Bank Indonesia Has Not Planned To Lower BI Fast To IDR 2,500: It's Cheap

Illustration (Photo: Doc. Antara)

JAKARTA Bank Indonesia (BI) stated that the determination of BI Fast costs of Rp. 2,500 per transaction has gone through a thorough study. Deputy Governor of BI Doni Joewono explained that this figure has included elements of the interests of business actors and community capabilities.

This is an assessment between industry and society. We know that there are banks that do have high financial frequencies and some are low. So in our opinion, the cost of Rp. 2,500 still reflects a good balance," he said when answering reporters' questions, quoted Friday.

According to Doni, it is certain that the central bank will continue to provide regular fee boxing in order to align with the current conditions.

"Of course we will continue to review the pricing policy," he said.

On the same occasion, Bank Indonesia Governor Perry Warjiyo emphasized that the decisions taken by the monetary authority could accommodate the interests of all parties.

"Until now there has been no provision (to make changes in costs), the price has been cheap," he said.

In fact, Perry emphasized that the central bank is currently focusing on efforts to expand the use of BI Fast among business actors.

"We will expand the participants. Next week on Monday, March 20, there will be an addition of 16 new participants, which will be 94 percent of bank financial institutions and not banks that will become BI Fast users," he explained.

For information, BI Fast is a facility from Bank Indonesia that allows interbank transfers to be cheaper than IDR 6,500 to IDR 2,500. Since its launch on December 21, 2021, the total number of BI Fast participants has now become 106 participants, or representing 87 percent of the national retail payment system share.