Yogyakarta, IDN Times - Bank Indonesia (BI) emphasized its commitment to maintaining banking liquidity through the management of monetary operations instruments. One of them is done by gradually reducing the issuance of Bank Indonesia Rupiah Securities (SRBI) throughout 2025.
Director of the Department of Monetary and Securities Asset Management of BI, Ronald D. Parluhutan, said outstanding SRBI dropped significantly from Rp923.53 trillion as of December 31, 2024, to Rp720.61 trillion as of August 19, 2025.
She explained that the decrease in outstanding is part of the Operation Moneter Pro Market strategy, which focuses on managing liquidity in a measured, transparent, and market-based manner. Through this strategy, BI aims to maintain financial system stability while enhancing the effectiveness of monetary policy transmission.
"This effort is carried out to support liquidity adequacy in the money market and banking sector, as well as to promote the sustainability of national economic growth," he explained on Friday (8/22/2025).
1. Decline in outstanding is followed by a decrease in yield
Decline outstanding SRBI is also followed by a decline in yields, especially for the 12-month term, which is the main benchmark. Currently, SRBI is offered in three terms: 6, 9, and 12 months.
On August 20, 2025, BI once again reduced the BI Rate by 100 bps or four times to reach a level of 5 percent. This level became the lowest since 2022. The previous weekly SRBI auction was recorded at 5.34 percent.
"Due to the decline in the benchmark interest rate, SRBI yield also decreased in line with the monetary policy direction," said Ronald.
2. Activities in the secondary market remain maintained
Although outstanding SRBI is declining, and activities in the secondary market are still relatively maintained. SRBI is Indonesia's Rupiah Securities, a rupiah-denominated security issued by Bank Indonesia as a new monetary operation instrument to manage liquidity.
In the midst of the decline outstanding "Dan yield, transaksi SRBI di pasar sekunder masih terjaga dengan baik," katanya.
3. Foreign ownership of SRBI is only 19.81 percent
Meanwhile, the ownership of SRBI by non-residents or foreigners was recorded at IDR 146.78 trillion as of July 31, 2025, or 19.81 percent of the total outstanding amount of IDR 740.78 trillion. This figure indicates that foreign investors' interest in BI instruments remains relatively strong.
According to Ronald, the decline outstanding SRBI opens up a larger space for liquidity in the money market. The composition of monetary operations is adjusted with a larger portion allocated to short-term maturities to support liquidity expansion.
"By reducing the SRBI composition to Rp720 trillion, we increase the shorter tenor components to make banking liquidity looser and the economy continue to grow," he emphasized.
BI Will Reduce SRBI to Boost Bank Liquidity Dana Asing Rp4.15 T Surges into SRBI and SBN at the End of April Knowing SRBI, a New Investment Instrument Issued by BI
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