Call Credit Growth Still Slowing, Purbaya: The Impact Of The Injection Of Funds Of IDR 276 Trillion Only Feels December 2025

Minister of Finance Purbaya Yudhi Sadive. (Photo: ANTARA)

JAKARTA - Minister of Finance Purbaya Yudhi Sadive said, the impact of placing government funds of Rp276 trillion to banks will be fully visible in December 2025.

He acknowledged a slowdown in credit growth from 7.7 percent in September 2025 to 7.36 percent in October 2025, down 0.34 percentage points.

Whereas previously, Purbaya hoped that the injection of funds could immediately increase credit expansion.

However, Purbaya emphasized that this policy did take time before giving significant results.

"At least the full impact of the increase in liquidity will take up to 2 to 3 months after the money is injected. So we will see the full impact in December (2025), January (2026), if we look at the growth," said Purbaya in a press conference. APBN Kita, Thursday, November 20.

Although credit growth has not been optimal, Purbaya said that third party funds (DPK) had grown 11.5 percent in October 2025.

With the increase in the DPK, it is believed that credit growth will be accelerated in the near future.

He added that the placement of government funds also aims to keep the cost of funds low.

"But what is clear is that now the DPK is growing double digits, credit has also improved, especially investment loans. The purpose of placing these funds is to maintain low cost of funds to be achieved," he explained.

He noted that the six-month tenor deposit interest rate fell from 6 percent to 5.2 percent in September 2025.

A similar decline occurred at a weighted lending rate, which fell from 9.12 percent in July 2025 to 9 percent in October 2025.

"This indicates that government intervention has succeeded in encouraging a reduction in cost of funds to support investment and consumption activities," he explained.

Previously, Bank Indonesia Governor Perry Warjiyo assessed that lending still needed to be strengthened to support economic growth.

He said credit growth in October 2025 only reached 7.36 percent, even though the Bank Indonesia target was in the range of 8 percent to 11 percent throughout the year.

"This is due to a demand for credit that has not been strong, including being influenced by the attitude of business actors who are still holding back the expansion," he said at the Weekly RDG Results Press Conference in November 2025, Wednesday, November 19.

According to Perry, the weak demand for credit comes from business actors who are still careful and delay expansion.

He gave an example, although BI had cut the benchmark interest rate by 125 basis points, the drop in deposit interest rates was only 56 basis points from 4.81 percent in early 2025 to 4.25 percent in October 2025.

According to him, this was mainly influenced by the provision of a special rate to deposits which reached 27 percent of the total third-party funds of banks.

The rate of lower lending rates was slower, only down 20 basis points from 9.20 percent at the beginning of the year to 9 percent in October 2025.

Perry juga mencatat adanya fasilitas kredit yang belum dimanfaatkan (undisbursed loan) mencapai Rp2.450,7 triliun, atau 22,97 persen dari total plafon kredit.

Dari sisi penawaran, kapasitas perbankan untuk menyalurkan pembiayaan sebenarnya cukup kuat.

Hal ini didukung rasio alat likuid terhadap DPK yang naik menjadi 29,47 persen dan pertumbuhan DPK yang mencapai 11,48 persen pada Oktober 2025.

Perry also noted that there are credit facilities that have not been utilized (undisbursed loan) reaching IDR 2,450.7 trillion, or 22.97 percent of the total credit ceiling.

In terms of supply, the capacity of banks to distribute financing is actually quite strong.

This is supported by the ratio of liquid assets to DPK which rose to 29.47 percent and DPK growth which reached 11.48 percent in October 2025.