtor company to Nonbank Corporations ULN. The Governor of Bank Indonesia, Agus Martowardojo D.W. at the presence of the Chairman of the corporate debtor ULN convey that such provision was released so that the Corporation can mitigate the risk of nonbank can arise from activities that could contribute to optimal ULN against the national economy without causing disruption on macroeconomic stability. This provision is not intended as an attempt prohibit, inhibit or restrict the activities of corporations are encouraging but ULN to enhance the management of risks in doing ULN, especially exchange rate risk, liquidity risk and the risk of excessive debt (overleverage). The Corporation can still do the ULN and yet with the implementation of the principle of prudence in accompanied by its activities. The number of private ULN tend to continue to rise, even as the Government has exceeded the number of ULN. Within less than ten years, the number of private sector improved ULN tripled, from 50,6 billion u.s. dollars at the end of 2005 to 156,2 billion u.s. dollars at the end of August 2014. The position of private ULN in August 2014, it has even reached 53.8% of total ULN Indonesia. Results of the study show that Bank Indonesia private ULN are susceptible to a number of risks, especially the risk of exchange rate (currency risk), likuditas risks (liquidity risk), and the risk of excessive debt burden (overleverage risk). Exchange rate risk is quite high because most private ULN used to finance domestic-oriented business activities that generate income in rupiah while payment ULN is done in foreign exchange (FX). Susceptibility to the higher exchange rate risks due to lack of use of hedging instruments (hedging) among nonbank corporations which have a ULN. Liquidity risk is also quite high because of the number and the share of private short-term ULN continues to increase. Meanwhile, an indication of increased risk of overleverage visible from the ever increasing debt to income ratio. The higher-risk private ULN due to the prospect of the economy still is covered by a wide range of uncertainty. Global liquidity tightens with expected interest rate increase over the end of accommodating monetary policies in developed countries, particularly in the United States. At the same time, the economies of emerging market countries that become Indonesia's main trading partners are estimated to still be experiencing a slowdown accompanied by export commodity prices in the international market are still low. These conditions cause the burden of payments increased, potentially ULN instead paying capacity ULN potentially declining. To deal with these risks, the Bank Indonesia requires that a nonbank corporations has a ULN to fulfill three things, namely the hedge ratio for minimum to mitigate the risk of exchange rates, the ratio of the minimum foreign exchange likuditas to mitigate liquidity risk, and the minimum debt ratings to mitigate the risk of overleverage. However, this obligation does not apply to foreign currency debt a ULN dagang (trade credit). In a nutshell, Alders settings referred to are as follows: For the period 1 January 2015 until 31 December 2015, the nonbank corporations have foreign currency obligatory ULN hedging foreign currency against the Dollar by a ratio of 20%, then since January 1, 2016 is increased to 25%. This ratio is applied to the negative difference between foreign currency assets and liabilities the foreign currency will fall in time with up to 3 (three) months in advance and will fall more than 3 (three) months up to 6 (six) months. In the period 1 January – 31 December 2015, the Nonbank Corporations have foreign currency asset provides mandatory ULN FX for a minimum of 50% of foreign currency Obligations that will fall in the time up to 3 (three) months in advance. Then since 1 January 2016 such liquidity ratio is increased to 70%. Nonbank corporations who do the ULN in foreign currency must have a rating of debt (Credit Rating) most under par W issued by a rating agency recognized by the competent authority. The debt rating in the form of a valid ranking of top corporations and/or bonds in accordance with the type and duration of foreign currency in the ULN. These obligations apply to ULN signed or published since January 1, 2016, but does not apply to foreign currency which is refinancing ULN and ULN foreign currency earned from the creditor institution International (bilateral/multilateral) related to the financing of infrastructure projects. In support of the implementation of this provision and to improve the completeness and accuracy of the data and information corporate, Bank Indonesia ULN will also issue provisions on reporting foreign exchange traffic and activity reporting application of the principle of prudence in the management of the Corporation's rules and their nonbank ULN pelaksanaanya.

