Money Supply Growth in March 2026 Slows: What Signal Is This?

JAKARTA, KOMPAS.com – The growth of money supply in March 2026 was recorded as slowing compared to the previous month, signalling a change in liquidity dynamics in the economy.

Bank Indonesia (BI) recorded that primary money or adjusted M0 in March 2026 reached Rp 2,396.5 trillion with annual growth of 16.8 per cent.

This figure is lower than February 2026, which grew by 18.3 per cent with a position of Rp 2,227.7 trillion.

“Adjusted primary money in March 2026 grew by 16.8 per cent (yoy), continuing the growth from February 2026,” said Executive Director of the BI Communication Department, Ramdan Denny Prakoso, in an official statement on Wednesday (8/4/2026).

This slowdown shows that liquidity expansion is still ongoing, but at a more controlled pace compared to the previous period.

The increase in bank giro indicates that liquidity in the banking sector remains loose. On the other hand, the growth of currency in circulation reflects ongoing public transaction activity, although not as aggressive as before.

This development is also inseparable from the liquidity incentive policies provided by the central bank. These policies contributed to the expansion of primary money throughout the March 2026 period.

This instrument is known as the monetary base, which forms the foundation in the money creation process in the economy.

Changes in primary money generally affect banking liquidity, interest rates, and broader economic activity.

With growth beginning to slow, the direction of policy and the financial sector’s response will be key in maintaining a balance between economic stability and growth.