The demonstrations protesting the General Election on May 22, 2019, which became violent, did not significantly disrupt the payment systems of the banking industry, though transactions for fund transfers increased.
"The condition of the banking industry on May 22, 2019 was normal," BI Governor Perry Warjiyo said in Jakarta on Thursday.
Nevertheless, BI and other members in the Financial System Stability Committee (KSSK) said they regretted that riots occurred after the demonstration.
"Since yesterday (Wednesday, May 22) the banking industry has operated normally. Today, there are 13 banks that have taken withdrawals from BI for transaction needs," Perry Warjiyo said.
On May 22, 2019, Perry Warjiyo detailed how transfers through the payment system in banks also saw higher volumes than regular days. For example, Perry said, transfers through Real-Time Gross Settlement (RTGS) services reached Rp577 trillion, an increase of some 10 percent from transfers on a normal day of Rp544 trillion.
Meanwhile, transfers through the Bank Indonesia National Clearing System (SKNBI) reached Rp14 trillion, with a volume of Rp696 thousand on May 22, 2019.
"So the implementation of economic transactions for the settlement of transactions regarding the clearing payment system in the SKNBI and the RTGS ran normally," he said.
Chairman of the Board of Commissioners of the Financial Services Authority (OJK) Wimboh Santoso said that several bank branch offices on Jalan MH Thamrin and Jalan Wahid Hasyim in Central Jakarta were closed during the demonstration.
However, the situation did not significantly disrupt banking transaction activities throughout the country.
"Now, this is the era of electronic transactions, so physical offices are not very important. Banking activities can be done through digital services," he remarked.
Finance Minister Sri Mulyani Indrawati said the government believed forces from the National Police and the Military were able to restore security conditions quickly.
The business world, Sri Mulyani noted, also placed their trust in the government to handle the political situation.
"Therefore, we hope there will be no disruption to the momentum of economic growth from the current situation," Sri Mulyani said.
(INE)
Translator: Indra Arief/ Azis Kurmala
Editor: Fardah Assegaf
Copyright © ANTARA 2019
