BI: Money Circulating Reaches IDR 8,739.6 Trillion During The 2024 Presidential Election

Rupiah illustration (Photo: dock. Antara)

JAKARTA - Bank Indonesia (BI) reported that economic liquidity or money circulated in a broad sense (M2) in February 2024 grew positively. M2's position in February 2024 was recorded at IDR 8,739.6 trillion or grew 5.3 percent year on year (yoy).

BI Assistant Governor Erwin Haryono said the figure was relatively stable compared to the previous month's growth of 5.4 percent (yoy). This development was driven by the narrow circulation of money (M1) of 5.2 percent (yoy) and quasi money of 5.3 percent (yoy).

"The development of M2 in February 2024 is mainly influenced by the development of lending," he explained in his official statement, Friday, March 22, 2024.

Erwin explained that credit disbursement in February 2024 grew by 11.0 percent (yoy), relatively well compared to the previous month's growth of 11.5 percent (yoy).

Net foreign assets grew by 2.3 percent (yoy), after growing by 4.8 percent (yoy) in the previous month.

Meanwhile, net bills to the Central Government (Pempus) contracted by 1.0 percent (yoy), after growing by 1.9 percent (yoy) in January 2024.