Indonesia’s Broad Money Supply (M2) Grew 6.5% YoY in Jul-25

MACROECONOMY
Indonesia’s Broad Money Supply (M2) Grew 6.5% YoY in Jul-25
BI reported M2 at IDR 9,569.7 tn in Jul-25 (+6.5% YoY; vs Jun-25: +6.4% YoY), supported by higher M1 growth (+8.7% YoY) and quasi money (+4.8% YoY). Net foreign assets rose (+7.3% YoY; vs Jun-25: +3.9% YoY) to IDR 2,004.1 tn, while net claims on the central government contracted (-6.2% YoY; vs Jun-25: -8.2% YoY). Credit disbursement grew +6.6% YoY (vs Jun-25: +7.6% YoY). Meanwhile, narrow money (M0) reached IDR 1,925.4 tn (+7.0% YoY; vs Jun-25: +8.6% YoY), mainly affected by a sharp contraction in BI securities
held by the private sector (-48.9% YoY) and lower private sector demand deposits (-36.7% YoY). (Bloomberg Technoz)

INDUSTRY
Government Set IDR 334.3 Tn Customs and Excise Target for 2026, Cigarettes Remained Main Contributor
In RAPBN 2026, the govt. targeted IDR 334.3 tn from customs and excise, mainly supported by tobacco products and expansion of excisable goods, contributing to total state revenue of IDR 3,147.7 tn (+9.8% YoY). The govt. will also intensify import duties amid shifting global trade, boost export duties for downstreaming, and strengthen enforcement against illegal excisable goods. (Emitennews)

COMPANY
Mayora Indah (MYOR) to Offer IDR 1 Tn Bonds
MYOR will issue IDR 1 tn bonds under its IDR 2.5 tn Sustainable Bonds III program, following the earlier IDR 500 bn issuance. Series A amounts to IDR 700 bn with a 6.50% fixed rate for 5 years, maturing 10 Sep-30; Series B is IDR 300 bn with a 6.70% fixed rate for 7 years, maturing 10 Sep-32. Proceeds will fund working capital, including raw material purchases and operational expenses. The bond issuance schedule is as follows:
- Public Offering: 03–04 Sep-25
- Allotment Date: 08 Sep-25
- Refund Date: 10 Sep-25
- Electronic Distribution: 10 Sep-25
- Listing on IDX: 11 Sep-25
(Emitennews)

Timah (TINS) Began Developing Primary Tin Mines
TINS started developing primary tin mines as its alluvial tin reserves declined. The expansion targets high-potential sites, including Desa Paku in South Bangka and Batu Besi in East Belitung, with reserves of 300,000 tons to be optimally developed starting 2026. This move follows projections that alluvial tin reserves will decrease from 2029. (Kontan)