<![CDATA[As the central bank of the Republic of Indonesia, Bank Indonesia has three main functions. formulating and implementing monetary policy, regulating and maintaining a smooth payment system, including cash and non-cash payments, and stabilizing the financial system. In order to achieve these goals, Bank Indonesia may use Shariah currency instruments, especially Islamic government securities, and is entitled to provide efficient payment instruments such as e-money cashless payment instruments and its development. could affect the money supply. The purpose of this study was to determine the impact of electronic money and Islamic government securities on the Indonesian money supply. The data used in this analysis are in time series format of 84 observations covering monthly e-money, Islamic government securities and money supply data from Bank Indonesia publications from January 2015 to December 2021. is the secondary data of Using the EViews 10 program, this research method uses the limited analysis method VAR (Vector Autoregression)/VECM (Vector Error Correction Model). The results of this study indicate that e-money variables do not significantly affect the money supply in the short term. E-money, on the other hand, has a positive impact on the money supply in the long run. Short-term variables in Islamic government securities do not significantly affect the money supply. Islamic government securities, on the other hand, have long-term negative effects on the money supply. ]]>
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