Indonesia Money Supply Growth Edges Up

Indonesia’s broad money supply (M2) rose 8.3% year-on-year to a record IDR 10,587.9 trillion in September 2026, edging up from 8.2% in the previous month. The increase was mainly driven by narrow money supply (M1), which grew 9%, while quasi-money growth accelerated to 7.3%. By component, net claims on the central government (Pempus) rebounded 24.4% after declining 7% in August, while net foreign assets returned to growth of 1% following a 6.6% contraction. However, credit growth eased to 12.7% in September from 13.3% in the previous month.

Indonesia’s broad money supply (M2) rose 8.2% year-on-year to IDR 10,448.1 trillion in August 2026, slowing slightly from 8.3% in July. The moderation was driven by slower growth in narrow money (M1), which eased to 9.0% from 10.0%, while quasi-money growth accelerated to 6.5% from 5.6%. Within M1, rupiah demand deposits grew 7.1%, down from 10.9%, while rupiah savings withdrawable on demand accelerated to 8.9% from 6.8%. Meanwhile, stronger bank lending supported overall liquidity, with credit growth accelerating to 13.3% from 13.0% in July. Net claims on the central government contracted 7.0%, reversing 4.6% growth a month earlier.

Indonesia’s broad money supply (M2) rose 8.3% year-on-year to IDR 10,371.1 trillion in July 2026, slowing from an 8.7% increase in June. The moderation was driven by slower growth in narrow money (M1), which increased 10.0% from 10.4% previously, while quasi-money growth eased to 5.6% from 6.1%. Meanwhile, stronger bank lending provided support, with credit growth accelerating to 13.0% year-on-year from 12.1% in June. Net receivables to the central government also increased 4.6%, although this was slower than the 10.1% growth recorded a month earlier. The latest data suggest liquidity remained supportive of economic activity, with stronger credit growth partly offsetting the moderation in overall money supply growth.