BI Prepares IDR 175 Trillion In Cash Ahead Of Ramadan, Ensured That Distribution Is Completed Early

JAKARTA – Bank Indonesia (BI) reports that it has provided a cash debt of IDR 175.3 trillion to anticipate the increasing needs during this year's Ramadan and Eid period.

BI Deputy Governor Aida S. Budiman said this amount was much higher than the realization of cash use at the same momentum in 2021.

"The amount of money provided grew 13.4 percent from last year's realization," she said through a virtual channel during a press conference at the BI Board of Governors Meeting on Thursday, March 17.

According to Aida, the amount of cash provided by the central bank has taken into account a number of macroeconomic assumptions, such as historical trends in the realization of cash use in society so far and government programs such as disbursement of cash assistance.

"We are ready to ensure the availability of cash in all regions of the Republic of Indonesia immediately before entering Ramadan, especially for areas outside Java," she said.

Aida added that two other programs that are being pursued to support the distribution of cash are the Love Rupiah Program and the Rupiah Sovereign Expedition.

"Especially for the Sovereign Rupiah Expedition, Bank Indonesia focuses on reaching 3T areas (front, remote and underdeveloped), namely on 18 islands in 16 provinces," she said.

Based on the latest BI report, it is known that the money supply in a broad sense (M2) in January 2022 was IDR 7.643.4 trillion.

This figure grew 12.9 percent year on year (yoy), and was lower than the growth in December 2021 which was 13.9 percent yoy.