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    The Growth of Foreign Currency Transaction in West Java Has Slowed

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    BANDUNG - The Representative Office of Bank Indonesia in West Java Province records that the growth of Non-bank Money Changers (KUVPA BB) of the foreign currencies selling transaction reached Rp 1.01 Trilliom in 2016. In other words, the growth has slowed -2,66% (yoy) in comparison to the last year.

    Meanwhile, the selling transaction of foreign currencies in 2016 reached Rp 1.03 trillion or the growth has slowed -5,16% compared to the last year.

    Head of BI in West Java, Ismet Inono said that the decreasing transaction of both buying and selling in West Java can be influenced by the obligation to use Rupiah to any Indonesian Migrant Workers (TKI) in the area of Indonesia Republic.

    "There is restriction of numbers of Indonesian Migrant Workers (TKI) sent to work abroad, and the Migrant Workers no longer bring foreign bills (UKA) in cash but the money is sent via money transfer," Ismet said to the reporters in Bandung, Thursday (02/23/2017).

    Ismet explained that there are 32 types of transacted foreign currencies from various states. The top 10 transacted foreign currencies are USD, SGR, SAR, MYR, EUR, CNY, JPY, AUD, AED, and HKD.

    Concerning the Regulation of Bank Indonesia (PBI) No.18/20/PBI/2016 October 7th, 2016 about Non-bank Money Changers (PBI KUVPA BB), it makes the previous PBI which was PBI No.16/15/PBI/2014 no longer applicable.

    "It's done to support the more healthy industry of Non-bank Money Changers, and also for the purpose is to prevent the use of Non-bank Money Changers as a support for money laundering, terrorism funding, and other types of crime," he explained. (MAT)

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