As a measure of liquidity in the economy, broad money (M2) growth accelerated in February 2025. The M2 position stood at Rp9,239.9 trillion in February 2025, with growth accelerating to 5.7% (yoy) from 5.5% (yoy) the month earlier. The development was driven by growth of narrow money (M1) and quasi-money at 7.4% (yoy) and 1.8% (yoy), respectively.

Based on the affecting factors, M2 growth in February 2025 was primarily influenced by disbursed loans and net foreign assets (NFA). Disbursed loans in February 2025 recorded at 9.0% (yoy) growth, relatively stable compared to previous month.[1] NFA in February 2025 increased by 4.1% (yoy), accelerating from 2.4% (yoy) the month prior. On the other hand, net claims on central government (NCG) contracted by 5.7% (yoy) in February 2025 after declining 14.1% (yoy) the month earlier.

Meanwhile, adjusted Base Money (M0) stood at Rp1,882.7 trillion in February 2025, with relatively steady at 13.0% (yoy) growth following 13.2% (yoy) the month earlier. By component, Currency in Circulation (CIC) growth was recorded at 9.8% (yoy), while adjusted commercial banks demand deposits at Bank Indonesia in February 2025 posted 5.1% (yoy) growth.[2]

More information on statistics concerning broad money as well as relevant analyses are accessible via this link​

Jakarta, 8th April 2025

Communication Department

Ramdan Denny Prakoso

Executive Director

[1] Disbursed loans are limited to loans and exclude loan-type financial instruments, such as debt securities, banker's acceptances, and repo claims. In addition, disbursed loans also exclude loans disbursed by offshore branches of locally incorporated commercial banks as well as loans allocated to the central government and non-residents.

[2] The Adjusted M0 illustrates broad money developments, isolating the impact of lower bank balances at Bank Indonesia due to the provision of liquidity incentives. M0 statistics, presented and complemented with M0 Adjusted, aim to help understand the impact of implementing liquidity incentive policies by Bank Indonesia.