Indonesia Money Supply (M2) Rose 9.6% YoY in Dec-25, Credit Growth Picked Up

MACROECONOMY 
Indonesia Money Supply (M2) Rose 9.6% YoY in Dec-25, Credit Growth Picked Up 
Indonesia’s broad money supply (M2) expanded 9.6% YoY to IDR 10,133.1 tn in Dec-25, accelerating from 8.3% YoY in Nov-25, driven by stronger M1 growth at 14.0% YoY and quasi-money at 5.5% YoY. Bank Indonesia said the expansion was mainly supported by higher net claims on central govt., up 13.6% YoY, and faster credit growth at 9.3% YoY (vs 7.9% in Nov-25). Meanwhile, adjusted base money (M0) rose 16.8% YoY to IDR 2,367.8 tn, reflecting higher bank reserves and currency in circulation. (Kontan) 

COMPANY 
Bumi Resources (BUMI) Planned IDR 612.75 bn Bond Issuance in 2026 
BUMI plans to issue Sustainable Bond I Phase IV 2026 worth IDR 612.75 bn, carrying a fixed coupon of 7.25% p.a. with a three-year tenor, based on BEI disclosure dated 23-Jan-26. Proceeds will be mainly used to prepay USD 20.45 mn of outstanding loans, with the remainder allocated for working capital to support daily operations. The bonds, rated idA+ by Pefindo, are scheduled for public offering on 09–13 Feb-26 and listing on 23 Feb-26. (Kontan) 

Merdeka Gold (EMAS) Reportedly Exploring Hong Kong Dual Listing 
EMAS is reportedly preparing a potential dual listing in Hong Kong, having appointed Citic Securities, Morgan Stanley, and UBS as advisors, amid a strong rally in global gold prices. Discussions are ongoing regarding deal size and timing, with no official confirmation from the co. or the banks involved. If realized, the listing would be relatively rare for a non-China mining co. in Hong Kong and follows the HKEX–IDX cross-listing cooperation signed in 2023. EMAS operates gold mines in Sulawesi with ore reserves of c.190 mn tons containing ~4.8 mn oz of gold, posted a USD 22.3 mn net loss in 9M25, and has seen its share price more than double since its Sep-25 IPO, lifting market cap to ~USD 5.7 bn. (Bloomberg Technoz) 

Vale Indonesia (INCO) Focused on HPAL Nickel Smelter Expansion over RKEF 
INCO said it is prioritising High Pressure Acid Leach (HPAL) smelter expansion due to lower energy intensity compared with Rotary Kiln Electric Furnace (RKEF) technology. The co. noted HPAL relies more on chemical processes, allowing energy needs to be largely met by its hydropower plants, including the 120,000 t/y Pomalaa project targeted to start production in Aug-26. Management added the strategy supports cost efficiency and lower emissions through integrated acid plants that also generate power. (Kontan)