Indonesian govt to oversee micro financial institutions

The Indonesian government has welcomed the bill stipulating that it any activity to collect public fund should be under government's supervision.

This gives the power to supervise micro financia institutions to the government.

"We want to guard our financial system stable. We know that activities by micro financial institutions are not always smooth. Even public credit banks, supervised by the government, are vulnerable to any financial crisis," said Finance Minister Agus Martowardojo.

He said that in case of expanding business or assets by micro financial institutions to certain figures, they must transform to be public credit banks or cooperatives.

Minister for Cooperative and Small Medium Enterprise Syariefuddin Hasan saidt the transformation is needed so that regulation could be more effective.

He expected that the bill on the micro financial institutions could be enacted by the parliament as soon as possible.

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