Central Bank Strengthens Rupiah Usage at Indonesia-PNG Border

Bank Indonesia (BI) continues to make efforts to make the rupiah currency the only legal means of payment in the country, including at the Indonesian and Papua New Guinea border.<p>

BI Deputy Governor Sugeng said the central bank continued to encourage the use of rupiah currency in transactions by socializing the rupiah usage, socialization of the characteristics and authenticity of money, as well as encouraging the development of non-bank foreign exchange business (KUPVA BB) licensed border areas.<p>

Currently, the usage of foreign exchange service by Bank Rakyat Indonesia (BRI) at Cross Country Border Post (PBLN) has been running since August 11, 2017, but has not been optimally utilized by border crossers. They still choose to transact using Kina, Sugeng said, Friday (10/13/2017), in a written statement.<p>

Efforts to socialize the rupiah and encourage the development of KUPVA BB were done in order to run the Currency Law concerning Liability of Rupiah Usage in the territory of the Republic Indonesia as in the border area of Skouw, there are still transactions done using currency Papua New Guinea Kina.<p>

Immigrants and traders in the market prefer to use Kina in transactions, due to the convenience factor, business factors that are gains from the exchange rate and background factors of low educational background, so it is still reluctant to recognize the rupiah with its denomination, he said.<p>

Sugeng added, there are three main dimensions that underlie the implementation of the obligation to use rupiah. First, the legal dimension. Second, the dimension of nationality for the rupiah to host in their own country. Finally, the economic or business dimension.<p>

One of the efforts undertaken by the BI is by providing rupiah in the foremost, outer, and remote areas. Therefore, since July 2017, BI has been providing rupiah from the forefront through the provision of automated teller machines (ATMs) and KUPVA service in PBLN of Skouw.<p>

Hopefully in a location that will be more strategic, the number of border crossers who exchange money will be more increased, he added.<p>


Source : Netral English<p>

Oct 14, 2017

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