Mon, 01 Aug 1994

More people go to pawnshops: Report

Since the second week of last month, the amount of collateral left at the state-run pawn shops in the capital has increased substantially.

Supatmoko, the head of the Senen, Central Jakarta, branch of the state-owned pawn shop, Central Jakarta, said over the weekend that during the last month, the amount of credit disbursed totaled Rp 650 million, with more than 2,500 items pawned. The figure for funds disbursed was up 18 percent from May.

Supatmoko said the trend is common during the beginning of a school year because many parents are in need of hard cash for paying their children's school fees and other school-related expenses.

Mukhsin Effendi, the head of the state Pawn Shop, the Penggilingan Branch, East Jakarta, said that he noted an increase in the number of people visiting his office over the past few weeks.

During last month, Effendi said, his office accepted pawned items valued at Rp 150 million, up 20 percent from May.

Effendi predicted the trend would continue until September.

Ali Asikin, the head of the Tanjung Duren, West Jakarta, pawn shop said the amount of credit his office extended last month totaled Rp 219 million, up 36 percent from May. (arf)