The growth of liquidity in the economy, or broad money (M2), grew at 9.2 percent (yoy) in November 2015, down from 10.4 percent (yoy) from a month earlier. By component, growth of M1 (currency outside banks and rupiah demand deposits) and quasi-money (term deposits and savings deposits in rupiah and a foreign currency, as well as foreign currency demand deposits), which decelerated respectively from 10.2 percent (yoy) and 10.6 percent (yoy) in October 2015 to 10.0 percent (yoy) and 9.2 percent (yoy), contributed to slower M2 growth. Based on its determinants, sluggish M2 growth was attributed to Net Foreign Assets (NFA) and claims on other sectors, specifically credit. NFA growth slowed from 2.6 percent (yoy) to 2.4 percent (yoy) in November 2015. Furthermore, weaker M2 growth was also blamed on a slump in credit growth, falling from 10.1 percent (yoy) to 9.5 percent (yoy). While, lending rates were lowered again in November 2015, with mixed movements reported in terms of deposit rates. The average lending rate was reduced from 12.90 percent to 12.89 percent, while the average interest rates offered on 3.6 and 12-month term deposits were lowered slightly from 7.99 percent, 8.51 percent and 8.51 percent to 7.90 percent, 8.50 percent and 8.44 percent respectively. In contrast, the average rate on 1-month term deposits was raised from 7.48 percent to 7.50 percent in the reporting period.