Kadin Predicts Money Turnover During Eid Holiday 2023 IDR 92.3 Trillion

Rupiah (Photo: Doc. Antara)

JAKARTA - The business world estimates that the circulation of money during the Eid al-Fitr 2023 or Eid Al-Fitr 1444 H holiday will reach IDR 92.3 trillion. The circulation of money is expected to drive the regional economy and increase the productivity of various business sectors.

Deputy Chairperson of the Indonesian Chamber of Commerce and Industry for Regional Autonomy Development Sarman Simanjorang said the figure was calculated from the number of travelers which reached 123.8 million people or equivalent to 30,752,000 families.

"With the assumption that each family brings an average of Rp. 3 million, the circulation of money is that big. This is calculated at least and still has the opportunity above that," said Sarman in a written statement received by VOI, Monday, April 17.

Sarman said the money circulation would spread in a number of business sectors, such as land transportation (covering buses, rentals, trains, private cars, motorbikes), sea transportation (covering ships), and air transportation (covering aircraft).

Then, the culinary sector includes restaurants, cafes, regional food SMEs, and various regional superior products. Next is the tourist destination sector which includes hotels/infiltrations.

"The circulation of money is dominated in Java, namely Central Java, East Java, West Java, Jogyakarta, Banten, and Jabodetabek by 62.5 percent with 77.3 million travelers or the equivalent of 19,325,000 families," said Sarman.

"The rest will spread to Sumatra, Kalimantan, Bali/NTB, Sulawesi, NTT, Maluku, and Papua," he added.

With the potential for a large circulation of money, said Sarman, it is certain that the regional economy will be productive and enthusiastic, and be able to increase household consumption and make a big contribution to national economic growth. "So, the target for economic growth in the first quarter of 2023 of 5 percent is expected to be achieved," he said.

According to Sarman, amid the uncertain pressures of global economic conditions, the momentum of Eid al-Fitr this year is very strategic in boosting national economic growth and increasing economic activity throughout the country.

"We are very grateful that every year Indonesia has a homecoming culture to celebrate Eid al-Fitr with their families in their hometowns and make (the moment) the largest circulation of money in Indonesia which is estimated to reach 25 percent in a year," he said.

"Hopefully this year's homecoming will run smoothly, safely, lively, and full of memories. Eid al-Fitr is smooth, the economy is smooth," he added.