The Need for Cash in Bali Reaches IDR 2.18 Trillion During the Christmas and New Year Holidays

International Tourists Enjoying Sunset in Bali

The Christmas and New Year holidays are coming soon. Local and foreign tourists are predicted to flock to Bali. The need for cash is also projected to increase sharply.

The Bank Indonesia Bali Representative Office projects that the need for cash at Nataru will reach IDR 2.18 trillion, an increase of 4 percent compared to Nataru 2021, where cash circulation in Bali is IDR 2.11 trillion.

Head of BI Bali Representative, Trisno Nugroho explained that BI had prepared cash to meet the needs of the people’s demand ahead of the holidays.

“To anticipate the need for cash, we will continue to provide cash in amounts and denominations according to the needs of the community, which is IDR 4,151 billion or twice the needs of the community,” Trisno explained in a press release, Tuesday (6/12/2022).

Many people will take cash a week before Christmas to make transactions to fulfill various Christmas and New Year preparations, including for traveling during the Christmas holidays.

Trisno also appealed to the public to pay attention to the authenticity of cash to avoid the widespread circulation of counterfeit money during the holiday season.

Demand for public cash from Bank Indonesia through banks throughout 2022 or from January to November increased 19 percent to IDR 10.2 trillion. Higher than the same period in 2021, which was valued at IDR 8.6 trillion.

According to Trisno, the increase in cash circulation in 2022 will be driven by the implementation of the G20 Summit, which will increase the economic activity of the Balinese people.

“In addition, the amount of money deposited by the public to Bank Indonesia in Bali Province through banking (inflow) has decreased by 7 percent, from IDR 9.3 trillion to IDR 8.7 trillion,” said Trisno.

Furthermore, the Coordinating Minister for Maritime Affairs and Investment (Menkomarves) Luhut Binsar Pandjaitan predicts that hotel occupancy in Bali will increase by more than 70 percent during the 2022 Christmas and 2023 New Year holidays.

The increase in occupancy, said Luhut, can be seen from the density (traffic) of passengers at I Gusti Ngurah Rai International Airport, Badung, Bali.

“Yesterday I asked the same thing, aircraft traffic taking off and landing has also started to increase,” Luhut Binsar told reporters in Nusa Dua, Badung, Monday (5/12/2022).

So according to him, with an increase in aircraft traffic at the airport, his party predicts it will have an impact on hotel occupancy rates in Bali ahead of the upcoming Nataru holiday.

“For hotels, our prediction when Nataru is in Bali will be more than 70 percent,” said Luhut.