The Effect of Sharia Monetary Operations on Economic Growth in Indonesia for the Period 2015-2024

Sharia monetary operations are regulated to be able to optimize the role of government policies in facing various challenges that occur, both in terms of macroeconomic development, especially in the monetary sector. The implementation of sharia monetary operations is implemented by Bank Indonesia, which is an official institution of the government to handle the monetary sector. This study aims to analyze how influential Bank Indonesia Syariah Certificates (SBIS), Bank Indonesia Syariah Deposit Facilities (FASBIS) and Sharia Interbank Money Market (PUAS) are affected by economic growth in Indonesia in the period 2015 to 2024. This study uses a research method with a quantitative approach whose data analysis uses the Vector Error Correction Model (VECM) technique. The VECM technique aims to analyze the relationship between data in each specific variable, both short-term and long-term. The type of data used is secondary data sourced from Indonesia-Bank Indonesia Economic and Financial Statistics (SEKI-BI), BPS and OJK from January 2015 to December 2024. The results of the study outline a finding that SBIS and FASBIS have a significant effect on economic growth. Meanwhile, PUAS shows a not significant influence on economic growth. Therefore, it is hoped that in the future this study will be able to be used as a reference or guideline in formulating a policy, especially for the management of sharia monetary operations. Future research related to this topic should follow the latest sharia monetary operation regulations following the times and can be compared with conventional monetary operating instruments.

macroeconomic, economic growth, sharia monetary operations

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