Bank Indonesia Reports Increase in Third-Party Funds Collection

Indonesia Rupiah

The Indonesian Central Bank (BI) has reported an increase in the collection of third-party funds (DPK) in February 2023 to IDR 7,775.7 trillion or a growth of 9.1% compared to the previous month’s 8.5%.

BI stated in its 2023 money circulation report (M2) on Thursday (24/3/2023) that “The development of third-party funds is mainly influenced by corporate and individual DPK.”

BI has noted that corporate savings funds increased by 17.9% to IDR 218.8 trillion in February 2023, while long-term individual savings grew by 5.2% to IDR 1,412.5 trillion. However, public savings were recorded to have slowed down, growing only by 3.9% compared to the previous month’s 4.6%, amounting to IDR 2,289.4 trillion.

In addition, BI has recorded that term deposits grew by 5.5% annually in February 2023, an increase from January’s 3.3%. This increase is in line with the development of term deposit interest rates. On the other hand, savings grew by 5.1%, slowing down from the previous month’s 5.6%. Current account products grew by 19.1%, lower than January 2023’s 19.6%. BI has also noted that bank lending grew positively.

“Bank lending in February 2023 amounted to IDR 6,348 trillion or a growth of 10.4% from January 2023,” BI’s records show. According to BI, the development of credit disbursement mainly occurred in the corporate debtor group, which grew 11% as of February 2023.

Based on the type of use, the growth of credit disbursement in February 2023 was mainly due to the development of investment credit and consumer credit.

As previously stated, The national economic recovery after the Covid-19 pandemic is actually going very well. However, President Joko Widodo (Jokowi) continues to ask the public to shop. This is an effort to boost the national economy.

He asked local governments (pemda) should facilitate this. Jokowi gave an example of tourism. Now is the right time in the morning, the local government is aggressively promoting its tourist sites, inviting people to come and shop.

“Repair and promote what is called tourism in villages in the regions, promote it so that people come to that place to spend their money, also encourage MSMEs to sell there so that people spend as much as possible,” said Jokowi while giving a briefing to the Association of Provincial Governments All Indonesia (APPSI) in Balikpapan, Thursday (23/2/2023)