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The Financial Services Authority (OJK) will ease a strict policy imposed on foreigners wishing to open dollar savings accounts in local banks as part of the agency’s efforts to further improve foreign exchange (forex) liquidity in the country.
The financial regulator was currently revising the existing rule, which requires foreign individuals to provide numerous administrative documents when opening a forex savings or time deposit account at a local bank.
The revision is expected to help stabilize the rupiah, which often faces volatility when there is high demand for US dollars due to limited sources of the currency.
The revised rule would allow an expatriate or tourist to provide only a copy of their passport to open a dollar savings or deposit account with a maximum value of US$50,000.
For savings or deposit accounts with a value above $50,000, banks would require foreigners to submit an extra document, which could be in a form of a reference letter from a bank in their home country, or a copy of their residential contract while living in Indonesia.
The opinions expressed do not constitute investment advice and specialist advice should be sought about your specific circumstances.
Published on our website on Sep.9, 2015