BI sees cross-border agreement with Australia, India

Bank Indonesia (BI) sees an extension of cross-border agreement to Australia and India in the near future, which will ease the nation’s banks to open branches and bilateral cooperation, central bank senior officials say.

BI deputy governor Muliaman Hadad said Thursday that cross-border agreements would be important to facilitate cross-border banking and monetary supervision between the related countries.

“We have just recently signed an MoU with Singapore’s monetary authority. We’ve got one with Malaysia, China and the Philippines. And we’re seeking for the same agreement with Australia and India in the near future,” Muliaman told a press briefing at Intercontinental Hotel in Jimbaran, Bali.

Halim Alamsyah, another BI deputy governor, also said that the cross-border agreement with Australia and India would extent BI’s current network to supervise inter-country banking and monetary activities. (est)