Money supply (M2) grew by 5.7% YoY to IDR 9,240 trillion in January 2025, up from 5.5% YoY in January 2025. By component, M2 money growth was driven by narrow money (M1) growth of 7.4% YoY and quasi-money growth of 1.8% YoY in February 2025. M2 money growth was supported by M1 money supply growth of 55.7%, consisting of currency outside commercial banks growth of 10.9% and rural banks, as well as rupiah demand deposits comprising electronic money and rupiah savings that can be withdrawn at any time of 44.8%. While M2 money supply growth increased in February 2025, deflation occurred (Figure 1) due to PLN’s 50% electricity discount for customers with power capacity below 2,200 VA and declining food commodity prices.