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Non-cash Transaction Lowers Coin Circulation

Translator

Editor

6 January 2018 10:58 WIB

Coin counter. Tempo/ Aditia Noviansyah

TEMPO.CO, Jakarta - Bank Indonesia (BI) claimed that non-cash programs especially the use of e-money can reduce the circulation of coins. BI executive director and currency management department head Suhaedi stated that the decrease can reach up to 20 percent.

"This mostly occurs in Java including Jakarta. Much of the decrease is contributed by transportation sector and retail," Suhaedi said in Central Jakarta on Friday, January 5. 

Read: BI to Distribute E-Money Cards for Free

and Political Year Estimated to Boost Money Circulation by 10 Percent

The central bank data up to November 2017 recorded that coin circulation in Indonesia reached Rp8.4 trillion. With the deduction of 20 percent, as stated by Suhaedi, the amount of the circulation will drop to Rp1.65 trillion.

Suhaedi explained that the decrease is caused by the more efficient and practical use of electronic money. He further claimed that the decrease is evident with the scarcity of Rp500 and Rp1,000 coins, especially in the transportation sector.

DIAS PRASONGKO

Banking and FinanceBank Indonesia


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