Indonesia's International Financial Centre Bill Targeted for Completion Before 22 July

The House of Representatives’ Commission XI and the government have agreed to complete the deliberation of the International Financial Centre Bill within the next 20 days. Commission XI Chairman Mukhamad Misbakhun stated that the target is to finish the Level I discussion by 20 July and secure Level II approval on 21 July, just before the current parliamentary session ends on 22 July. He noted the process would involve intensive substantive discussions and lobbying among stakeholders. Finance Minister Purbaya Yudhi Sadewa expressed hope that the bill could be enacted into law this month, allowing President Prabowo Subianto to reference it during his State Address in August. Purbaya also aims for the financial centre to become operational by the end of 2026. The bill fulfils the mandate of Article 248A of Law Number 4 of 2026, which amended the Financial Sector Development and Strengthening Law. Purbaya emphasised that establishing the centre is part of the government’s effort to build a stronger, more inclusive, sustainable, and globally competitive national economy, in line with the Asta Cita programme and the national development goals enshrined in the 1945 Constitution.