The target of 12 million merchants (Table 41) connected to QRIS was achieved on 1st November 2021. Furthermore, QRIS, which operates in 34 provinces and 480 regencies/cities, is used by 88% of micro and small businesses, and is operated by 68 payment service providers, both banks and nonbank institutions.
4  See Ben S. Bernanke (2005), “The Global Saving Glut and the U.S. Current Account Deficit,” Sandridge Lecture delivered at a meeting of the Virginia Association of Economics, Richmond, Va., March 10, www.federalreserve.gov/boarddocs/speeches/2005/default.htm. BIS Review 23/2007  1  three decades, often dubbed the “Great Moderation,” may well have trimmed real term premiums relative to their past levels.