Sovereign Rupiah Expeditions Get International Awards

Illustration (Photo: Doc. ANTARA)

JAKARTA - The Bank Indonesia (BI) initiative in distributing rupiah money to the Outermost, Outermost, and Remote Areas (3T) packaged in the Sovereign Rupiah Expedition (ERB), won an international award within the scope of the central bank, namely the 11th Central Banking Award (CBA) for the currency initiative category.

The CBA committee appreciates BI's innovation and excellence in cash management, including distribution in the midst of Indonesia's challenging geographical conditions.

"Throughout 2023, this expedition has reached more than 100 remote islands to provide Money Worth Edars to the wider community," said Deputy Governor of BI, Doni P. Joewono in his official statement, Tuesday, March 26, 2024.

The Sovereign Rupiah Expedition is an annual agenda since 2012 which aims to ensure the availability of quality and distribution-worthy Rupiah money to maintain the smooth running of economic activity and support the momentum of national economic recovery.

Doni conveyed that this activity was a synergy between Bank Indonesia and the Indonesian Navy which was realized through ERB, namely the distribution of Rupiah money to reach the frontier, outermost and remote areas by using Indonesian Navy warships as an important point for the CBA assessment.

CBA understands Indonesia's unique challenges in distributing cash to more than 14,000 islands in the Republic of Indonesia, so it is not easy to distribute in the midst of limited modes of transportation, extreme weather conditions, and inter-regional connectivity.

According to Doni, this collaboration is not only related to modes, but also the process of distribution, security, and escort.

"The collaboration from 2012 to 2023 has produced 110 mobile cash exchange activities in 3T with a range of 565 islands," he explained.

CBA is an award organized by The Central Banking for central bank innovation and excellence in facing significant policy and operational challenges amid rising inflationary pressures, rapid technological changes, and environmental transitions. The Central Banking is an international media platform focused on banking in 120 countries.

Doni conveyed that ERB as BI's commitment to distributing Rupiah money will be carried out this year in 18 provinces.

Every effort in distribution, including the awards obtained, is a shared appreciation considering that this ERB activity is a form of cooperation between Ministries/Institutions, including the TNI-AL.

"This award is also the pride of the community and is expected to foster and strengthen the sense of nationalism and build awareness of the importance of maintaining the sovereignty of the Republic of Indonesia, on the basis that Rupiah is the only legal and mandatory payment tool in all regions of the Republic of Indonesia," he concluded.