Broad Money Growth Accelerated in July 2020 - Bank Sentral Republik Indonesia
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October 02, 2020

Broad money (M2) growth accelerated in July 2020 on the back of narrow money (M1) and quasi-money. Totalling Rp6,567.7 trillion, M2 growth improved to 10.5% (yoy) in July 2020 from 8.2% (yoy) one month earlier. M1 growth increased from 8.2% (yoy) in June 2020 to 13.1% (yoy) in the reporting period as a result of Currency Outside Banks (COB) and rupiah demand deposits. Quasi-money growth ticked upwards from 8.1% (yoy) in June 2020 to 9.7% (yoy) in the reporting period. Meanwhile, securities other than shares experienced significant moderation from 31.4% (yoy) to 4.9% (yoy) in July 2020.

Based on the affecting factors, Net Foreign Assets (NFA) edged up M2 growth in July 2020. NFA growth soared to 17.6% (yoy) in July 2020 from 12.1% (yoy) the month earlier. The banking industry reported stable growth of outstanding loans in July 2020 at 1.0% (yoy). Meanwhile, the Government expanded fiscal operations albeit at a slower pace, as reflected by slower growth of net claims on the central government from 43.0% (yoy) in June 2020 to 40.8% (yoy) in July 2020.

Complete information and statistics concerning money supply as well as relevant analyses are available here

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Onny Widjanarko
Executive Director 
Information on Bank Indonesia
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