Thursday, 22 October 2020 | 04:56 WIB

BI: Cash Circulation Reaches IDR191.3 Tln during Eid 2018

Illustration: Rupiah banknotes.

JAKARTA, NNC - The activities of the Rupiah Payments and Money Management System increased during the Ramadan/Eid al-Fitr period of 2018. The demand for cash in the Ramadan/Eid period of 2018 reached IDR191.3 trillion, higher than the initial projection of IDR188.2 trillion and significantly increased compared to the historical pattern.

The Communication Department of Bank Indonesia said that the factors driving the rise in cash demand were in line with the trend of currency growth and banking preferences for large denominations, the addition of holiday and paid leave, the increase of holiday allowances (THR) for state apparatus and pensioners, as well as the expansion of the number of cash distribution points in the form of cash deposit.

"Bank Indonesia was able to meet the surge in cash needs of the community and banking throughout the NKRI [Unitary State of the Republic of Indonesia]," said the Department of Communications in an official statement on Thursday (6/28/2018).

In terms of non-cash, the average daily volume of Real Time Gross Settlement (RTGS) and the Bank Indonesia National Clearing System (SKNBI) transactions in the period of Ramadan/Eid of 2018 amounted to 745,089 transactions, an increase over the same period last year of 692,593 transactions.

Meanwhile, the average daily nominal of RTGS and SKNBI also increased from IDR554.7 trillion to IDR635.4 trillion. Of the total nominal non-cash transactions, 97 percent are Real Time Gross Settlement transactions.

Bank Indonesia also states that it will continue to monitor the progress of the payment system activities and coordinate with relevant parties to ensure that payment system operations are safe, smooth and efficient.