Business · Markets · 1 hr ago
Bank Indonesia to Gradually Reduce Short-Term Debt Issuance
Bank Indonesia plans to gradually issue fewer SRBI securities, which are rupiah-denominated instruments with terms of six, nine or 12 months.
The move is intended to make more money available for short- and medium-term needs instead of locking it into longer-term instruments.
SRBI holdings have fallen from a peak of about 1,070 trillion rupiah to around 900 trillion, releasing roughly 150 trillion rupiah in liquidity, according to the central bank.
The gradual reduction is meant to keep daily liquidity sufficient and help money-market rates stay within the central bank’s desired range.
That can strengthen how changes in the BI Rate pass through to money markets and banks.
The bank will adjust SRBI auction volumes based on market liquidity, aiming to avoid disruption.
It will keep SRBI as an investment option, including for foreign investors, and banks can also seek liquidity through repo and swap facilities.
Bank Indonesia plans to gradually reduce issuance of its short-term rupiah securities to increase liquidity in money markets.
The central bank says it has already released about Rp150 trillion in liquidity compared with the peak amount of SRBI outstanding.
The securities’ outstanding amount has fallen from about Rp1,070 trillion at its peak to around Rp900 trillion most recently.
BI says it will adjust issuance in an orderly way while taking market liquidity into account.
It also plans to retain SRBI as a monetary policy instrument and an asset that can attract foreign investors.
- Who
- Bank Indonesia. The plan was described by Erwin Gunawan Hutapea, head of BI’s Monetary and Securities Management Department.
- What
- BI plans to gradually reduce issuance of its short-term rupiah securities, known as SRBI.
- When
- Erwin discussed the plan at a BI media briefing on October 23. The article was published on October 25, 2026.
- Where
- Indonesia’s money market.
- Why
- BI aims to make more funds available for short- and medium-term liquidity needs and support the transmission of monetary policy to money markets and banks.
This story does not have two clearly opposing sides.
The amount of SRBI outstanding reached about Rp1,070 trillion.
SRBI outstanding had fallen to around Rp900 trillion, and BI estimated it had released about Rp150 trillion in liquidity from the peak.
Erwin Gunawan Hutapea said at a BI media briefing that the central bank would continue reducing SRBI issuance gradually and in a measured way.
- SRBI peak outstanding
- About Rp1,070 trillion
- Most recent SRBI outstanding
- Around Rp900 trillion
- Liquidity released from peak
- About Rp150 trillion
- SRBI tenors
- 6, 9 and 12 months
- Repo facility tenors
- 1 week to 12 months
What people are saying
We will continue to reduce SRBI gradually and in a measured way, while looking at market dynamics.
So liquidity can be balanced between liquidity that we lock up in the long term and liquidity in the short and medium term.
SRBI can be bought by foreigners.