Jakarta. Indonesia’s liquidity accelerated more strongly in March, with broad money growth picking up alongside surging government-related flows and steady credit expansion, Bank Indonesia reported.

M2 — a key measure of money supply — grew 9.7% year-on-year (yoy) in March 2026, up from 8.7% in February, bringing total liquidity to Rp 10.35 quadrillion.

Anton Pitono, BI’s Communication Department Director, said the expansion was driven by gains in both narrow money and quasi-money.

“The development was supported by growth in narrow money (M1) of 14.4% (yoy) and quasi-money of 5.2% (yoy),” Anton said in a statement on Thursday.

He added that the increase in M2 was also shaped by a sharp rise in net claims on the central government and stable credit growth.

BI data showed net claims on the central government surged 39.2% (yoy) in March, accelerating from 25.6% in February. Credit disbursement grew 8.9% (yoy), broadly unchanged from the previous month.

Outstanding bank credit reached Rp 8.51 quadrillion in March, with lending growth remaining positive at 8.9% (yoy). The expansion was primarily driven by loans to corporate and individual borrowers, which grew 14% (yoy) and 3% (yoy), respectively, continuing February’s pace of 13.8% (yoy) and 3.2% (yoy).

Working capital loans (KMK) grew 4% (yoy) in March, slightly higher than 3.7% (yoy) in February, supported mainly by lending to the manufacturing sector as well as transportation and communication.

On the monetary base side, adjusted M0 grew 16.8% (yoy) in March, slightly easing from 18.3% in February, with the nominal level reaching Rp 2.39 quadrillion.

The central bank noted that base money growth was supported by a sharp increase in commercial banks’ deposits at BI, which rose 41.8% (yoy), alongside an 8.6% (yoy) expansion in currency in circulation.

BI added that the M0 calculation has factored in the impact of liquidity incentives under its adjusted monetary operations framework.

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