Program Magister Akuntansi
Universitas Trisakti
Lecture Notes
Central Banking
(Chapter 12, Peter Rose)
1
What is a central bank?
2
The most important financial institution in a modern
economy, it has a strategic role in managing the economy
through monetary sector
 A central bank is a government agency that monitors the
operation of its financial system and controls the growth of
the nation’s money supply.
 Central banks are “bankers’ banks.” They communicate
with commercial banks and securities dealers in carrying
out their essential public policy functions.
 A public institution, protecting public interests
 Bank for money circulation
 Monetary authority
2
Evolution of central bank
3
Peran bank sentral di berbagai negara bermula dari bank sirkulasi dan
kemudian mengalami evolusi hingga menjadi bank sentral yang modern
dgn tujuan yang lebih fokus dan independen .........
Bank Sirkulasi
& Bankers bank
Bank Sentral
(awal)
 Bank umum
(komersial) yang
berfungsi sbg bank
sirkulasi (mencetak
dan mengedarkan
uang)
 Peran dlm pengendalian
moneter, perbankan, dan
sistem pembayaran mulai
dituntut
 Juga sbg banker’s
bank (lender of last
resort).
 Sebagai bagian dari
Pemerintah, termasuk
pembiayaan fiskal dan
program Pemerintah.
 Masih berperan ganda
sbg bank komersial.
 Tujuan jamak (inflasi,
nilai tukar, pertumbuhan,
lapangan kerja, neraca
pembayaran)
Bank Sentral
(dewasa ini)
 Tujuan tunggal, yaitu
stabilitas harga (dan
nilai tukar)
 Fokus pada tiga tugas:
pengendalian moneter,
pengawasan bank, dan
penyelenggara sistem
pembayaran.
 Independen dari
Pemerintah dgn suatu
mekanisme koordinasi.
 Tuntutan penguatan
akuntabilitas dan
transparansi.
3
Evolution of central bank
Evolusi peran bank sentral banyak dipengaruhi oleh perkembangan
ekonomi dan keuangan, tatanan sosial dan politik, serta pandangan
dari sisi teori ekonomi .........
Bank Sentral
(dewasa ini)
 Industrial revolution
& merchantilism.
 Emergence of
banking and
payment system
 Perlunya pertumbuhan
pasca Perang Dunia.
 Financial repression &
gov’t lead development
 Bretton wood & Intern’l
trade focus
 Globalization &
financial liberalization
 Cross-border capital
flows & crises
 Pentingnya disiplin dan
fokus keb. ekonomi
Pandangan
Teori
Bank Sentral
(awal)
 Classical economic
thoughts of Adam
Smith, Fisher,
Keyness, Ricardo,
Casel, etc. on
growth, money,
prices, interest,
exchange rates etc.
 Macroeconomic (output)
stabilization policy.
 Debat Klasik vs. Keynes
 Mundell-Fleming utk
ekonomi terbuka.
 Structural adjustment
policies (First generation
reforms)
 Colonialism from
the West, strugle for
and emergence of
independence in the
East.
 Neo-classical synthesis:
LR money neutrality & SR
Phillips curve  inflation
focus of monetary policy.
 Rational expectation &
Real business cycle 
transparency, komitmen,
credibility
 Good governance (Second
generation reforms)
SosialPolitik
Ekonomi Keuangan
Bank Sirkulasi
& Banker’s bank
4
 Democratization in the
West, but not in the East
 Nationalism & “catching
up” from the East
 Democratization
movements from the
West, “spill-over” to the
East.
4
The role of central bank in the economy
1.
Control of money supply to avoid severe inflation –
price stability

2.
to maintain
Maintain price stability thru (aggregate) demand management by
controlling money supply and or interest rates. Price stability is a
necessary condition to sustain economic growth
Stabilizing financial markets – money and capital markets


Fostering development of financial markets
Ensuring a stable flow of funds through those markets
3.
Lender of the last resort - for financial institutions squeezed by
severe liquidity pressures when alternative source of funds have
dried up.
4.
Supervisor of the banking system
5.
Providing and improving payments system - a smoothly functioning
and efficient payments mechanism is vital for business and
commerce


