Money Changer Transaction Value in Bali Increases by 161.25%

rupiah and us dollar
rupiah and us dollar

The value of money changer transactions in Bali throughout 2022 reached Rp4.39 trillion, an increase of 161.25 percent compared to the same period in 2021. This was conveyed by the Bank Indonesia Bali Representative Office.

The average transaction value at money changers in one month reached Rp627 billion, a far increase compared to the average transaction in 2021 which was only Rp240 billion per month. This increase in transaction value occurred in line with the increasing number of foreign tourists to Bali.

Currently, 532 money changers have officially operated with 103 money changers headquartered in Bali and 429 money changer branch offices.

The Head of BI Bali Representative, Trisno Nugroho explained that with the increase in transactions at money changers, it is necessary to watch out for the emergence of illegal money changers in tourist destinations such as Kuta, Canggu, Seminyak to Ubud.

Unlicensed money changers have the potential to commit fraud and are used for money laundering and terrorism financing. This of course can tarnish the image of Bali tourism.

Bank Indonesia and joint officers from Satpol PP, Desa Adat intensely monitor illegal money changers. Illegal money changers found during the operation were immediately closed to provide a deterrent effect.

“We see that the moves made in Kuta, Legian, Seminyak, Canggu, and Ubud are starting to have a deterrent effect on unlicensed money changers,” Trisno explained in a press release, Thursday (27/10/2022).

According to Trisno, Bank Indonesia is also intensely educating tourists to transact or exchange their money at official money changer offices. In addition, education is also given to tourism actors, traditional villages, and Satpol PP to create a common understanding and perception of the dangers of illegal money changers if allowed to operate.

In addition, to improve digital services in the operation of money changers, BI Bali is working with the Bali Foreign Exchange Affiliate (APVA) to develop a foreign exchange application. This application provides location information and exchange rates from licensed money changers in the Bali area.