Indonesia’s Money supply in broad terms (M2) slowed to 6.1% Year-over-Year (YoY), reaching IDR 9,436.4 trillion in March 2025, from 6.2% YoY in February 2025 (Figure 1). By component, the expansion of M2 was driven by the growth of narrow money (M1) at 7.1% YoY and quasi-money at 3.0% YoY in March 2025. The development of M2 was supported by the 55.9% growth in M1, which consisted of an 11.5% increase in currency outside commercial banks and rural banks (BPR) and a 44.4% rise in rupiah demand deposits, encompassing electronic money and withdrawable rupiah savings. Meanwhile, on a monthly basis, the broad money supply (M2) increased by 1.7% (MoM), in line with inflation in March 2025, which coincided with the month of Ramadan and the end of the 50% electricity tariff discount for customers with power connections below 2,200 VA.