RI workers remit $8 million a month<\/p>\n
KUALA LUMPUR (AFP): The national savings banks of Malaysia and
\nIndonesia have worked out a system allowing 500,000 Indonesians,
\nearning a total 50 million ringgit (US$20 million) a month here,
\nto remit their earnings home, officials said yesterday.<\/p>\n
Each month, these Indonesian workers remit about 20 million
\nringgit ($8 million), or 36 percent, of their total earnings to
\nrelatives, according to figures by Bank Simpanan Nasional,
\nMalaysia's largest savings bank.<\/p>\n
The International Guaranteed Giro Order service (IGGO),
\njointly expedited by Bank Simpanan and PT Bank Tabungan Negara of
\nIndonesia, will provide a legal method of transferring savings to
\nfamilies, officials said.<\/p>\n
The two banks formalized the IGGO service at the weekend,
\nwitnessed by Malaysia's deputy prime minister, Anwar Ibrahim, and
\nIndonesia's finance minister, Mar'ie Muhammad.<\/p>\n
Bank Simpanan was represented by its chairman, Ahmad Zahid
\nHamidi, and the Indonesian savings bank by its director, Widigdo
\nSukarman.<\/p>\n
\"The Indonesian workers can open a savings account with Bank
\nSimpanan, with their work permits, to make use of the IGGO
\nservice,\" Zahid said.<\/p>\n
Bank Simpanan, which has 11 million customers with total
\nsavings of some 4.2 billion ringgit ($1.68 billion), has 477
\nbranches throughout Malaysia.<\/p>\n
\"Indonesian workers are now sending part of their savings back
\nto Indonesia through friends or any other means,\" he said. The
\nIGGO scheme would allow them to cash money orders at any
\nIndonesian Bank Tabungan Negara branch or post offices.<\/p>\n
Indonesians make up the bulk of some one million foreign
\nworkers now being employed in Malaysia's booming economy.<\/p>",
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"sponsor": "Okusi Associates",
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