Indonesia cautions against excessive bank withdrawals

Its banking watchdog assured that the sector is well-capitalised, on aggregate.

Indonesia’s Financial Services Authority has urged customers not to withdraw excess cash from banks whilst investigations on social media posts about Bank Bukopin are ongoing, reports Reuters.

The watchdog assured that the sector on aggregate was well-capitalised and its liquidity levels were above regulatory requirements.

In a separate announcement, Bank Bukopin said it would soon launch a rights issue with the support of top shareholders, local conglomerates Bosowa, and KB Kookmin Bank.

On 25 June, the lender said in a bourse filing that it had implemented a limited maximum daily withdrawals to manage its negative cash flow.

Here’s more from Reuters.

Photo courtesy of Pexels.com.

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