Keywords
Money Supply
Exchange Rate
Foreign Exchange Reserves
How to Cite
Abstract
This research aims to analyze the influence of Non-Cash Transactions, Money Supply, Exchange Rate, and Foreign
Exchange Reserves on Inflation in Indonesia during the period of January 2020 to December 2024. The data used are
monthly time series data (N = 60), processed using Multiple Linear Regression methods and statistical software to
test classical assumptions, as well as simultaneous (F-test) and individual (t-test) hypotheses. The results of the study
show that the four independent variables simultaneously have a significant effect on Inflation. However, partially,
only the Exchange Rate contributes positively and significantly, confirming that Rupiah depreciation (through external
cost channels) is the most dominant inflation transmission mechanism in Indonesia. Meanwhile, Non-Cash
Transactions, Money Supply, and Foreign Exchange Reserves are found to have no significant individual relationship.
Overall, Inflation in Indonesia during this period is significantly influenced by a combination of monetary factors, with
partial findings highlighting the dominance of the Exchange Rate, while Non-Cash Transactions, Money Supply, and
Foreign Exchange Reserves are not indicated to have a significant effect.
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