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Communication Department​

11/30/2021 10:00 AM
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Money Supply Growth Accelerates in October 2021

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As a measure of liquidity in the economy, broad money (M2) growth accelerated faster in October 2021. Totalling Rp7,490.7 trillion, M2 growth accelerated to 10.4% (yoy) in the reporting period from 8.2% (yoy) one month earlier, primarily driven by 14.6% (yoy) growth of narrow money (M1)[1] and 6.0% (yoy) growth of quasi-money.

Based on the affecting factors, Net Foreign Assets (NFA) and Net Domestic Assets (NDA) were the main contributors to faster M2 growth in October 2021. NFA growth increased to 5.7% (yoy) from 5.0% (yoy) in September 2021, while NDA growth ticked upwards to 12.1% (yoy) from 9.3% (yoy) in the reporting period in line with faster growth of net claims on the central government and outstanding loans disbursed by the banking industry. Net claims on the central government increased from 16.1% (yoy) in September 2021 to 30.4% (yoy) in October 2021, while disbursed loans[2] grew 3.0% (yoy), up from 2.1% (yoy) the month earlier.

More information and statistics concerning money supply as well as relevant analyses are accessible via the link.     


Jakarta, 30th November 2021

Head of Communication Department

Erwin Haryono

Executive Director

Information about Bank Indonesia

Tel. 021-131, Email:


[1] Since the September 2021 position, M1 comprises currency outside banks (COB), rupiah demand deposits and transferable rupiah savings deposits.  Further explanation concerning the recent reclassification is available in Broad Money and Affecting Factors, August 2021.

[2] Disbursed loans are limited to loans and exclude loan-type financial instruments, such as debt securities, banker’s acceptances and repo claims. In addition, disbursed loans also exclude loans disbursed by offshore branches of locally incorporated commercial banks as well as loans allocated to the central government and non-residents.


​Contact Center BICARA : (62 21) 131
E-mail :
Working hours: Monday to Friday, 08.00-16.00 West Indonesia Time

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