As a measure of liquidity in the economy, broad money growth accelerated in March 2026. M2 growth in March 2026 accelerated to 9.7% (yoy) from 8.7% (yoy) in February 2026, thus reaching a position of Rp10,355.1 trillion. By component, the latest M2 developments were driven by growth of narrow money (M1) at 14.4% (yoy) and quasi-money at 5.2% (yoy).
M2 developments in March 2026 were primarily influenced by net claims on central government (NCG) and disbursed loans. NCG in the reporting period posted 39.2% (yoy) growth, accelerating from 25.6% (yoy) in February 2026. Meanwhile, disbursed loans in March 2026 grew by 8.9% (yoy), remaining stable compared to the growth recorded in February 2026.
Adjusted base money (M0) grew by 16.8% (yoy) in March 2026 from 18.3% (yoy) the month earlier, thus recorded at Rp2,396.5 trillion. This was influenced by the growth of adjusted commercial bank demand deposits at BI recorded at 41.8% (yoy) and currency in circulation at 8.6% (yoy). Based on the affecting factors, growth of adjusted M0 has already isolated the impact of providing liquidity incentives (adjusted monetary controls).
