Bank Indonesia Recorded Rp 6.708.3 Trillion in Third-Party Funds in July 2021

Bank Indonesia (BI) recorded that third-party funds (TPF) in the banking sector amounted to Rp 6,708.3 trillion in July 2021. This figure grew by 10.7% year-on-year (yoy), but slower than the previous month's 11.7% (yoy) growth.

According to the central bank, the slowdown in TPF growth in July 2021 occurred in time deposits, both in rupiah and foreign currency. Specifically, time deposits grew by 2.6% (yoy) to Rp 2,716 trillion last month, slower than the 5.6% (yoy) growth in June 2021.

Growth in rupiah-denominated time deposits was recorded at 4.6% (yoy), reaching Rp 2,416 trillion in July 2021, slower than the previous month's 6.7% (yoy) growth. Meanwhile, foreign currency (forex) time deposits decreased by 11.1% (yoy) to Rp 300 trillion in July 2021, a sharper contraction than the 2.4% (yoy) decline in the previous month.

Based on customer segments, the slowdown in time deposit growth occurred among both corporate and individual customers. This is in line with the decrease in deposit interest rates.

Meanwhile, TPF from savings accounts grew by 13.3% to Rp 2,267.4 trillion in July 2021. This growth was higher than the previous month's 12.8% increase.

Specifically, rupiah-denominated savings deposits grew by 13.8% (yoy) to Rp 2,116 trillion in July 2021, higher than the previous month's 13.2% (yoy) increase. Foreign currency savings deposits grew by 6.1% (yoy) to Rp 151.4 trillion in July 2021, slower than June 2021's 7.4% (yoy) increase.

TPF from current accounts grew by 22.2% to Rp 1,724.9 trillion in July 2021. Similar to savings accounts, the growth in current account deposits was also higher than in June 2021, which increased by 21.4%.

Specifically, rupiah-denominated current account deposits grew by 21.2% (yoy) to Rp 1,261.1 trillion in July 2021, higher than June 2021's 20.5% (yoy) increase. Meanwhile, foreign currency current account deposits grew by 25.2% (yoy) to Rp 463.8 trillion, higher than the previous month's 24.1% (yoy) increase.