A Conflict of Interests
Tuesday, September 9, 2008
Banks trying to outbid each other are offering high deposit account interest rates that are higher than lending interest rates. Money market funds are drying up, sucked up by both Bank Indonesia and the government.
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JAROT'S cellphone rang not long after he had finished his lunch on Friday two weeks ago. The call was from a 37-year-old college friend who made him an interesting offer. "If you've got any cash, put it on deposit at my bank. The interest could be above 11 percent," said his friend, who now works at Bank Danamon, Jakarta.
And it's not just Danamon. Bank DBS has also placed adverts to scoop up depositors. The offer is not that different. For whoever has
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