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Bank Indonesia preps Rp160 trillion in cash for Ramadan and Idul Fitri
Bank Indonesia ( BI ) has prepared Rp160 trillion (US$11.7 billion) in cash to replace worn-out notes and meet an expected surge in demand for currency during the fasting month Ramadan and Idul Fitri festivities.
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An employee arranges a stack of cash at a Bank Indonesia cash centre in Jakarta. (Kompas/Lasti Kurnia)
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span style="line-height: 1.6em;">Bank Indonesia ( BI ) has prepared Rp160 trillion (US$11.7 billion) in cash to replace worn-out notes and meet an expected surge in demand for currency during the fasting month Ramadan and Idul Fitri festivities.
The figure is a 14.5 percent increase from last year's Rp 124 trillion.
BI head of communications Tirta Segara said the central bank would utilize its branch offices throughout Indonesia and cooperate with 20 commercial banks to distribute the money.
"The 14.5 percent growth is projected because we will see longer holidays over this year's Ramadan and Idul FItri. The festivities will also coincide with school holidays and holiday allowance payment for civil servants, so we expect people will use more money," Tirta said in Jakarta on Wednesday.
He added that more than 60 percent of the money would be distributed in Java, while the remainder would be distributed outside Java.
He also said that the central bank had expanded its distribution in Jakarta, from 80 distribution points to 200 points, and would cooperate with 20 banks. "Last year, we cooperated with 13 banks," Tirta said. (dmr)
