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Idul Fitri cash withdrawals surge 61% in Greater Jakarta
Authorities have attributed the upsurge in withdrawals over the two-day holiday to rising consumer confidence as well as the government ban on mudik (exodus).
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Employees arrange vacuum-packaged banknotes on March 20, 2020 at a cash center operated by state-owned Bank Mandiri in Jakarta. (JP/Dhoni Setiawan)
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reater Jakarta residents withdrew trillions more rupiah over Idul Fitri this year compared to last year, as consumption started recovering from the pandemic-induced economic downturn.
Over the two-day holiday on May 13 to 14, cash withdrawals in Greater Jakarta surged 61 percent to Rp 34.8 trillion (US$2.42 billion) from Idul Fitri 2020, said Coordinating Economic Minister Airlangga Hartarto, quoting data from Bank Indonesia (BI).
The central bank had set aside banknotes worth Rp 154.5 trillion for Idul Fitri this year in an increase of 41.5 percent from last year’s figure.
“This suggests that whatever was planned, whether holiday bonuses or other activities, provided liquidity in the market,” Airlangga told a virtual press briefing on May 19. “Of course, with these figures, we are optimistic the economy will return to the positive track.”
Read also: Minister orders companies to pay holiday bonuses ‘without delay’
The surge was mainly attributed to the nationwide mudik (exodus) ban, which deterred many Greater Jakarta residents from traveling to their hometowns during the holiday and stay at home instead. But the city's residents enjoyed relatively more relaxed restrictions compared to the large-scale social restrictions (PSBB) that were in place last year.
The consumer confidence index (CCI) also returned to optimistic territory for the first time since March 2020, reaching 101.5 in BI’s consumer confidence survey in April. A CCI above 100 indicates optimism, while a figure below 100 indicates pessimism.
