Primary Money Growth in April Slows to 14.3 Percent
Bank Indonesia (BI) reported that the adjusted primary money supply (M0) in April 2026 stood at Rp 2,232.2 trillion, reflecting a year-on-year growth of 14.3 percent. This growth rate represents a slowdown compared to March 2026, which saw an increase of 16.8 percent.
“This development was influenced by a 21.6 percent growth in adjusted current accounts of commercial banks at Bank Indonesia and a 14.6 percent increase in circulated currency,” said Executive Director of the Communication Department, Ramdan Denny Prakoso, in an official statement on Friday, 8 May 2026.
The growth data takes into account policies implemented by Bank Indonesia, including the provision and management of impacts from liquidity incentives or adjusted monetary controls.
Primary money, or base money, comprises all currency issued by the central bank plus current account deposits of commercial banks at BI. Adjusted M0 is a measure of primary money adjusted by the central bank. According to BI’s official website, adjusted M0 illustrates the development of primary money while isolating the impact of declining bank current accounts at BI due to liquidity incentives.
Previously, Finance Minister Purbaya Yudhi Sadewa stated that the primary money growth rate, or base money, up to the second week of April was still at 18 percent. Thus, on average this year, it has maintained double-digit growth.
“This means the government and the central bank are keeping the money supply in the system sufficient to encourage economic growth,” he said during the live-broadcast APBN KiTa press conference on Tuesday, 5 May 2026.
The state treasurer added that if primary money remains at 15-18 percent, credit growth will gradually move towards 15 percent. This indicates the economy will run faster as the private sector activates.
Purbaya further stated that he would push economic growth by activating the private sector’s growth engine and the government’s growth engine. According to him, these efforts are not yet perfect but are starting to progress. “The results? From where? From the first quarter 2026 economic growth of 5.61 percent and falling interest rates,” he said.