BI Records 14.3% Growth in Primary Money in April 2026

Bank Indonesia (BI) reported that adjusted primary money or base money (M0) in April 2026 grew 14.3% year-on-year (yoy) to Rp2,232.2 trillion. Although still recording double-digit growth, the pace has begun to slow compared to March 2026, which grew 16.8% yoy.

BI explained that the growth in primary money was driven by a 21.6% yoy increase in adjusted current account deposits of commercial banks at BI, as well as 14.6% yoy growth in circulating currency.

“Based on the factors influencing it, the growth of M0 adjusted has taken into account the impact of liquidity incentive provision,” BI stated in its press release on Friday (8/5/2026).

Nevertheless, the slowdown in primary money growth indicates that liquidity is starting to move more moderately compared to the previous month, amid domestic financial market conditions still overshadowed by global pressures and rupiah volatility.

For information, primary money or M0 is the most liquid money circulating in the economy. Primary money includes currency held by the public as well as current account deposits of commercial banks at Bank Indonesia.

The term M0 adjusted is used by BI to describe the development of primary money that has been adjusted for the impact of liquidity incentives provided by the central bank. Since January 2025, BI has changed the calculation method for M0 adjusted so that banking liquidity conditions and monetary policy transmission can be read more accurately.