Synergizing with the banking industry, BI is offering premium cash services to the people during the holy fasting month and Eid al-Fitr. Titled "The Rupiah for Indonesia: Bank Indonesia and the Banking Industry Serving the Nation", the initiative will involve mobile cash units being placed at several public spaces, bank branches, and other institutions, including along routes to be taken for the annual exodus of people returning home to celebrate Eid al-Fitr.
BI Deputy Governor Rosmaya Hadi confirmed that the bank had readied an all-inclusive strategy for catering to the public and demand for rupiah currency via its cash distribution policy and premium cash services, according to a statement here on Tuesday.
The strategy encompasses an internal and external strategy. Internally, BI is committed to optimizing currency management across all cash work units, maintaining the availability of cash across the nation via currency distribution to all Indonesian regions, increasing the role of cash exchange points and mobile cash services while distributing currency, and boosting effective communication on BI’s preparations for Ramadan and Eid al-Fitr.
Externally, BI is increasing the coverage of cash exchange points in conjunction with the banking industry at several public spaces, deepening cooperation with transportation services providers, and calling on the banking industry and rupiah currency management services providers to improve currency management and maintain ATM service quality.
BI has forecast that the demand for rupiah currency during Ramadan and Eid al-Fitr would reach Rp217.1 trillion in 2019, rising 13.5 percent (yoy) from 2018, Executive Director of the BI Communication Department Onny Widjanarko stated.
The increase is due to an anticipated greater demand during the extended holiday along with rising salaries and annual allowances for civil servants and private sector employees.
Strong demand for currency (outflow) is expected at all cash work units, led by Greater Jakarta (Jabodetabek), totaling Rp51.5 trillion, he remarked.
BI had appealed to the public to conduct currency exchange solely at official cash exchange points to lessen the risk of getting counterfeit banknotes and to maintain the quality of the currency.
The people must also check the authenticity of rupiah banknotes by sight, touch, and checking the watermark, while maintaining rupiah quality through the Five Don’ts of Don’t Crease, Don’t Deface, Don’t Stable, Don’t Crumple, and Don’t Moisten.