Covid-19 or not! Indonesia's money supply grows to over US$480bil in January; virus total now almost 1.3 million

A health official conducts a mass vaccination for police personnel at the police headquarters in Surabaya on Tuesday (Feb 23, 2021), as part the country's efforts against the coronavirus pandemic. - AFP

JAKARTA, Feb. 23 (Xinhua): Indonesia's economic liquidity or money supply (M2) in January 2021 amounted to 6,761.0 trillion rupiahs (US$480.2 billion) up 11.8 percent year-on-year, an official said.

Based on its component, the M2 growth was driven by quasi money, which grew by 9.7 per cent year-on-year, lower than the 10.5-per cent growth in December last year, particularly for time deposits, Erwin Haryono, executive director of the Communication Department at the Bank Indonesia, said in a statement on Tuesday.

The money supply in the narrow sense (M1) grew by 18.7 per cent year-on-year in January 2021, up from 18.5 percent in the previous month, Haryono said.

Based on its affecting factors, the slowdown in M2 growth in January 2021 was influenced by a slowdown in net claims to the central government, he explained.

In January 2021, the growth in net receivables to the government was 54.8 per cent year-on-year, down from the previous month's achievement of 66.9 per cent, he added.

Meanwhile, the credit growth in January 2021 improved, he said, adding that this improvement was reflected in credit growth which contracted by 2.1 per cent year-on-year, easing from the contraction of 2.7 per cent in December.

He also pointed out that the growth in net foreign assets in January 2021 was 14.9 per cent, higher than that in December 2020 of 13.6 per cent.

Meanwhile, the Covid-19 cases in Indonesia rose by 9,775 within one day to 1,298,608, with the death toll adding by 323 to 35,014, the health ministry said on Tuesday.

According to the ministry, 7,996 more people were discharged from hospitals, bringing the total number of recovered patients to 1,104,990.

The virus has spread to all the country's 34 provinces.

Specifically, within the past 24 hours, West Java recorded 4,334 new cases, Central Java 827, Jakarta 782, East Java 546 and South Sulawesi 506. - Xinhua
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