The Amount Of Money Circulating Skyrockets During Eid, BI Says The Amount Is IDR 8,350.4 Trillion

Illustration (Photo: Doc. Antara)

JAKARTA - Bank Indonesia (BI) reported that the amount of money in circulation in a broad sense (M2) in April 2023 was recorded at IDR 8,350.4 trillion.

Head of the BI Communications Department Erwin Haryono said the number grew 5.5 percent on an annual basis or year on year (yoy).

"The previous month (March 2023) the amount of money circulating also grew by 6.2 percent yoy," he said in a written statement on Monday, May 29.

According to Erwin, this development was mainly driven by the growth of money in circulation in a narrow sense (M1) of 3.4 percent year on year.

VOI noted that the amount of money circulated in the April period which coincided with Lebaran was much higher than March which amounted to IDR 8,293.6 trillion.

Furthermore, credit disbursement in April 2023 grew by 8.0 percent yoy. This level is more landau after growing 9.8 percent in the previous month in line with the development of productive and consumptive loans.

"The development of M2 in April 2023 was also influenced by the development of credit disbursement," he said.

Erwin explained, on the other hand, net foreign assets grew by 11.0 percent yoy, after the previous month grew 9.9 percent.

Meanwhile, net bills to the central government (Pempus) contracted by 25.3 percent yoy, after contracting by 25.7 percent in March 2023.