Payment System Annual Report 2005 : "Bank Indonesia Continues to Improve Payment System Infrastructure" - Bank Sentral Republik Indonesia
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September 18, 2019

Bank Indonesia continues to improve payment system infrastructure in line with rapid development in the global payment system. Improvements include aspects of regulation, technology and human resources. “Bank Indonesia is fully aware that the payment system is critical in supporting the continuity of fund transfers in the economy” stated Bank Indonesia Deputy Governor, R. Maulana Ibrahim, when introducing the Payment System Annual Report for 2005, released recently.

 

R. Maulana Ibrahim also acknowledged that efficient fund transmission in the economy constitutes one successful factor in creating financial system stability and boosting monetary policy effectiveness. Bank Indonesia is very aware that any growth in the economic cycle requires the support of a fast, secure, efficient and reliable payment system. To this end and to support national economic development, Bank Indonesia policy focuses on three pillars.

The three pillars include: i) efforts to meet the public requirement for currency, including ensuring the money is fit for circulation, of sufficient value and appropriate denomination and on-time as well as efforts to combat the spread of counterfeit money; ii) efforts to ensure secure, reliable and efficient money supply; and iii) efforts to support premium cash services by improving the services offered to external stakeholders.

R. Maulana Ibrahim admitted that even amidst all the efforts undertaken by Bank Indonesia to improve the national payment system, several crucial issues remain, which require consideration and must be dealt with intensively. For example, there are still cases of counterfeit money in the cash payment system. Bank Indonesia also recognizes the limitation of money supply to remote and border areas. Furthermore, the importance of money distribution management in the banking system has been noted. “Bank Indonesia is striving to resolve these problems” stated BI Deputy Governor, R. Maulana Ibrahim. (***)

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