Jakarta: Broad money (M2), as a measure of liquidity in the economy, maintained positive growth in January 2021 despite decelerating on the previous period, according to Bank Indonesia (BI).
Totalling Rp6,761.0 trillion, M2 growth moderated to 11.8% (yoy) from 12.4% (yoy) the month earlier, held back by quasi-money, which slowed from 10.5% (yoy) in December 2020 to 9.7% (yoy) in January 2021 on term deposits.
"On the other hand, M1 growth in January 2021 continued to accelerate, reaching 18.7% (yoy) from 18.5% (yoy)," said BI Communication Department Head Erwin Haryono in a press release on Tuesday.
Based on the affecting factors, moderation of net claims on the central government was the main drag on M2 growth in January 2021, as reflected by slower growth of net claims on the central government from 66.9% (yoy) to 54.8% (yoy) in the reporting period.
Meanwhile outstanding loans[1] disbursed by the banking industry in January 2021 recorded a shallower -2.1% (yoy) contraction compared with -2.7% (yoy) in December 2020.
On the other hand, Net Foreign Assets (NFA) accelerated to 14.9% (yoy) in January 2021 from 13.6% (yoy) in December 2020.
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