Bank Indonesia hands supervisory powers and 1,150 staff members to FSA

The Indonesian central bank has slimmed down for 2014 by handing over the responsibility for bank supervision along with 1,150 staff members to the country's financial services authority (OJK).

On December 31, 2013, Bank Indonesia relinquished its powers over the licensing, regulation and supervision of the country's 120 commercial banks and 1,837 rural banks. It will, however, retain responsibility for macro-prudential regulation.

Both organisations have spent the past year planning the