Broad Money Growth Accelerated again in February 2020 - Bank Sentral Republik Indonesia
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June 01, 2020

Broad money, as a measure of liquidity in the economy, achieved another period of faster growth in February 2020. Totalling Rp6,116.5 trillion in February 2020, M2 growth accelerated to 7.9% (yoy) from 7.1% (yoy) the month earlier, boosted by all components, namely narrow money (M1), quasi-money and securities other than shares. M1 growth increased from 7.9% (yoy) in January 2020 to 8.6% (yoy) in the reporting period. Furthermore, growth of quasi-money improved from 6.8% (yoy) in January 2020 to 7.5% (yoy). Mirroring that trend, securities other than shares grew 34.7% (yoy) in the reporting period, up from 31.8% (yoy) in January 2020.

Based on the affecting factors, expansive fiscal operations prompted the M2 gain in February 2020, as reflected by a significant increase in net claims on the central government to 11.9% (yoy) from just 1.8% (yoy) one month earlier. Meanwhile, growth of outstanding loans disbursed by the banking industry continued to trend lower, namely from 5.7% (yoy) in January 2020 to 5.5% (yoy). On the other hand, Net Foreign Assets (NFA) posted stable 9.9% (yoy) growth in February 2020.

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



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