BI to produce 1.6 billion coins

Bank Indonesia (BI) will produce 1.6 billion more coins to meet demand especially for retail trade transactions.

"The role of coins in the community as a transaction means is very important," the central bank's acting governor, Darmin Nasution, said at the launch of the National Care Coins Movement at Bank Indonesia Building in Jakarta on Saturday.

He said although non-cash transactions were on the rise, the need for coins was also increasing in line with the growing population.

"It does not only happen in Indonesia but also in other countries that have already used high technology in transactions," he said as quoted by Antara news agency.
 
He said coins circulating in the community until June 30, 2010 are worth Rp3.2 trillion or a total of 15.5 billion pieces, with the Rp100 coin making up the most with 6.7 billion.

To facilitate distribution of the coins BI will cooperate with the Association of Indonesian Retailers (Aprindo).

BI, Aprindo and the ministry of trade have already signed a memorandum of understanding to ensure supply of coins for change money.

Aprindo has also pledged it would give change in cash not in the form of sweets or others. It will also accept people seeking to exchange coins with bills at cashiers or customer service stands.

"At mini markets they could swap coins with bills at the cashier while at big retailers at customer service centers," Aprindo's executive chairman, Tutum Rahanta, said.

Retail outlets that have been ready to serve people wishing to exchange coins with bills are Alfamart (1,050 outlets), Indomart (1,050 outlets), Hero, Giant, Guardian (200 outlets), Circle K (200 outlets), Toserba Yogya (150 outlets), Carrefour (80 outlets), Lottemart (50 outlets), Carrefour Express (20 outlets), Raja Fresh (10 outlets), Sabar Subur (10 outlets), Hypermart (70 outlets), Depo Bangunan (10 outlets), Diamond (10 outlets) and Ranch Market (10 outlets).