Ramadan and Eid al-Fitr 2019 Cash Withdrawals Highest in a Decade

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Viva Budy Kusnandar 12/04/2023 16:16 WIB

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Public cash withdrawals during Ramadan and Eid al-Fitr 2019 reached Rp267 trillion.

Cash Withdrawals (January 2014 - February 2023)

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Cash Withdrawals (January 2014 - February 2023)

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Public demand for cash increases during the month of Ramadan and ahead of Idul Fitri compared to other months.

Besides daily needs during Ramadan, cash withdrawals also increase to cover Eid al-Fitr bonuses (THR), holidays, increased public mobility due to the tradition of mudik (returning to one's hometown), and the distribution of Lebaran 'angpao' (red envelopes).

Therefore, Bank Indonesia (BI) has prepared Rp 195 trillion to meet public cash needs during Ramadan and Lebaran 2023. This amount is an 8.22% increase compared to the previous year.

Before the Covid-19 pandemic (April-May 2019), public cash withdrawals reached Rp 267.24 trillion during Ramadan and Lebaran. Specifically, April saw Rp 74.86 trillion withdrawn, and May 2019 saw Rp 192.39 trillion withdrawn. May's withdrawals were the highest in the last decade, as shown in the graph.

Then, cash withdrawals during Ramadan and Idul Fitri 2020 dropped to only Rp 152.4 trillion due to stricter social restrictions imposed because of the Covid-19 outbreak. Specifically, Rp 57.39 trillion was withdrawn in April 2020 and Rp 95.01 trillion in May.

During Ramadan and Idul Fitri 2021, public cash withdrawals increased to Rp 197.17 trillion. Details show Rp 102.76 trillion was withdrawn in April and Rp 94.4 trillion in May.

The easing of social restrictions led to an increase in public cash withdrawals during Ramadan and Lebaran 2022, reaching Rp 224.12 trillion. This comprised Rp 53.23 trillion in March and Rp 170 trillion in April.

Editor : Erlina Fury Santika

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."