Jakarta, CNBC Indonesia – The Deposit Insurance Corporation (LPS) stated that the number of public deposits in the form of Third Party Funds (DPK) with a value of deposits above Rp 5 billion grew by 14.56% on an annual basis or Rp 432.96 trillion.
The Chairman of the LPS Board of Commissioners, Purbaya Yudhi Sadewa, said that until April 2021, total commercial bank deposits had increased by Rp 669.79 trillion, or an annual increase of 10.79%.
“The increase was driven by an increase in all deposit balances. Tiering deposits with a balance of more than Rp 5 billion rose the most, namely Rp 432.96 trillion,” said Purbaya, in a presentation during a meeting with Commission XI DPR, Monday (14/6/2021 ).
If divided by tier of deposit balance, total deposits of less than Rp 2 billion experienced an increase of Rp 212.58 trillion, or an increase of 7.89% on an annual basis. Meanwhile, total deposits with a balance of more than Rp 2 billion also increased by Rp 457.21 trillion, or an increase of 13.02%.
Purbaya continued, several corporate sectors, such as the automotive industry, timber, construction services, textiles, property, and telecommunications, have begun to shift their savings from deposits to current accounts. The shift in the composition of deposits in the form of demand deposits is an indicator of economic recovery, which means they are ready to resume expansion.
He also revealed that the last 3 years the data on deposit rates continued to show a decline. The decrease in deposit interest rates was in line with the decline in the LPS Guarantee Interest Rate and the BI-7 Days Reverse Repo Rate.
“With the downward trend in the cost of banking funds, it is hoped that this will help to continue to suppress credit interest rates so that it can further encourage banking intermediation,” he said.
Since the beginning of this year until May 2021, IDIC has cut the Guarantee Interest Rate by 50 bps, followed by a decrease in the average 1-month and 3-month Deposit rates by 43 bps and 44 bps, respectively.
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