Jakarta. Liquidity expanded further in November 2025, with Indonesia’s broad money supply (M2) growing at a faster annual pace, supported by stronger credit distribution and increased claims on the central government.

Bank Indonesia reported that M2 grew 8.3% year on year (YoY) in November, accelerating from 7.7% YoY in October. In nominal terms, money supply reached Rp 9.89 quadrillion ($589.47 billion).

The central bank said the increase was driven mainly by the continued expansion of narrow money (M1), which grew 11.4% YoY, alongside quasi-money that rose 5.9% YoY. M1 accounted for 58.1% of total M2, reflecting stronger transaction demand in the economy.

From the factors influencing liquidity, claims on the central government rose 8.7% YoY, higher than the 5.4% growth recorded in the previous month. Credit extended by banks also accelerated, growing 7.9% YoY in November compared with 7.0% in October, reaching Rp 8.19 quadrillion.

Meanwhile, net foreign assets expanded 9.7% YoY, although this marked a moderation from the 10.4% growth seen a month earlier.

Bank Indonesia also noted that primary money (M0) adjusted continued to grow at a solid pace. Adjusted M0 rose 13.3% YoY in November to Rp 2.13 quadrillion, reflecting the impact of liquidity incentives and accommodative monetary management. The growth was supported by higher adjusted demand deposits at Bank Indonesia and an increase in currency in circulation.

On the funding side, third-party funds (DPK) collected by banks grew 8.5% YoY to Rp 9.21 quadrillion, up from 8.2% in October. The growth was mainly supported by savings deposits, which expanded 8.8% YoY, while giro and time deposits grew 12.8% and 4.7% YoY, respectively.

Bank Indonesia said the latest liquidity developments were consistent with ongoing economic activity and continued financial intermediation, as monetary policy remained geared toward supporting sustainable growth while maintaining stability.

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