Jakarta: Broad money (M2) as a measure of liquidity in the economy, recorded faster growth in April 2021 on a seasonal spike in demand during Ramadan and the approach to Eid-ul-Fitr, according to Bank Indonesia (BI).
Totalling Rp6,957.3 trillion in April 2021, M2 growth accelerated to 11.5% (yoy) in the reporting period from 6.9% (yoy) one month earlier given broad-based gains across all components, namely narrow money (M1), quasi-money and securities other than shares.
M1 growth stood at 17.4% (yoy) in April 2021, up from 10.8% (yoy) in the previous period, while growth of quasi-money increased to 9.7% (yoy) in April 2021 from 5.9% (yoy) in March 2021.
Based on the affecting factors, the main M2 growth drivers in April 2021 were Net Foreign Assets (NFA), net claims on the central government and credit growth.
"NFA growth in April 2021 increased to 10.7% (yoy) from 7.9% (yoy) in March 2021," said BI Communication Department Head Erwin Haryono in a press release on Friday.
Similarly, net claims on the central government accelerated from 42.0% (yoy) to 45.0% (yoy) in April 2021 and outstanding loans disbursed by the banking industry in April 2021 experienced a shallower -2.4% (yoy) contraction compared with -3.7% (yoy) in March 2021.
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