Money Circulating Grows 7.4 Percent Reaches IDR 8,970.8 Trillion In July 2024

Rupiah (Photo: Antara)

JAKARTA - Bank Indonesia (BI) noted that the liquidity of the economy or money supply in a broad sense (M2) in July 2024 has increased.

Assistant Governor of the BI Communication Department Erwin Haryono said that the M2 position in July 2024 was recorded at IDR 8,970.8 trillion or grew by 7.4 percent year on year (yoy), after growing by 7.7 percent (yoy) in the previous month.

"The development was driven by the narrow money supply (M1) growth of 6.3 percent (yoy) and quasi money of 7.2 percent (yoy)," he said in a written statement, Friday, August 23.

Erwin said that the development of M2 in July 2024 was mainly influenced by the development of lending and net bills to the central government.

In addition, credit disbursement in July 2024 grew by 11.6 percent (yoy), an increase compared to the previous month's growth of 11.4 percent (yoy).

Furthermore, net bills to the central government grew by 15.8 percent (yoy), higher than growth in June 2024 of 14.1 percent (yoy).

"Meanwhile, net foreign assets contracted by 0.1 percent (yoy), after growing by 3.1 percent (yoy) in June 2024," he said.