Nancy Yunia Manik, Siti Rohima, Alghifar Mahdi Igamo, Hamira Hamira


This study analyzes the impact of electronic money, GDP and inflation on the demand for banknotes in Indonesia. Since 2014, Bank Indonesia has introduced the National Non-Cash Movement (GNNT) with the aim of reducing currency circulation and adapting the payment system in Indonesia to digital technology. Although GNNT has been implemented in the long run, physical currency is still widely used in everyday transactions. The data used in this study consisted of secondary data processed by time series from 2009 to 2021. This analysis uses the Error Correction Model (ECM) for short-term and long-term evaluation. The results showed a positive correlation between electronic money, GDP and inflation with demand for banknotes in both short-term and long-term scenarios. The policy implications of this study suggest that monetary policy should consider the development of e-money use in society. This is to ensure that changes in demand for electronic money do not disrupt the balance of the money market. In addition, maintaining price stability and ensuring that the supply of goods and services can meet consumer demand can contribute to GDP stability and inflation.


Demand for currency, E-Money, GDP, Inflation, Error Correction Model (ECM

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