As a measure of liquidity in the economy, broad money (M2) recorded positive growth in May 2025.  The M2 position stood at Rp9,406.6 trillion in May 2025, with growth of 4.9% (yoy) following 5.2% (yoy) growth the month earlier. The development was driven by growth of narrow money (M1) at 6.3% (yoy) and quasi-money at 1.5% (yoy).

M2 growth^[1] in May 2025 was primarily influenced by disbursed loans and net claims on central government (NCG). Disbursed loans in in May 2025 grew 8.1% (yoy) after increasing by 8.5% (yoy) the month earlier.^[2] Meanwhile, NCG experienced a 25.7% (yoy) contraction, continuing the 21.0% (yoy) contraction recorded the month earlier. On the other hand, net foreign assets (NFA) grew by 3.9% (yoy), up from 3.6% (yoy) in April 2025.