Money Supply Growth Slows In February 2024, Here Are The Components

JAKARTA - Bank Indonesia reported that the money in circulation grew positively in February 2024. Based on the BI report, the position of money in circulation in a broad sense (M2) in February 2024 was recorded at IDR 8,739.6 trillion, or grew 5.3 percent year on year (yoy) lower than the previous month of 5.4 percent (yoy).

BI Assistant Governor Erwin Haryono said the development of M2 was mainly driven by the narrow circulation of money (M1) and quasi money. The M1 component with a share of 54.8 percent of M2, or grew 5.2 percent (yoy) in February 2024, setela grew 4.9 percent (yoy) in the previous month.

"The development of the M1 is mainly due to the development of Kartal Money outside the General Bank and BPR, as well as Rupiah Savings which can be withdrawn at any time," he said in his report, Friday, March 22, 2024.

Meanwhile, the money circulating in the community in February 2024 amounted to IDR 911.7 trillion, or grew 12 percent (yoy), after growing 10.3 percent (yoy) in January 2024.

Meanwhile, Rupiah savings that can be withdrawn at any time with a share of 46.6 pet on M1, were recorded at IDR 2,235.1 trillion in February 2024, or grew 3.9 percent (yoy) after the previous month grew 3.8 percent (yoy).

Furthermore, Giro Rupiah was recorded at Rp1,644.8 trillion, or grew 3.5 percent (yoy), after growing by 3.6 percent (yoy) in the previous month.

Then in February 2024, the quasi money with a share of 44.8 percent of M2, was recorded at IDR 3,917.7 trillion or grew 5.3 percent (yoy), after growing 6.1 percent (yoy) in January 2024.

The growth of quasi money was contributed by futures deposits which grew 5.3 percent (yoy) in the month of the report, after growing 5.8 percent (yoy) in January 2024, as well as by gold currency which grew by 8 percent (yoy).

In addition, other savings contracted by 0.8 percent (yoy) after contracting by 1.3 percent (yoy) in the previous month.