RRI.CO.ID, Jakarta - Bank Indonesia (BI) reported that economic liquidity, or the broad money supply (M2), recorded positive growth in March 2026. M2 grew 9.7 percent year-on-year (yoy) to IDR 10,355.1 trillion (approximately USD 598.81 billion), higher than the 8.7 percent growth in February.

BI’s Director of the Communication Department, Anton Pitono, said the increase was driven by a 14.4 percent growth in narrow money (M1) and a 5.2 percent rise in quasi-money. “This development was supported by stronger growth in demand deposits and savings accounts,” he said in an official release published on BI’s website on Thursday, April 23, 2026.

M1 growth in March was influenced by a 26.4 percent increase in rupiah demand deposits and a 7.4 percent rise in rupiah savings accounts that can be withdrawn at any time. Currency in circulation outside commercial and rural banks reached IDR 1,206.3 trillion, up 10.8 percent.

Quasi-money also posted stronger growth, rising 5.2 percent compared to 3.1 percent in February. This was driven by increases in time deposits (4.4 percent), other savings (16.1 percent), and foreign currency demand deposits (4.3 percent).

Anton noted that net claims on the central government and credit disbursement were the main factors influencing M2 growth. Net claims on the government rose 39.2 percent, up from 25.6 percent in February.

Credit disbursement grew 8.9 percent, maintaining stability from the previous month. Net foreign assets also increased 2.7 percent, compared to 2.0 percent in February.

He emphasized that the credit data refers solely to loans and excludes financial instruments treated as loans, such as debt securities, banker’s acceptances, and repo bills. It also excludes credit extended by overseas branches of commercial banks and loans to the central government or non-residents.

Third-Party Funds (DPK) reached IDR 9,658.5 trillion in March, growing 10.7 percent, higher than February’s 9.2 percent. Growth was supported by increases across all components: demand deposits (21.2 percent), savings deposits (8.4 percent), and time deposits (4.4 percent).

Meanwhile, the adjusted primary money supply (M0) stood at IDR 2,396.5 trillion, up 16.8 percent from 18.3 percent in February. This was driven by a 41.8 percent rise in commercial bank demand deposits at BI and an 8.6 percent increase in currency in circulation.

BI noted that the adjusted M0 accounts for the impact of liquidity incentives under its monetary control measures. ***