FX.co ★ Indonesia Loan Growth Picks Up in March

Indonesia’s annual loan growth accelerated to 9.49% year-on-year in March 2026, up from a three-month low of 9.37% in February. The increase was largely underpinned by robust expansion in investment lending (20.85%), as well as growth in working capital loans (4.38%) and consumer credit (5.88%).

On the demand side, banks continue to hold a substantial volume of undisbursed loan commitments amounting to Rp 2,527.46 trillion, equivalent to 22.59% of the total approved credit ceiling. On the supply side, the ratio of liquid assets to deposits reached 27.85% in March, while third-party funds (TPF) recorded solid growth of 13.55% year-on-year.

Looking ahead, Bank Indonesia projects credit growth to remain in a stable range of 8–12% in 2026, supported by favorable demand and supply conditions. The central bank also indicated plans to further enhance banks’ funding capacity, including through the development of non-traditional funding instruments beyond conventional deposits, in order to sustain lending momentum.