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BI lifts ATM cash withdrawal limit to Rp 20 million
The central bank is maintaining the limit for magnetic stripe-based ATMs and ATM cards at Rp 10 million to minimize the risk of data skimming, which is more common with such technology.
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People withdraw cash at BCA ATMs. (Kompas/Heru Sri Kumoro)
B
ank Indonesia (BI) has raised the cash withdrawal limit for chip-based ATMs to support spending amid ongoing emergency mobility restrictions (PPKM Darurat).
The cap was lifted from the usual amount of Rp 15 million a day to Rp 20 million (US$1,374) a day from Monday until Sep. 30. The higher limit only applies to chip-based ATM cards used with chip-based ATMs.
The central bank is maintaining the limit for magnetic stripe-based ATMs and ATM cards at Rp 10 million to minimize the risk of data skimming, which is more common with such technology.
“This is meant to support the government's PPKM Darurat, aimed at curbing the surge in COVID-19,” BI communications head Erwin Haryono was quoted as saying in a press release on July 8.
Read also: Indonesia expands PPKM Darurat to 15 regions amid surging cases outside Java-Bali
BI has urged commercial banks to inform customers about the locations of their chip-based ATMs.
The PPKM Darurat policy is in place from July 3 to 20 to address the recent surge in coronavirus cases and deaths as the Delta sweeps across the country. The government recently expanded restrictions to outside Java and Bali.
BI expects PPKM Darurat to reduce cash withdrawal capacities as ATM machines are made inactive and as bank branches are either closed or face shortened operating hours.
“We are also anticipating a potential rise in demand for cash withdrawals as people prepare for PPKM,” wrote BI.
According to BI Data, cash withdrawals in Greater Jakarta surged 61 percent year-on-year (yoy) to Rp 34.8 trillion during the Idul Fitri holiday in mid-May as a travel ban compelled residents to spend money within the city. The bank had also set aside banknotes worth Rp 154.5 trillion for that period, 41.5 percent higher than a year earlier.
Read also: Idul Fitri cash withdrawals surge 61% in Greater Jakarta
The central bank reported that last month, the country's broad money supply was up 8.1 percent yoy to Rp 6.99 quadrillion in May, slightly slower than the 11.5 percent annual growth seen a month earlier.
