Bank Indonesia (BI) has prepared the exchange of money amounting to IDR 195 trillion for the Ramadan and Eid al-Fitr period in 2023. As of April 9, 2023, BI has realized around IDR 85 trillion or 44% of the target for cash exchange prepared. In this regard, Chief Economist of PT Bank Syariah Indonesia (BSI), Banjaran Surya, stated that the increase in mudik (hometown visit) activities this year will have a significant impact on the regional economy. The biggest factor is the circulation of money in the region due to mudik activities.

Meanwhile, Banjaran also conveyed that inflation control and people's purchasing power ahead of Ramadan were well maintained. He estimated that economic activity and people's purchasing power would increase during Ramadan. In addition, the manufacturing and retail sales activities also increased during March 2023. The manufacturing PMI increased from a level of 51.3 to 51.9, which is still above the optimistic threshold.

Banjaran also said that the Tunjangan Hari Raya (THR) would also increase people's purchasing power. Moreover, retail sales in March 2023 grew by 4.8% YoY, up from only 0.6% YoY in February 2023. "In line with this, Bank Indonesia's consumer survey also shows an increase in consumer optimism towards the economic conditions. The transportation and logistics sectors are also projected to grow during Ramadan 2023, supported by an increase in people's mobility," he said.
Source:
https://nasional.kontan.co.id/news/peningkatan-aktivitas-mudik-berdampak-baik-bagi-perekonomian-daerah