JAKARTA - Bright Institute Economist Awil Rizky said that the purchase of Government Securities (SBN) by Bank Indonesia (BI) in the secondary market had actually been carried out for a long time, but previously it was only for monetary operations.
For information, Bank Indonesia (BI) has purchased Government Securities (SBN) until November 18, 2025, reaching IDR 289.91 trillion, including purchases in the secondary market and a debt switching program with the Government of IDR 212.60 trillion.
According to Awalil, without active involvement and a significant portion of ownership from BI, the SBN secondary market has the potential to become highly volatile.
"The turmoil can bring a fairly wild price reduction or yield increase. It will have an impact on all monetary and financial indicators," he said in his statement, Tuesday, November 25.
However, he said BI's ownership of SBN had a broad influence on the condition of the financial and monetary industry.
Awalil added specifically that banks are being competed in raising funds, so they are increasingly reluctant to distribute large amounts of credit to the real sector.
He added that the government's financial condition is also increasingly dependent on BI policies and without its support, financing the budget deficit will be very difficult.
"Currently, SBN is still held and bought again by various parties, among others, because it is guaranteed by BI," he said.
According to him, so far, the confidence of financial market players is still maintained, including foreign interest in Bank Indonesia's Rupiah Securities (SRBI). However, if there is an external shock due to global economic and financial conditions, the structure of the government's debt and the monetary portfolio managed by BI is considered not strong enough.
On the other hand, he said that if BI really stopped buying SBN as desired by the Minister of Finance Purbaya Yudhi Sadive, the risk of APBN financing would increase.
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"Who will buy a new SBN, even though it continues to be published to finance Prabowo's priority programs," he said.
He considered that the government's fiscal policy space and BI's monetary policy would be increasingly limited in 2026, while global economic and financial challenges were increasingly met with uncertainty.
According to him, to face current conditions and the 2026 challenges, the government and BI need to strengthen synergy and coordination.
"However, it must not damage BI's independence, so that everything is weighed in various aspects of the economy. It does not follow the government's ambitions on certain policies that are of great cost," he explained.
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