Bank Indonesia Readies Rp197.6 trillion for Ramadan, Eid al-Fitr Season
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15 March 2024 15:13 WIB
TEMPO.CO, Jakarta - Bank Indonesia or BI, the central bank of Indonesia, projects that the country will require over Rp197.6 trillion this Ramadan and Eid al-Fitr season. This amount increased by 4.65 percent compared to last year. In 2023, Indonesia required Rp188.8 trillion for Ramadan and Eid al-Fitr.
Head of BI's Money Management Department Marlison Hakim said the highest projected requirement for money this season occurred in the Java region, which amounts to Rp119.9 trillion.
"The largest demand is in Java with 60 percent, followed by Sumatra. The least [money requirement] is projected in Bali, NTB, and NTT with the least homecoming flow,” he said on Friday, March 15, 2024, at the BI Office in Central Jakarta.
Marlison revealed that Ramadan and Eid al-Fitr produce significantly high money circulation, which could take up to 25 percent in a single year. "So, [Bank Indonesia] guarantees to meet the demand for cash during Ramadan and Eid al-Fitr period,” he said.
Money exchange services also grow alongside Indonesian economic growth, according to Marlison Hakim. It is also supported by high community mobilization.
BI will serve money exchange services during Ramadan and Eid al-Fitr until April 5, 2024. This year, the central bank and banks in Indonesia will provide exchange services in thousands of locations.
Money exchange services by BI are spread across 449 locations. Meanwhile, Indonesian banks will also open services at 4,264 branch offices throughout the country.
"The data of which banks and their money exchange service locations will be available at the Pintar application of Bank Indonesia."
In addition, BI will also serve roving cash through QR codes. "This year, we are also developing (roving cash services) using the QR Code, so those who have not had time to open the Pintar application could just download the QR Code. We will distribute the QR Code later," he concluded.
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