Bank Indonesia records adjusted M0 growth of 18.3% in February

Bank Indonesia (BI) has recorded that the adjusted M0 or money primer in February 2026 grew 18.3 percent year on year (YoY). The figure was higher than the January 2026 growth of 14.7 percent (YoY). Nominally, the adjusted M0 stood at Rp2,228 trillion.

“Adjusted M0 in February 2026 grew by 18.3 percent (YoY), higher than the growth in the previous month,” said Ramdan Denny Prakoso, Executive Director of the Communications Department at Bank Indonesia, in a written statement on Friday, 6 March 2026.

He stated that the uptick was driven by growth in commercial banks’ current accounts at Bank Indonesia (adjusted), which reached 33.6 percent (YoY), and by the increase in currency in circulation of 15.8 percent (YoY).

According to Ramdan, the calculation of M0 Adjusted also takes into account the impact of liquidity incentives within the framework of monetary control. The adjustment aims to reflect the development of the monetary base more accurately, reflecting liquidity conditions in the financial system.

M0 Adjusted is used to isolate the impact of a decline in banks’ current accounts at Bank Indonesia arising from liquidity incentives. With this method, movements of base money can be observed without distortion from liquidity-easing policies.

Since January 2025, Bank Indonesia has made adjustments to the calculation of M0 Adjusted. The policy is intended to provide a better understanding of the development of the monetary base and the influence of the central bank’s liquidity policy.