Ahead Of The Year's Close, The Amount Of Money Circulating Rose 9.8 Percent So IDR 8,296.1 Trillion

Illustration (Photo: Doc. Antara)

JAKARTA Bank Indonesia (BI) confirmed that the amount of money circulating in a broad sense (M2) experienced a growth of 9.5 percent year on year (yoy) to Rp8,296.1 trillion.

Head of the BI Communication Department Erwin Haryono said the development was driven by the growth of money in circulation in a narrow sense or M1 of 11.7 percent yoy.

"Economic liquidity or money circulating in November 2022 grew positively," he said in a press statement today, Friday, December 23.

Until last month's score was recorded to be greater than the October 2022 period which was valued at IDR 8,222.2 trillion. At that time, the amount of money in circulation was observed to have increased by 9.8 percent yoy.

Furthermore, Erwin revealed that M2 growth in November 2022 was mainly influenced by the development of lending and net foreign assets.

"Credit distribution in November 2022 grew 10.8 percent year on year, in line with the development of productive credit," he said.

Erwin also explained that net foreign assets also recorded positive growth of 1 percent or an increase compared to the growth in the previous period which contracted by 3.8 percent.

"Meanwhile, the monetary system's net bill to the central government contracted 17.2 percent yoy after contracting 16.8 percent in the previous month," Erwin concluded.