As a measure of liquidity in the economy, broad money growth accelerated in January 2026. M2 growth in January 2026 accelerated to 10.0% (yoy) from 9.6% (yoy) in December 2025, thus reaching a position of Rp10,117.8 trillion. By component, the latest M2 developments were driven by growth of narrow money (M1) at 14.9% (yoy) and quasi-money at 5.4% (yoy).

M2 developments in January 2026 were primarily influenced by net claims on central government (NCG) and disbursed loans. NCG in the reporting period posted 22.6% (yoy) growth, up from 13.6% (yoy) one month earlier. Growth of disbursed loans in January 2026 accelerated to 10.2% (yoy) from 9.3% (yoy) in December 2025.¹

Adjusted base money (M0)² in January 2026 posted 14.7% (yoy) growth from 16.8% (yoy) the month earlier, thus recorded at Rp2,193.0 trillion. This was influenced by the growth of adjusted commercial bank demand deposits at BI³ recorded at 30.1% (yoy) and currency in circulation at 12.4% (yoy). Based on the affecting factors, growth of adjusted M0 has already isolated the impact of providing liquidity incentives (adjusted monetary controls).