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Sunday, February 12, 2006

Govt to Transer Rp60 Trillion from BI to National Banks

Jakarta (ANTARA News) - The government will in several stages deposit some Rp60 trillion of its monetary assets currently kept in a Bank Indonesia or central bank account with private or state-owned banks, a senior Finance Ministry official said here Saturday.

In the first stage at least Rp10 trillion will be transferred to national banks, Director General for Treasury Affairs at the Finance Ministry Mulia Nasution said.

Mulia said at present the government had Rp80 trillion in monetary assets. Of the amount, Rp60 trillion was deposited with Bank Indonesia in a state of iddle accout."The meaning of `iddle` account was that the BI never provids any interest to the government`s deposit in that central bank," he said.

According to him, by depositing the government`s fund amounting to Rp10 trillion in national banks, the government will be able to get an interest of about Rp1 trillion (on the basis of prevailing interest level offered by the banks).

After being deducted with various banking services, the government will receive at least additional interest of about Rp600 billion which will pose a non tax income to the state.

By depositing government`s fund in national banks, he added, it will, however, benefit the government in addition to help the banks receiving the fund in increasing the channel of credits to the community.

Asked when a Rp10 trillion fund will be tranferred to national banks, Mulia said at present his side is still waiting for the completion of government`s regulation on the management of the fund.

"We hope that it will be immediately issued, as anything relating to its regulation is already available," he said.

Touching on the criteria of national banks which will be appointed by the government, Mulia revealed that the government will have to take into account the bank`s infrastructure, services, speed and benefits the bank can provide to the state.

"Certainly the banks concerned should provide such a proposal to the government and then through a socalled beauty contest, the government will be able to appoint one or two banks," he added.

Feb 11 20:22

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