Indonesia's planned financial market bill unrelated to central bank law amendment: official

[JAKARTA] A plan by Indonesia's government to draft an 'omnibus' bill to overhaul the financial sector is unrelated to parliament's amendment to the central bank law and was intended as an effort to deepen financial markets, an official said on Friday.

Febrio Kacaribu, the finance ministry's head of fiscal policy office, said the bill was aimed at revising several existing financial laws that have not been updated for years.

The bill would be designed to create more diverse financial instruments to encourage Indonesians to invest onshore instead of in financial markets overseas, he said.

Mr Febrio has previously said his office would begin drafting the bill next year. Separately, parliament is working on an amendment to the Bank Indonesia law that analysts say could undermine the central bank's independence.

REUTERS