Great Recession! Credit Card Transaction Cs Sumbus IDR 689 Trillion A Month

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JAKARTA Bank Indonesia (BI) stated that the development of the financial sector is currently supported by the wider digital economy and the easier digital payment system, as well as the rapid digital banking.

BI Governor Perry Warjiyo said the value of electronic money transactions (EU) in January 2023 grew 26 percent year on year (yoy) to reach Rp36.57 trillion. The value of digital banking transactions increased 27.9 percent (yoy) to Rp4,900.6 trillion.

"Digital economic and financial transactions are growing rapidly in encouraging economic activity," he said in an official statement quoted Monday, February 20.

According to Perry, the increase also occurred in the value of payment transactions using ATM cards, debit cards, and credit cards which rose 5.42 percent to Rp689.09 trillion.

"Bank Indonesia will continue to maintain stability and increase the efficiency of cross-border payment transactions through strengthening policies and accelerating the digitization of payment systems to maintain the momentum of economic recovery," he stressed.

Meanwhile, Perry revealed that the amount of circulated Kartal (UYD) in January 2023 increased by 5.07 percent (yoy) to reach Rp930.05 trillion.

"Bank Indonesia ensures the availability of rupiah currency with quality maintained in all regions of the Unitary State of the Republic of Indonesia (NKRI)," he said.

For information, the growth of digital financial transactions has contributed greatly to the national economy. Bank Indonesia was recently known to revise its economic growth target with an upward bias from 4.9 percent to 5.1 percent in 2023.

This is quite in contrast to the projected global economy which is believed to only grow 2-3 percent and the threat of recession.