Bank Indonesia (BI) has readied currency amounting to Rp152.14 trillion to cater to the public’s needs during the month of Ramadhan until Eid al-Fitr 2021.
Executive Director Head of the Money Management Department of BI, Marlison Hakim, stated during an online press conference here on Wednesday that the need for currency for Eid al-Fitr 2021 is estimated to climb by 39.33 percent, from the corresponding period in 2020.
“In comparison with the realization in 2020, the provision of currency of Rp152.14 trillion in 2021 has increased by 39.33 percent or as much as Rp109.20 trillion,” he pointed out.
Hakim highlighted that the projected rise in demand for currency during the Eid al-Fitr period of 2021 is influenced by several factors.
The first influencing factor is the macroeconomic assumption that is improving in line with positive changes in the economic conditions. The second factor is the expedited realization of cash social assistance ahead of the Eid al-Fitr holiday. Moreover, the vaccination program, which affects the community mobility and prohibition on the Lebaran homecoming, except for local homecoming in certain areas, also affects the projected increase.
“The trend of new money during Eid al-Fitr is still needed although the interest is not as big as under normal conditions. Through banking services, the public demand for new money has started to increase,” Hakim remarked.
During the Eid al-Fitr period of 2021, BI has prepared 90.07 percent, or Rp137 trillion in denominations of Rp100 thousand and Rp50 thousand, while the remaining 9.93 percent, or Rp15.20 trillion is in small denominations, starting from Rp20 thousand and below.
Of the total Rp151.14 trillion prepared, the highest demand projection is in Java, reaching 65 percent of the total national requirement, while that for the Jakarta, Bogor, Depok, Tangerang and Bekasi (Jabodetabek) areas touched 27 percent.
At the provincial level, the highest need for new money was recorded in West Java, reaching Rp12.21 trillion. Meanwhile, the province with the lowest requirement for currency was observed in West Papua, with a projection of Rp0.32 trillion.
In the meantime, BI does not offer individual exchange services to the public, except through the 4,608 branch offices and commercial banks. The cash service period starts from April 12 to May 11, or two days before the Eid Al-Fitr holiday.
Source: Antara News