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"Though the need to globalize our economic activities is becoming so important, the commencing of 2003 AFTA and APEC agreements are still feared to cause discrepancy in all sectors, given that Indonesian government protection on external trade in the form of tariffs and non-tariffs will be lessen, if not eliminated. The commencing of AFTA and APEC agreements will no doubt bring about significant changes in the way BRI is using to doing its business in the country, in terms of corporate structure and corporate governance. As a state bank, BRI is refocusing its business towards small and middle segmentation and this has become part of its Operational Restructuring Program that will lead to significant changes in BRI. One ofthe many BRI's activities which will be affected by AFTA and APEC agreements is its Foreign Exchange Transactions. Considering that Foreign Exchange transactions one of the most important supporting services in the corporate consumer transaction management, the agreements will effect, not only on the income from foreign exchange transactions, export import and other overseas services (which is one of fee based income sources), but even more on the existence of work unit and human resources that serves these transactions in the near future. The removal barriers to trade, as the impact of APEC and AFTA era, not only will affect trading activities, but also affect other related industries, including banking industry, in particular its foreign exchange transactions. The impact of APEC and AFT A should be looked at, therefore, as a major impact of trade policies that permit relatively free intra-industry trade in ASEAN countries. Relating to economic crisis in 1997-1998, a lot of Foreign FX Banks could not expand into the corporate lending business because the situation in Indonesia is not yet believed to De totally recovered. Fear of instability of politics, security and economy has restrained their strategy to open their offices in Indonesia. But there are opportunities for returns in the money market. Many experts predicts or expects that profits for Foreign FX Banks are widely open to continue, specially from trade finance and treasury activities, short term corporate lending and new individual banking initiatives that are closely linked to foreign exchange transactions. Looking at the enormous potential market, this study analyzes and lists the threats and opportunities' BRI has to survive in the free trade era and how BRI will have to improve ,its Foreign Exchange service. This effort aims at ways to compete with other emerging local and international foreign exchange banks/institutions that have been improving and preparing themselves for this event by keep improving their service in Indonesia as well as all over the world. The players in Foreign Exchange transactions have been aggressively promoting its foreign exchange activities to other countries and capture those opportunities in their hand and therefore BRI has to catch up by reevaluating its strategies and utilizing all its resources. In exploring the relationship between APEC and AFTA policies towards BRI foreign exchange transactions, this study sees that AFTA and APEC agreements provide opportunities for BRI. By looking at the industry and BRI's competitors, this study also learns that some of the threats are from regulations issued by Indonesian government in attempt to reduce rupiah fluctuations (PBI no.3/3/1999) but gave great impact on the volume trading, thus limiting the source of income. Another limitations also comes from internal policies, regarding BRI core business. In conjunction with its mission, all activities and transactions must aim at supporting, and therefore strictly followed the pmdential banking principles. Last but not least, BRI's corporate culture has played a great role in detennining the way it conducts its day-to-day business and this sometimes causes discrepancies in its service management. In summary, this study learns some of the basic BRI's competitive advantage, and by looking at its strength and weaknesses, this study gives recommendations on improving BRI's internal competitive advantage and utilizing its full resource. Main findings also suggest that BRI has a lot of homework to do in order to compete in a free-barrier trade era. The room for opportunities are mainly seen in terms of service quality, wider range of products and network distribution/ cooperation with overseas bank (correspondent banks). This study includes recommendations in service management of foreign exchange transactions. Recommendations are in line with the issues in globalization, therefore this study looks at BRI organization structure relating to international strategies, such as changing BRI's Vision and Mission- from social oriented into profit oriented, developing and enhancing its Competitive Technology, improving its service quality and implementation of the strategic recommendation such as increasing of autonomy responsibilities by setting up clear responsibilities and authorities in managing transactions, building Strategic Alliances with other Efficient Institutions (Private Financial Institutional, NGOs, etc.), expanding product innovation, offering a wide range of financial services, and utilization."

"PT XYZ merupakan perusahaan pertambangan dengan komoditas utama nikel, feronikel dan emas. Perusahaan ini mempunyai eksposur risiko nilai tukar karena pinjaman dan pendapatan diterima dalam valuta asing, sedangkan mayoritas pengeluaran atau beban dalam mata uang domestik. Untuk mengukur potensi kerugian yang diakibatkan pergerakan nilai tukar USD, AUD, EUR, GBP, SGD dan JPY digunakan metode Value at Risk (VaR). Berdasarkan perhitungan, individual VaR nilai tukar AUD, USD, EUR, JPY, SGD dan GBP pada level kepercayaan 95% dan holding period 1 hari pada masing-masing posisi adalah 1,136%, 0,527%, 1,120%, 1,149%, 0,575% dan 0,969%. Apresiasi/ depresiasi nilai tukar valuta asing (USD) juga mempengaruhi pinjaman, struktur modal dan nilai perusahaan. Analisis nilai perusahaan dilakukan menggunakan pendekatan discounted cash flow dengan membandingkan kondisi non-hedging dan hedging. Pada kondisi hedging, nilai perusahaan lebih tinggi dibandingkan kondisi nonhedging dan semakin tinggi persentase aset yang di-hedge, maka semakin tinggi pula nilai perusahaan.

