The Central Bank of Indonesia or known as Bank of Indonesia is the nation's main bank that oversees the whole industry, often speaking up for issues that affect the industry as well as all the central organization that issues policies in the industry. It was started in 1953 which took over the former Dutch ran De Javasche Bank. The bank carries out commercial businesses and reports top the People's Representative Council and not the president thereby allowing it not to have any interference from the government.
A board of governors which is made up of the governor, a senior deputy and another 4 to 7 other deputies leads the bank who all serve for 5 years every term with which they can choose for re-election for up to 2 times. While the Governor and the Senior Governor of the Bank of Indonesia is appointed by the President, they must first be approved by the People's Representative Council. After that, the governor will appoint the other deputies which must then be officially appointed by the President, with which the approval must be obtained from the Council. The people holding office in the board cannot be removed from office by the President and can only do so voluntarily or if involved in a criminal case. The board will hold a Board of Governor's Meeting every month, which is the highest decision-making forum in terms of policies and monetary issues.
