DENPASAR, NETRALNEWS.COM - Bank Indonesia of Bali Province recorded foreign exchange sale transactions in the region in the first quarter of 2017 reached IDR7.8 trillion or up nearly eight percent when compared to the same period last year.
Head of Representative of Bank Indonesia of Bali Province Causa Iman Karana in Denpasar, Sunday (7/9/2017), said the rise in foreign exchange transactions was in line with the rise in the number of foreign tourists who visited the Island of Gods in the same period.
Of the total foreign exchange (forex) transactions in that period, foreign exchange buying and selling transactions amounted to IDR3.95 trillion and IDR3.91 trillion, respectively.
In the Regional Economic and Financial Review Causa added the number of foreign tourists to Bali during the first quarter of 2017 based on data from the Bali Tourism Office reached nearly 915 thousand people, up 26 percent compared to the previous quarter.
Causa further explained in addition to the increasing number of tourist visits, the rise in forex trading transactions is also driven by growing number of authorized non-bank foreign exchange business providers (KUPVA) or money changers in Bali.
The central bank noted up to March 2017 the number of KUPVA in Bali reached 697 consisting of 143 headquarters and 554 branches.
"Compared to the end of 2016 that number went up by 35 offices," he said.
The obligation to use Rupiah currency also helped boost foreign exchange transactions due to the growing number of licensed non-bank KUPVA in Bali in collaboration with hotels. (*)