Helping Interbank Clearing and settlement system
Money circulation – providing supply of currency and coins
5
Central bank and its functions in several countries
Not all central banks have the three functions: 1)monetary authority, 2)banking regulator,
and 3) provider of payment services. But every central bank has at least its monetary function.
Negara
Indonesia
Malaysia
Selandia Baru
Afrika Selatan
Brasil
India
Singapura
Belanda
Itali
Jerman
Amerika
Perancis
Australia
Jepang
Brunei
Hong Kong
Inggris
Sumber : berbagai referensi
Otoritas Moneter
Pengatur Bank
Sistem Pembayaran
Ya
Ya
Ya
Ya
Ya
Ya
Ya
Ya
Ya
Ya
Ya
Ya
Ya
Ya
Ya
Ya
Ya
Ya
Ya
Ya
Ya
Ya
Ya
Ya
Sebagian
Sebagian
Sebagian
Sebagian
Sebagian
Tidak
Tidak
Tidak
Tidak
Tidak
Ya
Ya
Ya
Tidak
Sebagian
Sebagian
Sebagian
Ya
Ya
Ya
Sebagian
Sebagian
Ya
Ya
Tidak
Tidak
Tidak
6
Channels through which Central Banks work
Central banks affect the economy as a whole through managing market
interest rates and banks’ reserves which in turn lead to:
1.
Changes in the cost of and availability of credit to business,
consumers, and government
2.
Changes in the volume and rate of growth of the money supply
3.
Changes in the financial wealth of investors as reflected in the market
value of their stocks, bonds, and other security holdings
4.
Changes in the relative prices of domestic and foreign currencies
(exchange rates)
5.
Changes in the public’s expectations regarding future money and
credit conditions and currency values.
7
Channels through which Central Banks work
Cost & availability of
credit
Policy
tools
of the
central
bank
Market
interest
rates
Size & growth
of the money supply
Market value
of the public’s
security holdings
Level &
growth
of
reserves
in the
banking
system
Currency exchange
rates
Public expectations
regarding security
prices, interest rates,
currency prices,
money supply &
credit availability
Volume & growth
of borrowing &
spending
by the public on
domestic & foreign
consumer & capital
goods & services
Economic goals:
•A stable price level
and low inflation
•Sustainable
economic growth
•Maximum
employment
8
Pioneering central banks
9
Bank of England (the oldest central bank)
 Bank of England Act 1694

The most recent legislation is the Bank of England Act 1998
which established the arrangements for the Bank’s current
monetary policy responsibilities. Under the 1998 Act, the Banking
Supervision function that had previously been undertaken by the
Bank was transferred to the newly formed Financial Services
Authority.
 The goal is to maintain a stable and efficient monetary and
financial framework as its contribution to a healthy economy.
 There are two core purposes of BOE, which are monetary
stability and financial stability.
9
World Leading Central Banks
10
10
World Leading Central Banks
11
The Federal Reserve System
 On December 23, 1913, the Federal Reserve System, which serves as the
nation's central bank, was created by an act of Congress
 The Federal Reserve’s duties fall into four general areas:
- Conducting the nation’s monetary policy by influencing the monetary
and credit conditions in the economy in pursuit of maximum
employment, stable prices, and moderate long-term interest rates
- Supervising and regulating banking institutions to ensure the safety
and soundness of the nation’s banking and financial system and to
protect the credit rights of consumers
- Maintaining the stability of the financial system and containing
systemic risk that may arise in financial markets
- Providing financial services to depository institutions, the U.S.
government, and foreign official institutions, including playing a
major role in operating the nation’s payments system
11
The Federal Reserve System
Supervise
Board of Governors
(7 members appointed
by the president)
12 Federal Reserve banks
& 25 branch banks
(reserve bank presidents
appointed by Board of
Governors)
Supervise
3,200 member banks
of the system
Serve
Serve
Federal Open Market
Committee
(12 voting members)
Supervise
Manager of the System
Open Market Account
12
The Federal Reserve System
13
The Federal Reserve System
• In principle, the Board of Governors is independent of both legislative
and executive branches of the federal government. This independence is
supported by terms of office much longer than the president’s (up to 14
years), and by the fact that the Fed is self-supporting.
• When the Federal Open Market Committee (FOMC) has reached a
consensus on the appropriate future course for monetary policy, a directive
is given to the manager of the System Open Market Account (SOMA).
• The SOMA manager is a vice president of the Federal Reserve Bank of
New York.
• Each Reserve bank houses a research division that studies regional
economic and financial developments, and reports its findings to the Board
of Governors and to the FOMC.
• The Reserve banks also provide the securities needed for open market
sales, and take their pro rata share of security purchases made by the
Federal Reserve System.
14
The Federal Reserve System
• The member banks of the Federal Reserve System consist of national
banks, which are required to join the system, and state-chartered banks
that agree to conform to the Fed’s rules.
• At year-end 2000, there are 2,230 national banks and just under 1,000
state-chartered banks registered as members of the Federal Reserve
System, compared to more than 5,000 nonmember banks.
15
The role of Federal Reserve System today
• Collecting and clearing checks and other means of payment (through an
electronic network known as the FEDWIRE)
• Issuing currency and coin
• Maintaining a sound banking and financial system, by serving as a lender
of last resort (through the discount window of each Reserve bank) and by
supervising member banks
• Serving as the Federal government’s fiscal agent, by holding the
Treasury’s checking account and by maintaining reasonable stability in the
government securities market
• Providing information to the public, through statistical releases and
research reports
• Carrying out monetary policy, through the use of various tools
16
The Federal Reserve System
17
The Federal Reserve System
18
Central Banking in Indonesia
Peran dan kelembagaan bank sentral di Indonesia mengalami evolusi
dari bank sirkulasi hingga bank sentral spt dewasa ini .......
1968-1998
1999
 Bentuk formal bank
sentral belum ada.
 De Javasce Bank (DJB)
vs BNI.
 BI sbg bank sentral RI.
 Bagian dr Pemerintah
 Peran Dewan Moneter
 BI sbg bank sentral RI
 Bagian dr Pemerintah
 Peran Dewan Moneter
 UUD 1945 Pasal 23:
BI sbg bank sentral
 UU Nasionalisasi DJB
 UU No. 11 Th 1953 ttg
BI sbg pengganti DJB
wet 1922.
 UU No. 13 Th 1968 ttg
Bank Sentral.
 Peran sbg: (i) Agen
Pemb, (ii) Kasir Pem, (ii)
Bankers bank
 Masih menjalankan
fungsi bank komersial.
 Tugas: (i) Stabilitas
moneter, (ii)Pengedaran
uang, (iii) Sistem
pembayaran.
 Masih berperan sbg: (i) Agen
Pemb., (ii) Kasir Pem, (ii)
Bankers bank.
 Fungsi bank komersial tidak
ada lagi.
 Tugas: (i) Stabilitas nilai
rupiah, (ii) Mendorong
produksi, kesempatan kerja.
 Pencetakan uang utk
defisit fiskal vs.
Sanering 1959 dan
hyperinflasi 1965/68.
 Stabilisasi ekon (1968-72)
 Boom minyak (1973-82) &
keb mon langsung (KLBI).
 Deregulasi (1983-92) dan
keb mon tidak langsung.
 Krisis 1997, BLBI, reformasi.
 Konflik tujuan stabilitas nilai 19
rupiah vs. tujuan lain
Peristiwa
Penting
Peran
Status
1953-1967
Landasan
Hukum
1945-1952
19
 DJB dan BNI sbg bank
sirkulasi.
 Mata uang Belanda &
Jepang vs. ORI.
 Dominasi politik
dan pembiayaan
bank sentral.
 Pencetakan uang vs.
Sanering (Gunting
Sjafrudin) 1950.
Central Banking in Indonesia

