Indonesia's new financial service watchdog gets operation budget

English.news.cn,   2012-10-18

              

JAKARTA, Oct. 18 (Xinhua) -- Indonesia's newly-established financial services supervisory agency, OJK, said on Thursday that the parliament had approved an allocation of 1.69 trillion rupiah (about 175.1 million U.S. dollars) to finance its initial operation.

"So there has been approved at 1.69 trillion rupiah to finance our operation. Further details about the budget would be discussed in the following meetings," said OJK Chairman Muliaman Hadad.

Muliaman added that meetings to discuss about the budget would be resumed next month.

The allocation, he said, would be used to finance the system setting up works in the new agency and its initial operation.

The OJK would take over the central bank's jobs in supervising the operation of banks and financial services firms in the country.

In the future the central bank would particularly be assigned to control the country's fiscal and monetary policies.

Sworn in in July this year, the OJK board of directors is expected to commence work early next year.

Editor: Fang Yang

Muliaman D. Hadad, 52, the chief of the Financial Services
 Supervisory Authority (OJK), Indonesia's financial regulatory
body. (Antara Photo)

Related Article:

No Shortage Of Challenges Await New Watchdog OJK