BI Reports Money Circulating Reaches IDR 8,363 Trillion In August 2023

Illustration (Photo: Doc. Antara)

JAKARTA - Bank Indonesia (BI) recorded economic liquidity or money supply in a broad sense (M2) in August 2023 amounting to IDR 8,363.2 trillion.

Head of the BI Communication Department Erwin Haryono said the number was 5.9 percent higher than in August 2022 (year on year/yoy) and grew 6.4 percent from the previous month or July 2023 (month to month/mtm).

"Economic liquidity or money circulating in August 2023 grew positively," he said in a written statement on Monday, September 25.

According to Erwin, this development was mainly driven by the growth of quasi money by 8.4 percent (yoy).

"The development of M2 in August 2023 was mainly influenced by the development of lending," he said.

Erwin explained that credit disbursement in August 2023 grew by 8.9 percent (yoy), after growing 8.4 percent (yoy) in July 2023.

"This is in line with the development of productive credit," he added.

On the other hand, net foreign assets grew by 4.7 percent (yoy), after the previous month grew by 9.0 percent (yoy).

"Meanwhile, the net bill to the Central Government (Pempus) was relatively stable in August 2023 compared to the level in the same period the previous year, after contracting by 12.1 percent (yoy) in July 2023," he concluded.