Indonesia to spend over 16 billion USD on festive events, elections in 2024
The central bank of Indonesia (BI) on January 18 announced that it has allocated funds amounting to 260 trillion IDR (16.63 billion USD) ahead of major celebrations, including the 2024 elections, Ramadan, and Eid al-Fitr 2024.
Jakarta (VNA) – The central bank of Indonesia (BI) onJanuary 18 announced that it has allocated funds amounting to 260 trillion IDR (16.63 billion USD) ahead of major celebrations, including the 2024 elections,Ramadan, and Eid al-Fitr 2024.
Deputy Governor of Bank Indonesia Doni Primato Joewono said thatthe amount is 35% larger than the funds allocated for Ramadan and Eid al-Fitr2023.
In the first four months of this year, there are three significant events in Indonesia, namely the elections,Ramadan and Eid. Funding for them can be 35% higher than that of last year dueto inflation and hiking prices.
Employers usually give their employees a yearly bonusabout a week before Eid, which will liely fall on April 9. A month before Eidor during Ramadan, Indonesians are expected to spend more, increasing thedemand for money and domestic consumption.
According to Joewono, Indonesian people tend to withdrawmoney from banks ahead celebrations. Notably, cash withdrawals during the 2023end-of-year holiday season amounted to 130 trillion IDR, reflecting a 10.7%surge compared to the preceding year.
In the same period, the total value of digital bankingtransactions amounted to 58,478.24 trillion IDR, exhibiting a 13.48%year-on-year growth. Projections i🅰ndicate a furthe🃏r 9.11% year-on-yearincrease to 63,803.77 trillion IDR in 2024./.
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Illustrative photo (Photo: Investor Daily) 
