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No.24/19/DKom

Broad money (M2) growth accelerated in December 2021. Totalling Rp7,867.1 trillion, M2 growth increased to 13.9% (yoy) in December 2021 from 11.0% (yoy) one month earlier, driven by narrow money^[1] (M1) recorded at 17.9% (yoy) and quasi-money at 9.3% (yoy).

Based on the affecting factors, fiscal expansion and loans disbursed by the banking industry were the main contributors to faster M2 growth in December 2021. Fiscal expansion was reflected by faster growth of net claims on central government, reaching 37.7% (yoy) in December 2021 from 30.4% in November 2021, while loans disbursed^[2] by the banking industry increased to 4.9% (yoy) from 4.4% (yoy) in November 2021.

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

^[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