Established in 1953 as the central bank while functioning commercial
banking, taking over the role of de Javasche bank (a commercial bank
and the bank for money circulation since 1827)

Bank Indonesia’s role

Maintaining monetary stability

Money circulation

Banking supervision and development

Commercial banking

Monetary Board (a government body) responsible monetary policy, and
Bank Indonesia responsible for its implementation

Under UU 13/1968, Bank Indonesia was setup as a pure central bank,
eliminating its commercial operation but maintaining its role as the
agent for national development, cashier for government and bankers’
bank.

BI can extend credits to commercial banks (KLBI, BLBI)

Conflict between promoting growth/employment and containing
inflation
20
Bank Indonesia
Peran dan kelembagaan bank sentral di Indonesia dewasa ini
menganut prinsip-prinsip bank sentral modern yang juga diterapkan di
negara-negara lain .......
21
Dasar Hukum
 UU No. 23/1999 tentang Bank Indonesia sebagaimana diamandemen
dengan UU No. 3/2004
 Tujuh aspek amandemen: (1) Penetapan sasaran inflasi, (2) Pengalihan
pengawasan bank, (3) Penyediaan financial safety nets, (4) Mekanisme
pencalonan Dewan Gubernur, (5) Penguatan akuntabilitas dan
transparansi, (6) Pembentukan Badan Supervisi, (7) Persetujuan
anggaran operasional oleh DPR
Tujuan
 Menganut single objective, yaitu menjaga kestabilan nilai rupiah, dalam
arti inflasi dan nilai tukar.
 Dengan sistem nilai tukar mengambang, tujuan diarahkan kepada
kestabilan harga (inflasi). Nilai tukar berdasarkan mekanisme pasar.
Intervensi BI untuk mencegah gejolak guna kestabilan nilai tukar.
 Penetapan sasaran inflasi oleh Pemerintah setelah berkoordinasi dengan
BI. BI tidak lagi goal independence, tetapi masih instrument
independence. Koordinasi kebijakan moneter BI dengan kebijakan
fiskal/makro ekonomi Pemerintah semakin diperlukan.
21
Bank Indonesia
Tugas
 Tiga tugas: (1) Pengendalian moneter, (2) Pengawasan bank, (3)
penyelenggara/pengatur sistem pembayaran.
 Pengendalian moneter: Penetapan sasaran-sasaran moneter untuk
mencapai sasaran inflasi. Instrumen moneter terutama dengan OPT melalui
lelang SBI dan SUN. Sasaran operasional uang primer telah beralih ke
sasaran suku bunga sesuai Inflation Targeting.
 Pengawasan perbankan: Pengaturan dan pengawasan bank untuk menciptakan
sistem perbankan yang sehat dan kuat, termasuk percepatan fungsi
intermediasi perbankan. Penerapan 25 Basle Core Principles dan Risk Based
Supervision. Arsitektur Perbankan Indonesia (API) sbg arah ke depan.
 Penyelenggaraan sistem pembayaran: Tunai (uang kertas dan logam) dan
non-tunai (giral, kliring, dan alat pembayaran lain). Sistem kliring beralih
dari manual dan ritel ke elektronik dan Real Time Gross Settlement (RTGS).
 Amendemen UU BI: Pengalihan pengawasan bank akhir 2010 dan
pengaturan financial safety nets.
 Koordinasi erat dengan Pemerintah: Kebijakan moneter dgn kebijakan fiskal
Pemerintah.
 Peran internasional: Keanggotaan pada IMF dan lembaga internasional lain,
manajemen utang luar negeri, dsb.
22
22
Bank Indonesia
Kelembagaan

