April 2026: Money Circulation Rises, Economic Activity Remains Strong
JAKARTA – Domestic economic activity remained active in April 2026. This is evident from the increase in the amount of money circulating in Indonesia’s financial system, both in the form of cash held by the public and bank funds deposited at Bank Indonesia (BI).
Amid ongoing consumption and transaction activities, the central bank recorded that the adjusted primary money (M0 Adjusted) reached Rp 2,232.2 trillion in April 2026. This figure represents a 14.3% growth compared to the same period last year (year-on-year/yoy).
M0 Adjusted is a measure of primary money that accounts for the impact of BI’s liquidity incentive policies to banks, making it a better reflection of the actual circulating money in the country.
Although the growth slightly slowed from 16.8% yoy in March 2026, this condition indicates that domestic liquidity remains relatively stable. In other words, the circulation of funds in the financial system continues alongside public and banking economic activities.
“This development was influenced by the 21.6% yoy growth in adjusted general bank giro at Bank Indonesia and the 14.6% yoy issuance of currency,” said Ramdan in an official statement in Jakarta, quoted on Saturday (9/5/2026).
Furthermore, BI explained that the calculation of M0 Adjusted is intended to provide a clearer picture of the actual circulating money in the country. The figure has taken into account the impact of the central bank’s liquidity incentive policies to banks.
Meanwhile, cash held in banks was recorded at Rp 105.5 trillion. This condition shows that the demand for cash among the public remains sufficiently high amid ongoing economic activities.
In addition to cash, bank funds deposited at BI also increased. General bank giro at BI reached Rp 454.2 trillion, while private sector giro at BI was Rp 7.6 trillion.
Bank Indonesia securities held by the private sector reached Rp 36.1 trillion in April 2026.
Ramdan added that the M0 Adjusted calculation method has been applied since January 2025 to ensure that primary money developments are not distorted by liquidity incentive policies.
“Based on the influencing factors, the growth in M0 Adjusted has considered the impact of liquidity incentives (adjusted monetary control),” he said.
However, net claims on the central government remained negative at minus Rp 246.7 trillion.
This figure consists of claims on the central government of Rp 81.3 trillion and liabilities to the central government of Rp 328.0 trillion.
Meanwhile, adjusted monetary control was recorded at Rp 1,282.6 trillion in April 2026.