'Whiz Smart Saver' Becomes A Solution To Face High-projected Inflation

Illustration. (Photo: Doc. Antara)

JAKARTA - Financial application CEO Whiz Dominic Sumarli said Whiz Smart Saver could be a solution to face the high-projected challenges of inflation in Indonesia by 2024.

"With an interest rate of 6.75 percent, Whiz Smart Saver not only offsets the inflation rate, but also provides the potential to increase the purchasing power of its users," Dominic said in a written statement, quoted from Antara, Tuesday, March 19.

He highlighted that the need for safe savings is very important, but must also provide optimal results.

By collaborating with the People's Economy Bank (BPR), he continued, Whiz Smart Saver offers high interest rates and remains safe because it is fully guaranteed by the Deposit Insurance Corporation (LPS).

"With various placement options, ranging from 1 month to 12 months, Whiz Smart Saver provides flexibility to users," he said.

According to him, Whiz Smart Saver ensures that user savings not only survive the impact of inflation, but are also able to grow over time.

"Through this long-term savings, users can have safe and profitable savings, creating financial stability amidst economic uncertainty," Dominic said.

It is known, as of February 2024, the average interest rate in savings accounts and deposits in the five largest banks in Indonesia currently ranges from 0.1 to 3 percent.

Bank Indonesia (BI) Governor Perry Warjiyo revealed that BI is likely to start lowering the benchmark interest rate in the second semester of 2024.

On another occasion, Perry also projects inflation in 2024 to reach 3.2 percent.

Dominic assessed that this could be a detrimental factor for those who save money in the form of savings with low interest rates.

Meanwhile, interest rates that cannot offset inflation can result in eroded purchasing power of deposited money.