• Wednesday, 22 May 2024

Cash Exchange, Indonesian Eid Al-Fitr Tradition

Cash Exchange, Indonesian Eid Al-Fitr Tradition
Illustration, cash. Photo: Bank of Indonesia

SEAToday.com, Indonesia-In Indonesia, the cash exchange practice is one of the customs observed before Eid al-Fitr. This custom entails converting a large amount of cash, typically worth hundreds to millions of rupiah, into smaller nominal amounts. There are five thousand to twenty thousand rupiahs in this denomination. Giving younger relatives pocket money is the aim of this transaction.

This tradition of exchanging money has been going on for generations, since giving money to younger relatives, especially children, is one of the Eid al-Fitr traditions that everyone is waiting for. This is the one part that makes Eid al-Fitr exciting and cheerful for most Indonesians.

Fractional money exchange can be done in several ways. Exchange to "Cash Makers," or those who are prepared with specific denominations and are typically found by the side of the road, or the safer option can be done at the money exchange set up by the Bank of Indonesia.

Before Eid, the Bank of Indonesia often opens about 1000 money exchange service locations across the country that are affiliated with other banks or non-banking organizations. It is envisaged that new and smaller nominal money exchanges will be available to all Indonesians, no matter where they reside.

The public is also urged by the Bank of Indonesia to exchange currency at authorized locations, which may be run by banks, BI, or other organizations that BI has designated. This is crucial to prevent undesirable outcomes and fake money fraud.

As a result, it's necessary to do a visible, tactile, and illuminating investigation while examining the legitimacy of money. Moreover, BI advises them to always preserve and handle the rupiah appropriately, which includes not folding, crossing out, stapling, kneading, or wetting it, as this will facilitate the process of identifying the authenticity of rupiah notes. (NADHIRAH/DKD)

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