BI: Digital banking transactions in early 2024 reached Rp5,103.03 trillion

The Board of Governors Meeting (RDG) of Bank Indonesia on March 19-20, 2024, decided to maintain the BI-Rate at 6.00%, the Deposit Facility interest rate at 5.25%, and the Lending Facility interest rate at 6.75%. Regarding digital transactions, all experienced an increase.

Bank Indonesia (BI) reported that the nominal value of digital banking transactions reached Rp5,103.03 trillion in February 2024, growing by 19.72 percent year on year (yoy), supported by secure, smooth, and reliable payment systems.

"While the nominal value of Electronic Money transactions increased by 44.24 percent (yoy) to reach Rp80.03 trillion," said BI Governor Perry Warjiyo in the Announcement of the Results of the BI Board of Governors Meeting in March 2024 in Jakarta, Wednesday.

Perry stated that the performance of the payment system transactions remains strong. BI-RTGS transactions in February 2024 increased by 8.96 percent (yoy) to reach Rp12,916.42 trillion. BI-FAST transactions grew by 36.45 percent (yoy) to reach Rp478.42 trillion.

The nominal value of QRIS transactions grew by 161.51 percent (yoy), with the number of users reaching 46.98 million and the number of merchants reaching 31.27 million. It was also mentioned that Bank Indonesia, in close synergy with the government and industry, will continue to expand the acceptance of digital payment system digitization and strengthen consumer protection aspects in product innovation through digital literacy campaigns, including through QRIS Explore Indonesia and the expansion of cross-border QRIS.

In addition to consumer protection aspects, Bank Indonesia continues to strengthen the mix of monetary, macroprudential, and payment system policies to maintain stability and support sustainable economic growth, through the following efforts:

  • Stabilization of the Rupiah exchange rate through interventions in the foreign exchange market in spot transactions, Domestic Non-Deliverable Forward (DNDF), and government securities (SBN) in the secondary market;
  • Strengthening of pro-market monetary policy operational strategies for the effectiveness of monetary policy, including the optimization of Bank Indonesia Rupiah Securities (SRBI), Bank Indonesia Foreign Exchange Securities (SVBI), and Bank Indonesia Foreign Exchange Sukuk (SUVBI);
  • Expansion of money market and foreign exchange market deepening through increasing the volume and number of participants in repurchase agreement (repo) transactions;
  • Strengthening transparency policies of the Basic Credit Interest Rates (SBDK) by deepening credit interest rates based on economic sectors (Appendix).





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