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Ada Pertanyaan? Hubungi Kami Jasmine Abdurrachim
Foreigners in Indonesia. Photo by: RES
In order to better support Indonesia’s foreign citizens, the financial services authority (“OJK”) plans to issue a new policy which aims to simplify matters as regards foreigners (“WNA”) opening local bank accounts. However, the accounts in question may only be in foreign currencies.
Muliaman D. Hadad, Chairman of the Board of Commissioners at the OJK, recently stated that the new regulation – which will take the form of a Circular Letter (“SE”) –will be finalized this week. Under the new regulation, WNA will be allowed to open foreign currency accounts simply by using their passports.
"We will try to be more modest in accommodating their business interests and family needs. When opening an account of USD 50,000, for example, a passport will now suffice. The SE will also state the necessary required documents in the case of foreign citizens wishing to open an account above a certain amount of initial deposit, and this may include temporary residence documentation. Such easing of banking regulations has also been implemented in a number of other countries, including Singapore and Australia," explained Mr. Hadad at the opening of the International OJK Seminar in Nusa Dua, Bali on 7 September 2015.
Budi G. Sadikin, President Director of PT Bank Mandiri (Persero) Tbk welcomed the OJK’s positive plan and insisted that foreigners working in Indonesia required a number of local-banking services. He also asserted that foreigners’ salaries represented considerable potential deposits for Indonesian banks.
"I think it's good for foreigners to open accounts with us and even better if they can enjoy a wide range of banking facilities. The more foreigners who deposit their savings in local banks the better, especially those paid in foreign currencies. We could use the money to cover the current lack of funds as regards the building of infrastructure," explained Mr. Sadikin in Jakarta on Tuesday 8 September 2015.
Sadikin added that the money in circulation in Indonesia was currently around IDR 4,200 trillion, and that IDR 3,800 trillion of this amount was in the form of credit. The remaining IDR 400 trillion is in the form of deposits. This discrepancy points to a large savings investment gap, which is partly contributing to the slump currently being suffered by the IDR against USD.
This is creating problems for Indonesia, which is presently in need of funds for infrastructure development. Moreover, a mere 60 million Indonesian citizens have bank accounts, out of a total population of almost 250 million.
The Governor of Bank Indonesia (“BI”), Agus DW Martowardojo also welcomed the move by the OJK, which comes amid a sluggish economic outlook. According to Martowardojo, the plan offers convenience and procedural simplicity.
"Consider it a form of deregulation that could strengthen the condition of our economy”, concluded Mr. Martowardojo at the opening of IBEX 2015 in Jakarta on 9 September 2015.
(sp)
Jasmine Abdurrachim
Foreigners in Indonesia. Photo by: RES
In order to better support Indonesia’s foreign citizens, the financial services authority (“OJK”) plans to issue a new policy which aims to simplify matters as regards foreigners (“WNA”) opening local bank accounts. However, the accounts in question may only be in foreign currencies.
Muliaman D. Hadad, Chairman of the Board of Commissioners at the OJK, recently stated that the new regulation – which will take the form of a Circular Letter (“SE”) –will be finalized this week. Under the new regulation, WNA will be allowed to open foreign currency accounts simply by using their passports.
"We will try to be more modest in accommodating their business interests and family needs. When opening an account of USD 50,000, for example, a passport will now suffice. The SE will also state the necessary required documents in the case of foreign citizens wishing to open an account above a certain amount of initial deposit, and this may include temporary residence documentation. Such easing of banking regulations has also been implemented in a number of other countries, including Singapore and Australia," explained Mr. Hadad at the opening of the International OJK Seminar in Nusa Dua, Bali on 7 September 2015.
Budi G. Sadikin, President Director of PT Bank Mandiri (Persero) Tbk welcomed the OJK’s positive plan and insisted that foreigners working in Indonesia required a number of local-banking services. He also asserted that foreigners’ salaries represented considerable potential deposits for Indonesian banks.
"I think it's good for foreigners to open accounts with us and even better if they can enjoy a wide range of banking facilities. The more foreigners who deposit their savings in local banks the better, especially those paid in foreign currencies. We could use the money to cover the current lack of funds as regards the building of infrastructure," explained Mr. Sadikin in Jakarta on Tuesday 8 September 2015.
Sadikin added that the money in circulation in Indonesia was currently around IDR 4,200 trillion, and that IDR 3,800 trillion of this amount was in the form of credit. The remaining IDR 400 trillion is in the form of deposits. This discrepancy points to a large savings investment gap, which is partly contributing to the slump currently being suffered by the IDR against USD.
This is creating problems for Indonesia, which is presently in need of funds for infrastructure development. Moreover, a mere 60 million Indonesian citizens have bank accounts, out of a total population of almost 250 million.
The Governor of Bank Indonesia (“BI”), Agus DW Martowardojo also welcomed the move by the OJK, which comes amid a sluggish economic outlook. According to Martowardojo, the plan offers convenience and procedural simplicity.
"Consider it a form of deregulation that could strengthen the condition of our economy”, concluded Mr. Martowardojo at the opening of IBEX 2015 in Jakarta on 9 September 2015.
(sp)