The Eid Holiday Is Very Long, The Stock Of Cash Prepared By Bank Indonesia Increases To Rp202.7 Trillion

Illustration (Photo: Doc. Antara)

JAKARTA - Bank Indonesia (BI) is said to have increased the allocation of cash availability more than the initial plan to welcome the momentum of Eid this year.

BI Deputy Governor Aida S. Budiman said this strategic step was a response as well as an anticipatory step to the need for cash in the community.

"In connection with the extension of the holiday (Eid), we increased the availability of cash by Rp27 trillion to Rp202.7 trillion. This amount is an increase of 31.2 percent from the total cash provided last year," he said when giving a press statement to reporters virtually on Tuesday, April 19.

In her explanation, Aida said that the central bank carried out a number of strategies to make it easier for the public to access and exchange new money.

"We are strengthening money exchange points, both through cooperation with banks and mobile cash," he said.

In fact, Aida emphasized that this time the money exchange system must go through a virtual registration mechanism to avoid snaking queues and large crowds.

"Now we have also used the Si Pintar application to reduce crowds and make people more comfortable exchanging money," said Aida.

In a VOI note, the central bank earlier this month reported that it had provided Rp175.26 trillion in cash to meet the needs of the community during the Eid momentum and also throughout Ramadan 2022.

In trend, there has been a significant increase in the need for cash in the last two years in line with the easing of community mobility and increased economic activity.