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PT XYZ is a mining company whose main commodities are nickel ore, ferronickel and gold. The company is facing foreign exchange risk since revenues and investment debt are in foreign exchange, while expenses are mostly in IDR. Value at Risk method is used to measure the potential loss due to adverse movement of USD, AUD, EUR, GBP, SGD and JPY in normal condition. Based on measurement at the level confidence of 95% and holding period 1 day, Value at Risk of foreign exchange USD, AUD, EUR, GBP, SGD and JPY at its positions are 1,136%, 0,527%, 1,120%, 1,149%, 0,575% and 0,969% respectively. Appreciation/ depreciation of foreign exchange affect the foreign debt thus change the cost of capital and value of the firm. Value of the firm is measured using discounted cash flow of FCFF considering hedged-scenario and unhedgedscenario. The research showed that hedged-scenario results higher value of the firm compare to unhedged-scenario. The higher the percentage of asset to be hedged, the higher the value of the firm."

"Keterbukaan perekonomian global menimbulkan suatu risiko yang harus dihadapi oleh perusahaan sebagai akibat ketidakpastian pergerakan nilai tukar suatu mata uang terhadap mata uang negara lain. Dalam penelitian ini dipaparkan analisis mengenai pengaruh risiko nilai tukar mata uang asing terhadap imbal hasil saham perusahaan publik di Indonesia menggunakan metode Ordinary Least Square dan ARCH-GARCH. Perusahaan yang menjadi sampel penelitian adalah perusahaan yang secara konsisten termasuk kedalam daftar perusahaan LQ45 pada BursaEfek Indonesia selama periode tahun 2009-2013. Dari hasil penelitian dapat disimpulkan bahwa terdapat pengaruh signifikan dengan arah yang berbeda-beda dari nilai tukar enam mata uang asing terhadap imbal hasil saham perusahaan publik di Indonesia.Keenam mata uang tersebut adalah US Dollar, Singapore Dollar, Japanese Yen, Australian Dollar, British Poundsterling dan Euro, yang merupakan mata uang yang digunakan oleh mitra dagang utama Indonesia dalam aktivitas perdagangan internasional.

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Given the global nature of business, companies are impacted by foreign currency movements largely. This study focused on analyzing the effect of the exchange rate risk on the stock return of the Indonesian public listed companies using Ordinary Least Square and ARCH-GARCH method. The sample of the research are the companies that consistently include on the LQ45 index on Indonesia Stock Exchange during the period 2009-2013. The result show that stock return of the Indonesian public listed companies are significantly exposed to six foreign exchange rates that used by Indonesia major international trading partners US Dollar, Singapore Dollar, Japanese Yen, Australian Dollar, British Poundsterling and Euro with different directions and sensitivity level."

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Skripsi ini membahas mengenai pengaturan devisa di Indonesia, khususnya terkait kewajiban penerimaan Devisa Hasil Ekspor SDA melalui Bank yang diatur dalam Peraturan Pemerintah No. 1 tahun 2019, Peraturan Menteri Keuangan RI No. 98/PMK.04/2019, dan PBI No. 21/3/2019. Terdapat permasalahan terkait dengan adanya kewajiban penerimaan Devisa Hasil Ekspor melalui Bank  yang diatur dalam peraturan perundang-undangan. Berdasarkan hal tersebut, Penulis mengajukan pokok permasalahan yaitu bagaimana pengaturan devisa di Indonesia dan bagaimana kesesuaian antara kewajiban penerimaan Devisa Hasil Ekspor SDA melalui bank sebagaimana ketentuan Bank Indonesia mengenai Devisa Hasil Ekspor  SDA. Bentuk penelitian ini bersifat yuridis normatif dan tipologi penelitian deskriptif. Kesimpulan yang didapatkan adalah 1) pengaturan devisa di Indonesia pada tahun 1964 menganut sistem devisa terbatas yang mana di atur dalam UU Peraturan Lalu Lintas Devisa dan pada tahun 1999 pemerintah mengubah sistem devisa menjadi sistem devisa bebas dengan menerbitkan UU Lalu Lintas Devisa dan Sistem Nilai Tukar; 2) terdapat pembatasan-pembatasan yang dibuat oleh pemerintah dan Bank Indonesia dalam peraturan perundang-undangan terkait Devisa Hasil Ekspor SDA. Saran yang diberikan adalah: 1) Pemerintah harus mengatur Devisa Hasil Ekspor dalam Undang-Undang; 2) Bank Indonesia, Otoritas Jasa Keuangan dan Kementerian Keuangan harus melakukan monitoring secara langsung.

 

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This thesis discusses the regulation of foreign exchange in Indonesia, specifically related to the obligation to receive Foreign Exchange Derived from Natural Resource Exports through banks as stipulated in Government Regulation No. 1 Year 2019, Minister of Finance of the Republic of Indonesia’s Regulation No. 98/PMK.04/2019, and Regulation of Bank Indonesia No. 3/21/2019. There is a problem related to the mandatory deposit of Foreign Exchange Exports Proceeds through Banks which is stipulated in the legislation. Based on this, the author proposes the main problem, namely how to regulate foreign exchange in Indonesia and how is the compliance between the mandatory deposit Foreign Exchange Derived from Natural Resource Exports through banks as stipulated by Bank Indonesia regarding Foreign Exchange Derived from Natural Resource Exports. The method of this research is normative juridical and descriptive research typology. The conclusions obtained are 1) foreign exchange arrangements in Indonesia in 1964 adopted a limited foreign exchange system which is regulated in the Act of Foreign Exchange Traffic and in 1999 the government changed the foreign exchange system into a free foreign exchange system by issuing the Act of Foreign Exchange Traffic and the Exchange Rate System; 2) there are restrictions made by the government and Bank Indonesia in the legislation related to Foreign Exchange Derived from Natural Resource Exports. Moreover, suggestions given are: 1) The government must regulate the export proceeds in the Act; 2) Bank of Indonesia, Financial Service Authority, and Ministry of Finance have to conduct direct monitoring.

 

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