Broad Money Growth Accelerated in August: BI

    Wahyu Dwi Anggoro - 08 Oktober 2020 11:47 WIB
    Broad Money Growth Accelerated in August: BI
    Illustration ( Rizal)
    Jakarta: Broad money (M2) growth accelerated in August 2020 on the back of M1 and quasi-money, according to Bank Indonesia (BI).

    "Totalling Rp6,726.1 trillion, M2 growth increased to 13.3 percent (yoy) in August 2020 after improving to 10.5 percent (yoy) in July 2020," said BI Communication Department Head Onny Widjanarko in a media release on Thursday.

    Meanwhile, M1 growth expanded from 13.1 percent (yoy) in July 2020 to 19.3 percent (yoy) in the reporting period on the back of rupiah demand deposits. 

    In addition, quasi-money growth ticked upwards from 9.7 percent (yoy) in July 2020 to 11.5 percent (yoy) in the reporting period. 

    Nevertheless, securities other than shares slipped into negative growth from 4.9 percent (yoy) in July 2020 to -18.7 percent (yoy) in August 2020.

    Based on the affecting factors, the main driver of faster M2 growth in August 2020 was fiscal expansion by the Indonesian Government, as reflected by a surge of net claims on the central government from 40.8 percent (yoy) in July 2020 to 65.1 percent (yoy) in August 2020. 

    Meanwhile, Net Foreign Assets (NFA) experienced slower 13.8 percent (yoy) growth in August 2020 compared with 17.6 percent (yoy) in July 2020. 

    In addition, the banking industry reported weaker growth of outstanding loans in the reporting period at 0.6 percent (yoy), down from 1.0 percent (yoy) in July 2020.


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