Growing 7.4 Percent, Money in Circulation to be Rp8,970.8 Trillion in July 2024

Jakarta – Bank Indonesia (BI) noted that economic liquidity or money in circulation in a broad sense (M2) was recorded at IDR 8,970.8 trillion as of July 2024. This figure grew 7.4 percent on an annual basis or year on year (yoy).

Assistant Governor of the BI Communication Department Erwin Haryono said the growth in broad money was driven by the growth of narrow money (M1) by 6.3 percent yoy and quasi money by 7.2 percent yoy.

“This development was driven by the growth of narrow money supply (M1) of 6.3 percent (yoy) and quasi money of 7.2 percent (yoy),” explained Erwin Haryono in a press statement quoted on Friday, August 23, 2024.

He further explained that the development of money supply in July 2024 was mainly influenced by developments in lending and net bills to the central government.

Especially for lending in July 2024 grew by 11.6 percent yoy. This increased compared to the previous month’s growth of 11.4 percent yoy.

Meanwhile, net bills to the central government grew by 15.8 percent yoy. This net bill was higher than the growth in June 2024 which amounted to 14.1 percent yoy.

“Meanwhile, net foreign assets contracted by 0.1 percent yoy, after growing by 3.1 percent yoy in June 2024,” he concluded. (*)