Bank Indonesia: Cash Needs In Bali During Christmas-New Year Reaches IDR 2.1 Trillion

ILLUSTRA TION BY VOI

DENPASAR - The Bali Province Bank Indonesia Representative Office (KPwBI) estimates that the monthly cash needs of the people on the Island of the Gods by the end of 2021 will increase to IDR 2.1 trillion due to Christmas celebrations and ahead of the 2022 New Year.

"The average cash requirement of the people in Bali Province every month in the January-November 2021 period reaches IDR 792 billion," said Head of the Bali Province KPwBI Trisno Nugroho in a written statement, Monday, December 27.

According to Trisno, his party has prepared cash to anticipate the increase in demand, both in the amount and fraction needed as much as 1.5 times the projected need until the end of 2021.

On an annual basis, the total cash needs of the people in Bali Province are estimated to reach IDR 10.8 trillion.

In line with the increasing demand for cash, the number of digital transactions based on the Quick Response Code Indonesian Standard (QRIS) also experienced significant growth.

As of October 2021, the number of QRIS transactions has reached 982 thousand transactions with a nominal value of IDR 75 billion.

This amount has increased by 555 percent (ytd) in terms of transactions and 345 percent (ytd) in terms of nominal, when compared to the beginning of 2021 which was recorded at 150 thousand transactions with a nominal value of IDR 17 billion.

"The increase in the number of QRIS transactions is supported by the wider acceptance of business actors who have taken advantage of the convenience of transacting using QRIS," said Trisno.

At the beginning of December 2021, the number of QRIS merchants was recorded at 388.223 merchants or grew by 122 percent (ytd) compared to early 2021, which recorded 174.893 merchants.

To maintain comfort and security in transactions, both cash and non-cash, Trisno again urges the public to always examine the money received in 3D, namely seeing, touching and seeing in order to avoid losing money whose authenticity is doubtful.

Then always take care of rupiah notes with 5J, that is, don't fold it, don't strike it, don't staple it, don't wet it and don't squeeze it so that the money is always in good condition.

"Be careful in transacting both cash and non-cash by always maintaining the confidentiality of personal information such as usernames and passwords, pins and OTP (one time password) codes.