As a measure of liquidity in the economy, broad money (M2) growth accelerated in January 2024. The M2 position stood at Rp8,721.9 trillion in January 2024, with growth accelerating to 5.4% (yoy) from 3.5% (yoy) the month earlier. Narrow money (M1) and quasi-money growth of 4.9% (yoy) and 6.1% (yoy) respectively were the main contributors to the M2 developments in the reporting period.

Based on the affecting factors, M2 growth in January 2024 was primarily influenced by disbursed loans and Net Foreign Assets (NFA). Growth of disbursed loans^[1] in January 2024 was recorded at 11.5% (yoy), up from 10.3% (yoy) the month earlier.  NFA growth was recorded at 4.8% (yoy) after expanding 3.6% (yoy) the month earlier. Meanwhile, net claims on central government (NCG) increased by 1.9% (yoy) after contracting 6.5% (yoy) in December 2023.​

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

Jakarta, 1^st Maret 2024
Communication Department
Erwin Haryono
Assistant​Governor 

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^[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.​