Indonesia to simplify bank account opening for foreigners

Indonesia is set to issue regulations on the opening of bank accounts for foreigners, a move aimed at luring more foreign currency into the country amid the weakening rupiah.

Muliaman Hadad, chairman of the Indonesian financial service authority (OJK) on Friday disclosed that the OJK will simplify the process for the opening and will soon issue the regulations on it, Xinhua news agency reported.

"In the near future, we will issue the rules...for the opening of a bank account for foreigners," he said in a statement.

The permit on the bank account opening is part of President Joko Widodo's massive economic package stimulus to boost foreign currencies inflow and investment as well as accelerate economy.

"This policy is in line with the government policy and the central bank policy," Muliaman said.

According to the new rules, for the opening of the account valued between $2,000-50,000, the foreign client will only need to show his or her passport.

The Indonsian rupiah hit a 17-year low and was traded at 14,306 on Friday, according to the central bank.