Bank Indonesia Says It Has Purchased SBN Capai Rp186.06 Trillion Until August 19, 2025

Illustration: Photo: Doc. ANTARA

JAKARTA - Bank Indonesia (BI) stated that it had purchased Government Securities (SBN) of IDR 186.06 trillion until August 19, 2025.

BI Governor Perry Warjiyo said the purchase of Government Securities through the secondary market was IDR 137.80 trillion and the primary market was in the form of State Treasury Letters (SPN), including sharia, amounting to IDR 48.26 trillion.

"In the future, Bank Indonesia will continue to optimize its pro-market monetary operations strategy to increase liquidity and effectiveness of monetary policy transmission to encourage economic growth while still achieving inflation targets and maintaining the stability of the Rupiah exchange rate," he said at a press conference, Wednesday, August 20.

Perry conveyed that the purchase of SBN from the secondary market also reflects the close synergy between monetary policy and the Government's fiscal policy.

Therefore, he conveyed that the pro-market monetary operations strategy continues to be optimized to support increased liquidity in the money market and banking.

Perry said that until August 15, 2025, the total position of the Bank Indonesia Rupiah Securities (SRBI) instrument was recorded at IDR 720.01 trillion, down from IDR 916.97 trillion in early January 2025.

According to him, to support liquidity expansion, monetary operations are also directed at shorter tenors. The implementation of major dealers (primary dealers) since May 2024 has also further increased SRBI transactions in the secondary market and repurchase agreement (repo) between market actors

Meanwhile, the positions of SVBI and SUVBI instruments on August 15, 2025 were recorded at US$4.56 billion and US$460 million, respectively.

Meanwhile, Perry said to strengthen the expansion of monetary policy liquidity, Bank Indonesia also purchased SBN from the secondary market, as well as reflecting the close synergy between monetary policy and government fiscal policy.

In addition, he conveyed that Bank Indonesia continues to optimize its pro-market monetary operations strategy to strengthen the transmission of interest rate reductions from BI-Rate to money market and banking interest rates.

Perry menyampaikan penurunan BI Rate sebesar 100 bps sejak September 2024 telah diikuti penurunan suku bunga di pasar uang, meskipun langkah lebih lanjut dipelapan untuk mempercepat penurunan suku bunga perbankan.

In the money market, in line with the decline in the BI-Rate in July 2025 and the monetary operation of Bank Indonesia, the INDONESIA interest rate continued to decline from before the announcement of the BI-Rate decline in July by 5.14 percent to 4.78 percent on August 19, 2025.

The SRBI interest rate for tenors 6, 9, and 12 months also decreased from 5.85 percent each; 5.86 percent; and 5.87 percent before the BI-Rate decline in July 2025 to 5.28 percent; 5.32 percent; and 5.34 percent on August 15, 2025.

Meanwhile, the SBN yield for the 2-year tenor decreased from 5.86 percent to 5.54 percent, while for a 10-year tenor it decreased from 6.56 percent to 6.40 percent.

However, he said that the 1-month deposit rate had also begun to decline, from 4.85 percent in June 2025 to 4.75 percent in July 2025.

Sedangkan itu, penurunan suku bunga kredit perbankan masih berjalan lambat, dimana pada Juli 2025, suku bunga kredit tercatat sebesar 9,16 persen, masih relatif sama dengan bulan sebelumnya.

Perry menyampaikan ke depan, Bank Indonesia memandang suku bunga kredit perbankan perlu terus menurun sehingga dapat mendorong peningkatan penyaluran kredit/pembiayaan untuk mendukung pertumbuhan ekonomi.

Meanwhile, the decline in bank credit interest rates is still slow, where in July 2025, the credit interest rate was recorded at 9.16 percent, still relatively the same as the previous month.

Perry said that in the future, Bank Indonesia views that bank lending rates need to continue to decline so that they can encourage increased lending/financing to support economic growth.