BI Notes Cash Needs during Ramadan Reaches Rp191.3 Trillion

TEMPO.CO, Jakarta - Executive Director of the Department of Communications of Bank Indonesia (BI), Agusman Zainal, said that the system of payment and management of rupiah money increased during the period of 2018 Ramadan or Eid Day.

"The need for cash for the 2018 Ramadan or Eid Day reached Rp191.3 trillion, higher than the initial projection of Rp188.2 trillion and significantly increased compared to the historical pattern," Agusman said in a written statement on Tuesday, June 26.

According to Agusman, the factors driving the increase in cash demand, namely the trend of currency growth and the banking preferences of large denominations, the addition of holiday and mass leave, the increase of Holiday Allowance for the state civil servants and pensioners, and the expansion of the number of money distribution points in the form of cash deposits.

Agusman said Bank Indonesia was able to meet the surge in cash needs of communities and banks across the region.

In terms of non-cash, said Agusman, the average daily volume of Real Time Gross Settlement (RTGS) transactions and the National Banking Clearing System of Bank Indonesia (SKNBI) in the period of 2018 Ramadan or Eid Day amounted to 745,089 transactions. The amount increased compared to the same period the previous year as many as 692,593 transactions.

While the average daily nominal of RTGS and SKNBI also increased from Rp554.7 trillion to Rp635.4 trillion. Agusman said that 97 percent of the total nominal of non-cash transactions is a Real Time Gross Settlement (RTGS) transaction.

"Bank Indonesia (BI) will continue to monitor the progress of the payment system activities and coordinate with relevant parties to ensure that payment systems are operating safely, smoothly and efficiently," Agusman said.

MUHAMMAD HENDARTYO