Money Maker
    Category: SOEs By : Ulisari Eslita Read : 168 Date : Tuesday, May 01, 2018 - 15:05:35

    Toto Santiko Budi for Forbes Indonesia

    Despite recent talk of a “cashless society” and rising e-commerce, the reality remains that money for most Indonesians is old-fashioned paper notes and coins. That’s good news for the state-owned money printer Perum Peruri. In total, the number of banknotes in circulation at year-end 2017 was up 13% from the previous year, with Perum Peruri printing 11 billion banknotes and minting 2.3 billion coins last year. The strong growth was due, in part, because the government introduced a new design on its bills and coins in 2016.

    “The steady performance last year was affected by the carry-over production of the new banknotes and coins in 2016, which was the busiest period Peruri ever had,” says Perum Peruri President Director Dwina Septiani Wijaya. While a private SOE, Perum Peruri releases its financial figures—last year, revenues rose 44% to Rp 3.48 trillion while profits jumped 162% to Rp 362.8 billion.

    Founded back in 1971, Perum Peruri is mandated by the law to manufacture banknotes and coins, as well as valuable security documents such as passports (and other immigration documents), tax bands (to verify cigarettes and alcohol drinks), land documents, stamps, security seals (including certificates, academic transcripts, and bank documents), and marine transportation documents. The company is formally known Perusahaan Umum Percetakan Uang Republik Indonesia—loosely translated as the money printer of Indonesia.

    However, since 2016, Perum Peruri has expanded its vision beyond banknotes and coins. “We want to be a global player in security printing and systems. I would say we are now beyond printing. Perum Peruri can provide security systems to guarantee the authenticity of a valuable product or document,” says Dwina. For example, Perum Peruri is now making packaging for medicines produced by Kimia Farma, the state’s pharmaceutical company, to prevent the sale of counterfeit drugs, as well as for education certificates, again to prevent counterfeiting.

    The security in banknotes is another example. The revised banknotes released since 2016 have enhanced security features—each note has between nine to 12 security features in them, some invisible to the naked eye. The highest note, the Rp 100,000 bill, has 12 security elements, including special colors, ultraviolent marks, watermarks and security threads. “The need and opportunity for security is always there and still developing,” says Dwina.

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