Bank Danamon targets 50% growth in foreign currency deposits

Jakarta (ANTARA) - PT Bank Danamon Indonesia Tbk is targeting a 50-60% growth in foreign currency deposits by the end of this year, driven by increasing customer transaction needs for travel, education, and spending on global platforms. Liabilities Banking Services Head Danamon Steven Dhalimarta stated on Wednesday that the bank’s current foreign currency deposit growth is in the range of 40-45%, a figure he noted is higher than the banking industry’s growth rate of 20-30%. According to Bank Indonesia’s money supply data, third-party funds in foreign currency reached Rp1,585.1 trillion, increasing 17.8% year-on-year, while rupiah deposits stood at Rp8,113.7 trillion, growing 9.6% year-on-year. Steven explained that 70-80% of Danamon’s foreign currency deposits come from individual customers, with the remainder from corporate clients. Internal data shows foreign currency transactions are dominated by three main needs: travel including religious pilgrimages, remittances for education costs particularly from affluent segment customers, and payments on various global platforms using credit or debit cards as well as airline ticket purchases. This trend is one reason Bank Danamon introduced Tabungan Danamon LEBIH PRO, enabling customers to prepare their foreign currency needs in advance rather than purchasing foreign currency when exchange rates are already high. The product is a multicurrency savings account supporting 12 currencies in one account, offering fee-free conversion transactions through the Danamon Global Currency Card with an auto switching currency feature, as well as reduced fees for cash withdrawals at overseas ATMs.