47% of Public Savings Exceed Rp 5 Billion

Based on data from the Deposit Insurance Institution (LPS) up to February 2017, total public savings in banks reached Rp 4.92 quadrillion (one thousand trillion). Of this amount, approximately Rp 2.31 quadrillion (46.99 percent) has a value exceeding Rp 5 billion. This is the largest compared to other ranges of public savings in banks. The second largest is public savings with a nominal value below Rp 1 billion, reaching Rp 691.17 trillion (14 percent) of total savings.

At the end of February 2017, the value of savings in banks grew by 0.45 percent from the end of 2016. In 2016, the value of savings increased by 9.53 percent from the previous year. Meanwhile, the number of savings accounts in February 2017 grew by 1.43 percent to 202.16 million from the end of 2016. The number of accounts in 2016 increased by 13.56 percent from the previous year.

On May 8, 2017, the government enacted Government Regulation in Lieu of Law (Perppu) Number 1 of 2017 concerning access to financial information for tax purposes. This Perppu provides the basis for the government to implement international cooperation on the automatic exchange of information (AEoI) related to taxes starting in 2018. In this Perppu, the government mandates all financial institutions to open access to financial information to the Directorate General of Taxes, thereby nullifying the article on banking confidentiality.