Not the US Dollar, This is the Best-Selling Foreign Currency at Indonesian Money Changers

In 2023, the Singapore dollar (SGD) was the most traded foreign currency by non-bank money changers in Indonesia.

This is evident from the 2023 Financial Institution Statistics report released by the Central Bureau of Statistics (BPS).

According to BPS, out of 595 surveyed non-bank money changers, they served an average of Rp381.29 billion in SGD buy and sell transactions per company throughout 2023.

This figure comprises SGD sales transactions worth Rp190.28 billion and SGD purchase transactions worth Rp191.02 billion per company.

The share of SGD buy and sell transactions reached 48.67%, or almost half, of the total foreign exchange transactions at non-bank money changers, which averaged Rp783.46 billion per company.

This value was also the highest compared to transactions in other foreign currencies.

The United States dollar (USD) ranked second, with an average of Rp280.68 billion in buy and sell transactions served by non-bank money changers per company (35.83%).

The details are: USD sales transactions worth Rp141.48 billion and USD purchase transactions worth Rp139.2 billion per company.

This was followed by the Malaysian ringgit (MYR), Australian dollar (AUD), and euro (EUR), with average transaction values as shown in the graph.

Of the 595 money changers surveyed, in 2023 they earned an average revenue of Rp39.58 billion per company.

After deducting taxes and operational costs, they achieved an average net profit of Rp38.49 billion per company.