Indonesia's money supply in November recorded at 483.7 bln USD
Source: Xinhua | 2020-12-31
Indonesia's economic liquidity or money supply in a broad sense (M2) in November 2020 was recorded at 6,817.5 trillion rupiahs (about 483.7 billion U.S. dollars), or grew by 12.2 percent year on year (yoy), relatively stable compared to the previous month's growth of 12.5 percent.
"The economic liquidity or money supply in a broad sense (M2) remains high in November 2020, supported by the narrow money supply component (M1) and quasi money," Executive Director of the Communication Department of central bank Bank Indonesia Erwin Haryono said here Wednesday.
Erwin explained that this development was driven by M1 growth which slowed to 15.8 percent in November yoy from 18.5 percent in October, in line with the slowing money circulation and rupiah giro deposits.
Meanwhile, the growth of quasi money has increased, from 10.7 percent yoy in October to 11.1 percent in November, Haryono said in his report as quoted by Antara news agency.
Based on the influencing factors, the M2 growth in November 2020 was driven by an increase in net domestic assets amid a slowdown in net foreign assets, he added.
The net domestic assets grew by 12.9 percent yoy in November 2020, higher than the growth in the previous month of 12.0 percent yoy, he said, adding that this development was driven by the increase in other net growth, particularly the purchase of state securities by Bank Indonesia, and the continued high growth in government financial expansion.
Meanwhile, the credit growth in November 2020 contracted 1.7 percent yoy from October's 0.9 percent in line with the weak demand, he noted.
On the other hand, the net foreign assets grew by 10.3 percent yoy in November, lower than the 13.9 percent growth in October.
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