Bank Indonesia Records that a Money Circulation in Papua Increases by Rp600 Billion

goodmorningpapua.com – A Head of Bank Indonesia Representative, Naek Tigor Sinaga said, in August and September 2021, the money supply was Rp. 1.8 trillion, experiencing a growth of 50 percent or Rp. 600 billion compared to 2020, which was Rp. 1.2 trillion.

His party estimates that the money supply will increase based on the outflow of money from Bank Indonesia Papua due to the 2021 XX Papua National Sports Week (PON).

“We estimate that the increase is due to the need for PON XX because in previous years, the increase in money supply occurred only before religious holidays,” said Naek, in Jayapura City, Monday (18/10/2021).

In accord with with the increase in money supply, Papua’s economy will also experience significant growth until the end of 2021 compared to 2020.

Naek said that until the second quarter of 2021, Papua’s economic growth was recorded at 13 percent with the mining sector.

“The good news is that the non-mining sector also grew positively this year, this shows the existence of community economic activity, including in the construction sector, air and sea transportation, accommodation,” he explained.

In total outflows, from January to September 2021, amounted to Rp. 6.4 trillion. By the end of the year, Bank Indonesia estimates the total outflows to be Rp. 12 trillion.

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In 2020, the total outflow was recorded at Rp12 trillion, a decrease of Rp1 trillion compared to 2019 which was recorded at Rp13 trillion. The outbreak of the corona virus disease or Covid-19 last year caused the total outflow of money to decrease.

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