IMPLEMENTATION OF PUBLIC POLICY OF THE G-20 PRESIDENCY FOR COUNTRY FOREIGN EXCHANGE TRAFFIC IN INTERNATIONAL TRADE LAW

Abstract

Foreign exchange traffic contributes to the increase of the state's foreign exchange reserves, especially after the occurrence of the COVID-19 pandemic that disrupted the global economy. Focusing on the G-20 Presidency held in Bali, Indonesia in 2022, this research employs the juridical normative legal research method to conceptualize law as written regulations or norms that guide behavior. The main characteristic of this research is the use of legal materials as the primary source, not social data, and the application of analytical descriptive analysis techniques and library research methods for data collection. It is found that the COVID-19 pandemic has caused a significant economic downturn, including fluctuations in the exchange rate of the rupiah. Foreign exchange plays a crucial role in financing, international trade, and national income through various economic activities. Bank Indonesia plays a role in maintaining financial stability. Foreign direct investment is regulated by existing regulations and is considered an effort to increase the state's foreign exchange reserves. However, the impact of the G-20 presidency on foreign exchange traffic indicates the potential increase in the state's foreign exchange through foreign investment. Still, it should be noted that dependence on foreign investment in the long run can harm the country's economic growth. Therefore, the G-20 presidency is not only an effort at economic rehabilitation but also a control over the economic dominance of member countries.