As a  measure of liquidity in the economy, broad money (M2) growth accelerated in January 2025. The M2 position stood at Rp9,232.8 trillion in January 2025, with growth accelerating to 5.9% (yoy) from 4.8% (yoy) the month earlier. The development was driven by growth of narrow money (M1) and quasi-money at 7.2% (yoy) and 2.2% (yoy), respectively.

Based on the affecting factors,  M2 growth in January 2025 was primarily influenced by disbursed loans and net foreign assets (NFA). Disbursed loans in January 2025 recorded a relatively stable growth of 9.6% (yoy) compared to 9.7% (yoy) .[1] Meanwhile, NFA in January 2025 increased by 2.4% (yoy), accelerating from 0.8% (yoy) the month earlier. On the other hand, net claims on central government (NCG) contracted by 14.3% (yoy) in January 2025 after declining 17.5% (yoy) the month earlier.