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Opportunities in Indonesian Remittance Market - New 2015 Report

Indonesia is the fourth most populous country in the world (after China, India and the United States). An estimated half of the total Indonesian population is below the age of 30 years, so the country promises to be the source of a global labor force in the coming years. Indonesian banks are divided into commercial banks, known as public banks Bank Umum (BU) and rural banks, or people’s credit banks Bank Percreditan Rakyat (BPR). Commercial banks have a full range of functions and are able to participate in the payments system while BPR, the rural banks have restricted operational areas. BU is permitted to deal in foreign exchange but BPR is not. Banks that deal in foreign exchange are described as Bank Devisa (Foreign Exchange Banks) and are required to obtain a license from BI to carry out banking functions involving foreign exchange. Indonesia's banking system has 120 BU’s and 1837 BPR ...

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