JAKARTA. Bank Indonesia (BI) and the National Police on Thursday signed a memorandum of understanding (MoU) in a bid to boost the security of financial transactions and currency exchanges in the resort island of Bali.

BI Deputy Governor Ronald Waas said central bank officials and police officers would work together to supervise the currency exchanges and financial transactions in the island, which saw over 3 million foreign tourists in 2013.

“We will have similar cooperation with police offices in other cities, possibly in Surabaya, East Java, and Medan, North Sumatra,” Waas said after the signing.

At the moment, there are 122 licensed money changers in Bali excluding money-changing services at banks. The central bank has also observed the presence of many unlicensed money changers.

As of September 2014, the volume of currency-exchange transactions in Bali was the second highest in the country after Jakarta. On average, the purchase of foreign bank notes and traveler’s checks stands at Rp 985 billion (US$81.2 million) per month.

Editor: Barratut Taqiyyah Rafie