As Indonesians are transferring billions of F/D funds from Singapore back to Indonesia more of our banks are feeling the pinch.
According to the Indonesian governments new rule all its citizens that have undeclared cash deposited overseas are to transfer back to home otherwise will subject to prosecution for tax evading.
And most of the funds are parked in OCBC followed by UOB and DBS. That’s why OCBC was voted as the largest bank few years ago.
On this basis I think our banks will be raising its F/D interest rate soon.
What do you think?