Tue, 16 Jan 2007
From: The Jakarta Post
By Ary Hermawan, The Jakarta Post, Jakarta
Bank Indonesia says foreign nationals will only be allowed to work as top-level executives at foreign-owned banks in the country.

The central bank's deputy governor for banking affairs, Muliaman D Hadad, also said they hoped to accelerate the "transfer of knowledge" at these banks.

Bank Indonesia is currently working to finalize a draft regulation on these issues.

"Bank Indonesia will issue a regulation that limits the number of foreign bankers who can work in middle-management positions at the country's banks that are owned by foreign-based investors. The regulation will also require banks to implement a 'transfer of knowledge,'" he said Sunday.

Under the regulation, foreign nationals will not be allowed to fill middle-management positions at the banks, except for those positions for which there are no qualified Indonesians.

In these cases, the foreign-owned banks will have three years in which to complete the transfer of knowledge process and train Indonesians to fill the positions.

"There's nothing we can do if there are no qualified Indonesians to fill those positions. But if they are, they must be employed," Muliaman said as reported by Antara.

He said foreign-owned banks must train at least two local employees eventually to fill middle-management positions held by foreign nationals. "I hope three years is enough time for the training process."

Muliaman said that in implementing the regulation, Bank Indonesia would abide by all relevant rulings, including the 2003 Labor Law and the 1998 Banking Law, as well as other central bank regulations and ratified agreements.

Indonesia's privatization program since the economic crisis has seen a flurry of takeovers of national banks by overseas-based investors.

Aside from Bank Mandiri, Bank Negara Indonesia and Bank Rakyat Indonesia, all of which are state owned, Indonesia's top 10 banks in terms of assets are majority owned by overseas investors.

According to the central bank, foreign-owned banks currently control about 48 percent of total assets in the country's banking industry, while state-owned banks hold about 37 percent.

Bank Indonesia also is encouraging mergers among smaller banks to stabilize the industry.