23
Manajemen Bank Indonesia :
1. Kepemimpinan: Dewan Gubernur sebagai pembuat kebijakan. Diusulkan
oleh Presiden dan disetujui DPR. Masa jabatan 5 tahun dg akhir masa
jabatan berjenjang.
2. Perumusan kebijakan: Dalam Rapat Dewan Gubernur (RDG) secara terjadwal
(bulanan dan mingguan).
3. Organisasi: Kantor Pusat (29 Direktorat/Biro), Kantor BI di daerah (37),
Kantor Perwakilan di LN (4).
4. Nilai-nilai strategis: Kompetensi, Integritas, Transparansi, Akuntabilitas,
dan Kebersamaan.



Independensi: (1) Kewenangan penuh dlm melaksanakan tugas yang telah
ditetapkan UU (independensi instrumen), dan (2) Larangan campur tangan
dari pihak lain (independensi lembaga).
Akuntabilitas: Kepada DPR dalam bentuk laporan pelaksanaan tugas
(triwulanan dan tahunan) dan penilaian kinerja (tahunan) terhadap institusi
dan Dewan Gubernur.
Transparansi: Koordinasi dan informasi dg Pemerintah, komunikasi
keputusan RDG, publikasi laporan dan kebijakan, kemitraan strategis dan
constituent building dg stakeholders, pembelajaran masyarakat.
23
STATUS DAN KEDUDUKAN BI DALAM KETATANEGARAAN RI
Menyampaikan
laporan
keuangan
BI yang telah
diperiksa
Hasil
telaah
Memeriksa
laporan
keuangan BI
Lembaga Negara
(UU No. 23 /1999
UU No.3/2004)
PRESIDEN
DEWAN
PERWAKILAN
RAKYAT
BADAN
PEMERIKSA
KEUANGAN
Laporan
triwulanan/sewaktuwaktu, Tahunan
Kepala Kepala PeNegara merintahan


UU BI (UUD 45)
Pimpinan BI (UU BI)
Badan Supervisi
Informasi tertulis
triwulanan/sewaktuwaktu
MAHKAMAH
AGUNG
Mengambil sumpah
dan janji anggota
Dewan Gubernur
BANK INDONESIA
Lembaga Negara dengan Badan
Hukum Publik
Departemen
PUBLIK
( Informasi Tahunan )
24
24
25
Struktur Organisasi Bank Indonesia
Dewan Gubernur
Gubernur
Deputi Gubernur Senior
Deputi2 Gubernur
Direktorat
Direktorat
Direktorat
PPSK
Direktorat
Direktorat
Direktorat
dst
Unit Khusus
Biro
Kantor Bank Indonesia
di daerah
Kantor Perwakilan
di luar negeri
25
Bank Indonesia’s Balance Sheet
(Rp. bio)
Assets
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
Gold
Foreign currencies
SDR
Demand deposits
Time deposits
Marketable securities
Claims on government
Claims on banks
Claims on others
Allowance for bad debts
Equity participation
Other assets
Total assets
2005
Liabilities
15,570.2
14.8
68.9
12,283.8
47,260.5
312,626.8
301,472.6
14,197.7
22,030.9
(48,292.6)
820.7
8,609.9
1.
2.
686,664.2
Total liabilities
3.
4.
5.
6.
7.
Currency in circulation
Demand deposits
•
Government
•
Commercial Banks
•
Int’l Financial inst
SBIs
Loans from government
Foreign borrowings
Other liabilities
Equity
2005
144,878.6
233,845.3
50,521.0
105,194.4
77,748.2
131,442.5
2,540.6
13,403.3
29,606.5
121,683.4
686,664.2
26