Bank Indonesia (BI) Day is observed annually on July 5. In line with the history of the National Bank of Indonesia (BNI) from 5 July 1946, this event was named as BI Day.
BNI was the first bank to be founded by the Indonesian government following independence, according the Emergency Law on 5 July 1946. Meanwhile, on July 1, 1953, the Indonesian government confirmed BI as the central bank via a statute.
The approval of Bank Indonesia as the central bank occurred at the same time as the Javasche Bank was nationalized (DJB). Ratification occurred following the Netherlands’ acknowledgment of Indonesian sovereignty on December 27, 1949, as a consequence of the Round Table Conference (KMB).
After Bank Indonesia (BI) became the official central bank of the government of Indonesia, BNI was transformed into a development bank. Since 1955, BNI has been classified as a commercial bank, and it is presently a state-owned enterprise (BUMN).
Despite the fact that BI was enacted on 1 July 1953, Bank Indonesia Day is observed annually on 5 July to commemorate the foundation of the National Bank of Indonesia (BNI).