結果 (英語) 2:

Jakarta, 30 October 2014 concerning Bank Indonesia regulation socialize Precautionary Principle In Foreign Debt Management (ULN) nonbank corporation to the debtor company ULN. Governor of Bank Indonesia, Agus DW Martowardojo in the presence of the leaders of the corporate debtor ED stated that the provision of non-bank corporations released in order to mitigate risks that may arise from ED activities so as to contribute optimally to the national economy without causing any disturbance to macroeconomic stability. This provision is not intended as an effort to prohibit, impede or restrict the activities of foreign debt but pushed corporations to improve the management of risk in doing ED, especially the exchange rate risk, liquidity risk and the risk of excessive debt (overleverage). Corporations can still do ULN however, accompanied by the implementation of the precautionary principle in its activities. Martowardojo in the presence of the leaders of the corporate debtor ED stated that the provision of non-bank corporations released in order to mitigate risks that may arise from ED activities so as to contribute optimally to the national economy without causing any disturbance to macroeconomic stability. This provision is not intended as an effort to prohibit, impede or restrict the activities of foreign debt but pushed corporations to improve the management of risk in doing ED, especially the exchange rate risk, liquidity risk and the risk of excessive debt (overleverage). Corporations can still do ULN however, accompanied by the implementation of the precautionary principle in its activities. Martowardojo in the presence of the leaders of the corporate debtor ED stated that the provision of non-bank corporations released in order to mitigate risks that may arise from ED activities so as to contribute optimally to the national economy without causing any disturbance to macroeconomic stability. This provision is not intended as an effort to prohibit, impede or restrict the activities of foreign debt but pushed corporations to improve the management of risk in doing ED, especially the exchange rate risk, liquidity risk and the risk of excessive debt (overleverage). Corporations can still do ULN however, accompanied by the implementation of the precautionary principle in its activities.

The number of private external debt tends to increase, even as the Government has exceeded the number of ED. In less than ten years, the number of private sector external debt increased threefold, from 50.6 billion dollars at the end of 2005 to 156.2 billion US dollars at the end of August 2014. The position of private external debt in August 2014 is already achieving 53.8% of the total external debt of Indonesia. Results of the study showed that Bank Indonesia private external debt is vulnerable to a number of risks, especially the risk of exchange rates (currency risk), liquidity risk (liquidity risk), and the risk of excessive debt burden (overleverage risk). Exchange rate risk is high because most of the private external debt is used to finance domestic-oriented business activities that generate revenue in dollars, while external debt made in foreign exchange (forex). Susceptibility to the higher exchange rate risk due to lack of use of hedging instruments (hedging) among nonbank corporation which has ED. Liquidity risk is also quite high because of the number and the share of short-term private external debt continues to rise. Meanwhile, an indication of increased risk overleverage seen from the increasing ratio of debt to income.

Private external debt the higher the risk for the economic outlook is still covered by various uncertainties. Global liquidity is expected to tighten the interest rate increase over the end of accommodative monetary policies in developed countries, especially the United States. At the same time, the economies of emerging market countries that became Indonesia's major trading partners is expected to be accompanied by a slowdown in export commodity prices in the international market is still low. This condition causes the potentially increased burden of external debt, external debt paying capacity otherwise potentially decreased. To address these risks, the Bank Indonesia requires nonbank corporations who have ED to meet the three cases, the hedge ratio of the minimum to mitigate exchange rate risk, foreign currency liquidity ratio minimum to mitigate liquidity risk, and minimum debt rating to mitigate the risk of overleverage. However, this obligation does not apply to the foreign currency external debt in the form of accounts payable (trade credit). In summary, the main points of the settings are as follows:




For the period January 1, 2015 till December 31, 2015, non-bank corporations who have ED are required to hedge the foreign exchange currency against Rupiah at a ratio of 20%, and since January 1, 2016 increased to 25%. This ratio is applied to the negative difference between foreign currency assets and liabilities in foreign currency will fall of up to three (3) months and which will fall more than three (3) months to six (6) months. In the period 1 January - December 31, 2015, the Corporation has a ULN nonbank foreign exchange foreign exchange asset shall provide a minimum of 50% of liabilities in foreign currency will fall of up to three (3) months. Then, since January 1, 2016 the liquidity ratio increased to 70%.



Nonbank corporation who shall have the ULN in foreign currency debt rating (Credit Rating) is at least equal BB issued by the Agency which is recognized by the competent authority. The debt rating of rating is valid on corporate and / or debt securities in accordance with the type and maturity of external debt in foreign currency. This obligation applies to the ED is signed or issued since January 1, 2016, but does not apply to foreign currency external debt is external debt refinancing and foreign exchange earned from international institutions creditors (bilateral / multilateral) relating to the financing of infrastructure projects. In order to support the implementation of this provision and to improve the completeness and accuracy of data and information ULN corporation, Bank Indonesia will also issue regulations regarding the reporting of foreign exchange flows and reporting application of the precautionary principle in the management of ED and its nonbank corporation rules implementation.