Indonesia to set up international financial centre

JAKARTA – Indonesia’s parliament passed a bill yesterday to establish an international financial centre, with the resort island of Bali previously floated as a possible location.

Finance Minister Purbaya Yudhi Sadewa said the financial centre, known as PFII, is expected to draw foreign investment and help accelerate the country’s growth.

“PFII attracts foreign capital flows and a sustainable portfolio investment as a long-term source of financing to expand the national economic pie so that Indonesia’s economy can grow faster,” Purbaya told lawmakers yesterday.