Bank of Indonesia Will Provide Change Money to Support One Price Fuel Program

Cheap energy, in this case fuel energy, is considered one of the primary determiner of price fluctuation. Indonesia under the administration of President Jokowi has been pushing forward the goal to achieve energy self-sufficiency. Under the One Fuel Price Program, Indonesia is working on the realization of cheap uniform fuel price anywhere in Indonesia. This goal of course needs a lot of measures and parties involved in many sectors. Therefore, Bank of Indonesia has taken their part in supporting the program by distributing change money in all area in Papua, including Pegunungan Tengah.

Bank of Indonesia made this program to provide easy transaction for fuel in Papua. For example, if they want to buy 1 liter of fuel oil, the gas station will be able to give the exact change for the transaction. Bank of Indonesia will distribute coin and paper money from 20,000 IDR to 50 IDR in all over Papua.

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The distribution of coin money in Papua is very rare due to the costly goods, hence sellers usually rounded up the price per a thousand IDR. For example, if the price of goods is 6,650 IDR, they usually round it up to 7,000 IDR. Hence, change money is rarely found in the in-lands of Papua.

With the One Fuel Price program, Bank of Indonesia fulfill their commitment to provide the proper monetary instrument. Due to the lower fuel price caused by the one fuel price program, the people need change money of 500 IDR to 50 IDR. Premium fuel price has been determined to be sold at 6,450 IDR/liter in Papua, hence the transaction needs 50 IDR change money.

Bank of Indonesia also provides their program to support the distribution of change money in Papua which is Kas Keliling (Mobile Cash). This program is aimed to make the people’s transaction easier. In 19 regencies of one fuel price target area, Mobile Cash have been implemented in 2 regencies, which are Boven Digoel Regency and Yahukimo Regency. While the rest of the 17 regencies will soon have Mobile Cash from November to the end of 2016.

The amount of money already being distributed is 15.191.500.000 IDR; with the nominal break down of 20,000 IDR in the amount of 7,2000,000 IDR, 10,000 IDR in the amount of 4,400,000,000 IDR, 5,000 IDR in the amount of 2,200,000,000, 2,000 IDR in the amount of 880,000,000 IDR, 1,000 IDR in the amount of 440,000,000 IDR, 500 IDR in the amount of 27,500,000 IDR, 200 IDR in the amount of 22,000,000 IDR, 100 IDR i9n the amount of 11,000,000 IDR, 50 IDR in the amount of 11.000.000 IDR.

The money is being distributed in 15 regencies which are Memberamo raya, Memberamo tengah, Intan Jaya, Puncak Jaya, Nduga, Puncak, Tolikara, Lanny Jaya, Yalimo, Boven Digoel, Pania, Dogiyai, Deiyai, Pengunungan Bintang, dan Yapen; with the average of 763,250000 IDR per regencies. While Mappi Regency and Asmat Regency each receive 1,126,750,000 IDR.

Aiming for energy self sufficiency while keeping the energy price low is a monumental task for a country. It needs a lot of parties that fully supports the measures toward this goal. Bank of Indonesia shall be appreciated for their commitment to support one fuel price program. Hopefully Papua will have a more well maintained and easier cheap fuel distribution and transaction.


 

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