News Search/Filter
Transaction Rates
23 Jul 18
Buy
Sell
AED1
3,897.16
3,897.16
AFN1
196.36
196.36
ALL1
133.46
133.46
AMD1
29.81
29.81
ANG1
7,753.25
7,753.25
AOA1
55.94
55.94
ARS1
520.20
520.20
AUD1
10,637.91
10,637.91
AWG1
8,001.26
8,001.26
AZN1
8,407.81
8,407.81
BAM1
8,585.37
8,585.37
BBD1
7,157.15
7,157.15
BDT1
170.56
170.56
BGN1
8,585.32
8,585.32
BHD1
37,903.83
37,903.83
BIF1
8.01
8.01
BMD1
14,314.30
14,314.30
BND1
9,473.47
9,473.47
BOB1
2,085.79
2,085.79
BRL1
3,794.58
3,794.58
BSD1
14,314.30
14,314.30
BTC1
110,254,360
110,254,360
BTN1
209.15
209.15
BWP1
1,391.53
1,391.53
BYN1
7,213.66
7,213.66
BZD1
7,117.06
7,117.06
CAD1
10,910.17
10,910.17
CDF1
8.85
8.85
CHF1
14,443.85
14,443.85
CLF1
595,189.56
595,189.56
CLP1
21.66
21.66
CNH1
2,115.01
2,115.01
CNY1
2,117.84
2,117.84
COP1
5.00
5.00
CRC1
25.22
25.22
CUC1
14,314.30
14,314.30
CUP1
561.34
561.34
CVE1
151.55
151.55
CZK1
649.81
649.81
DJF1
80.40
80.40
DKK1
2,255.05
2,255.05
DOP1
288.71
288.71
DZD1
121.63
121.63
EGP1
801.06
801.06
ERN1
945.62
945.62
ETB1
517.50
517.50
EUR1
16,806.19
16,806.19
FJD1
6,777.77
6,777.77
FKP1
18,817.70
18,817.70
GBP1
18,817.70
18,817.70
GEL1
5,851.61
5,851.61
GGP1
18,817.70
18,817.70
GHS1
2,985.25
2,985.25
GIP1
18,817.70
18,817.70
GMD1
297.90
297.90
GNF1
1.57
1.57
GTQ1
1,909.23
1,909.23
GYD1
68.89
68.89
HKD1
1,823.60
1,823.60
HNL1
595.68
595.68
HRK1
2,269.44
2,269.44
HTG1
213.19
213.19
HUF1
51.65
51.65
IDR1
1.00
1.00
ILS1
3,939.05
3,939.05
IMP1
18,817.70
18,817.70
INR1
208.23
208.23
IQD1
12.07
12.07
IRR1
0.32
0.32
ISK1
134.87
134.87
JEP1
18,817.70
18,817.70
JMD1
109.72
109.72
JOD1
20,175.09
20,175.09
JPY1
128.88
128.88
KES1
143.20
143.20
KGS1
209.74
209.74
KHR1
3.52
3.52
KMF1
34.06
34.06
KPW1
15.90
15.90
KRW1
12.68
12.68
KWD1
47,312.67
47,312.67
KYD1
17,166.07
17,166.07
KZT1
41.58
41.58
LAK1
1.71
1.71
LBP1
9.47
9.47
LKR1
90.10
90.10
LRD1
93.40
93.40
LSL1
1,066.59
1,066.59
LYD1
10,446.91
10,446.91
MAD1
1,517.54
1,517.54
MDL1
863.31
863.31
MGA1
4.26
4.26
MKD1
272.33
272.33
MMK1
9.94
9.94
MNT1
5.86
5.86
MOP1
1,771.88
1,771.88
MRO1
40.20
40.20
MRU1
399.28
399.28
MUR1
417.81
417.81
MVR1
929.50
929.50
MWK1
19.70
19.70
MXN1
752.39
752.39
MYR1
3,524.39
3,524.39
MZN1
242.01
242.01
NAD1
1,066.59
1,066.59
NGN1
39.86
39.86
NIO1
451.69
451.69
NOK1
1,753.84
1,753.84
NPR1
130.72
130.72
NZD1
9,761.49
9,761.49
OMR1
37,187.55
37,187.55
PAB1
14,314.30
14,314.30
PEN1
4,370.78
4,370.78
PGK1
4,363.70
4,363.70
PHP1
270.08
270.08
PKR1
111.55
111.55
PLN1
3,890.20
3,890.20
PYG1
2.51
2.51
QAR1
3,931.31
3,931.31
RON1
3,600.38
3,600.38
RSD1
142.19
142.19
RUB1
225.79
225.79
RWF1
16.47
16.47
SAR1
3,816.79
3,816.79
SBD1
1,815.15
1,815.15
SCR1
1,057.85
1,057.85
SDG1
797.76
797.76
SEK1
1,617.84
1,617.84
SGD1
10,516.88
10,516.88
SHP1
18,817.70
18,817.70
SLL1
2.19
2.19
SOS1
24.91
24.91
SRD1
1,919.32
1,919.32
SSP1
109.88
109.88
STD1
0.68
0.68
STN1
675.20
675.20
SVC1
1,634.71
1,634.71
SYP1
27.80
27.80
SZL1
1,066.59
1,066.59
THB1
429.73
429.73
TJS1
1,530.83
1,530.83
TMT1
4,078.17
4,078.17
TND1
5,430.28
5,430.28
TOP1
6,154.20
6,154.20
TRY1
2,994.43
2,994.43
TTD1
2,125.37
2,125.37
TWD1
468.04
468.04
TZS1
6.27
6.27
UAH1
545.10
545.10
UGX1
3.85
3.85
USD1
14,314.30
14,314.30
UYU1
458.29
458.29
UZS1
1.83
1.83
VEF1
0.13
0.13
VND1
0.62
0.62
VUV1
131.21
131.21
WST1
5,520.57
5,520.57
XAF1
25.62
25.62
XAG1
222,393.88
222,393.88
XAU1
17,648,020.07
17,648,020.07
XCD1
5,296.59
5,296.59
XDR1
20,043.33
20,043.33
XOF1
25.62
25.62
XPD1
14,172,583.25
14,172,583.25
XPF1
140.83
140.83
XPT1
11,916,575.02
11,916,575.02
YER1
57.18
57.18
ZAR1
1,068.28
1,068.28
ZMW1
1,463.14
1,463.14
ZWL1
44.40
44.40
Taxation Exchange Rates
31 Aug 16 - 06 Sep 16
USD 1
13,232.00
AUD 1
10,043.30
CAD 1
10,213.70
DKK 1
1,999.40
HKD 1
1,706.22
MYR 1
3,283.28
NZD 1
9,623.63
NOK 1
1,605.23
GBP 1
17,433.70
SGD 1
9,757.68
SEK 1
1,569.45
CHF 1
13,631.10
JPY 100
13,101.00
MMK 1
11.01
INR 1
197.29
KWD 1
43,920.70
PKR 1
126.23
PHP 1
285.00
SAR 1
3,528.53
LKR 1
91.12
THB 1
382.08
BND 1
9,756.53
EUR 1
14,885.50
CNY 1
1,987.61

Okusi Associates: Indonesian Business & Management Services