BI Records M2 Money Supply Up 10 Per Cent in January 2026, Reaching Rp10,117.8 Trillion
Jakarta, VIVA – Bank Indonesia (BI) has revealed that economic liquidity, or broad money supply (M2), grew at a higher rate in January 2026, rising 10 per cent year-on-year to reach Rp10,117.8 trillion.
BI’s Executive Director of the Communications Department, Ramdan Denny Prakoso, stated that M2 growth in January 2026 was higher than the 9.6 per cent year-on-year growth recorded in December 2025.
“This development was driven by narrow money supply (M1) growth of 14.9 per cent year-on-year and quasi-money growth of 5.4 per cent year-on-year,” Ramdan said in a statement in Jakarta on Monday, 23 February 2026.
In greater detail, the increase in M2 in January 2026 was primarily influenced by net claims on the central government and credit disbursement. Net claims on the central government grew by 22.6 per cent year-on-year, accelerating from 13.6 per cent year-on-year growth in the previous month.
Meanwhile, credit disbursement in January 2026 grew by 10.2 per cent year-on-year, higher than the 9.3 per cent year-on-year growth in December 2025. In this context, credit extended refers solely to loans and excludes financial instruments equivalent to loans, such as debt securities, banker’s acceptances, and repurchase agreement claims.
Additionally, credit extended excludes lending by commercial bank offices domiciled abroad, as well as credit disbursed to the central government and non-residents.
BI also reported that adjusted base money (M0) for the same period grew by 14.7 per cent year-on-year, continuing from 16.8 per cent year-on-year growth in the previous month, reaching Rp2,193 trillion.
Adjusted M0 reflects base money developments that have isolated the impact of declining commercial bank current accounts at BI resulting from liquidity incentive provisions. The adjusted M0 development in January 2026 was influenced by 30.1 per cent year-on-year growth in adjusted commercial bank current accounts at BI and 12.4 per cent year-on-year growth in currency in circulation.
Based on contributing factors, adjusted M0 growth has taken into account the impact of liquidity incentive provisions (adjusted monetary control).