“A slower growth was apparent in most of the components of narrow money (M1) and quasi-money,” BI’s Communication Department Head, Erwin Haryono, noted in a press release here on Tuesday.
Throughout May 2021, M1 rose 12.6 percent yoy, or lower as compared to 17.4 percent yoy by April 2021.
Quasi-money also recorded sluggish growth, from 9.7 percent yoy in the corresponding month to 6.8 percent yoy by May 2021.
The lower growth in M2 throughout May 2021 was driven by a slowdown in net foreign assets.
The net foreign assets grew 6.4 percent, or lesser than 10.7 percent yoy by April 2021.
Meanwhile, net bills to the central government surged 61.4 percent yoy, or higher than 45 percent yoy by the corresponding month.
In addition, the credit limited to loans and not included to the financial instrument equivalent to loans grew minus 1.3 percent yoy.
The credit recorded a contraction, although it continued to improve as compared to the growth in April and March, respectively at minus 3.7 percent yoy and minus 2.4 percent yoy.