The regulation governing foreigners or foreign tourists wanting to open bank accounts in the country is still being finalized.Jakarta (ANTARA News) - Bank Indonesia (BI) has responded positively to the Financial Services Authoritys (OJKs) plan to relax procedures for foreigners wanting to open banking accounts in the country.
"This will be a kind of easing or simplification of procedures. Procedures will be simplified so that foreigners, who wish to open bank accounts, do not have to take a long time for it," BI Governor Agus Martowardojo said at the opening of IBEX 2015 on Wednesday.
He said that in the midst of current global economy, which is relatively weak and full of uncertainties, the OJK initiative is worth appreciating.
"Consider it a deregulation to strengthen our economic condition," he said.
OJK plans to issue a circular regarding its decision to ease procedures for opening a bank account by a foreign citizen.
The regulation governing foreigners or foreign tourists wanting to open bank accounts in the country is still being finalized.
The essence of the OJKs decision is aimed at making it easier for foreigners to open foreign currency bank accounts in national banks, which will have the potential to mobilize sources of foreign currencies.
Around 10 to 12 million foreign tourists visit Indonesia every year. Even if 20 percent of them open saving accounts in Indonesia, there would be a potential increase of as many as 2.4 million accounts or up to US$24 billion in additional foreign currency supply.
To help foreigners open bank accounts in the country, the OJK would only require their passports and a minimum savings of at least US$50,000.(*)
Editor: Heru Purwanto
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