{
    "success": true,
    "data": {
        "id": 1732904,
        "msgid": "purbaya-will-only-activate-bsf-during-crises-1778559366",
        "date": "2026-05-12 08:52:41",
        "title": "Purbaya Will Only Activate BSF During Crises",
        "author": "",
        "source": "TEMPO_ID_BISNIS",
        "tags": "",
        "topic": "Finance",
        "summary": "Indonesian Finance Minister Purbaya Yudhi Sadewa has clarified that the Bond Stabilization Fund (BSF) will not be activated at present, reserving it solely for crisis situations, and instead opting for cash flow management to stabilise government bond prices amid capital outflows affecting the rupiah. This decision follows an initial announcement of imminent BSF deployment, now deferred as economic conditions do not warrant it, distinguishing it from the broader Bond Stabilization Framework coordinated via the Financial System Stability Committee (KSSK). The move aims to maintain stability in Surat Berharga Negara (SBN) prices and support rupiah strength without escalating to emergency measures.",
        "content": "<p>Finance Minister Purbaya Yudhi Sadewa stated that the government will\nnot yet utilise the Bond Stabilization Fund (BSF). He assured that the\nBSF would only be activated during a crisis. For the time being, Purbaya\nsaid, the government will stabilise government bond prices without the\nBSF mechanism. \u201cSo we might not activate the Bond Stabilization Fund\nyet, but stabilise bond prices first. They are apparently different. The\nBond Stabilization Fund is for crises,\u201d he remarked on Monday, 11 May\n2026. Previously, the former Chair of the Indonesia Deposit Insurance\nCorporation (LPS) Board of Commissioners had stated that the BSF\nmechanism would soon be implemented to stabilise government debt\nsecurities prices. He also planned to involve several institutions or\nspecial mission vehicles (SMVs) under the Ministry of Finance to assist\nin this effort. However, recently he confirmed that those institutions\nwould not be called upon yet. The current approach is cash flow\nmanagement. \u201cThis isn\u2019t a crisis, so we are using all the instruments\navailable to us to carry it out,\u201d Purbaya explained. The plan to\nactivate the BSF was initially revealed by Purbaya during the State\nBudget (APBN) press conference on 5 May 2026. The day after, the State\nTreasurer elaborated that the BSF is an initiative of the Ministry of\nFinance itself and would be carried out soon. The use of BSF is taking\nplace amid a trend of capital outflows in the government securities\n(SBN) market, which has triggered rupiah exchange rate depreciation. By\nusing the BSF, it is hoped that SBN prices will become more stable and\nencourage rupiah strengthening. The Finance Minister once stated that\nthis step differs from the bond stabilisation framework or Bond\nStabilization Framework, which has so far been launchable through the\nFinancial System Stability Committee (KSSK) protocol. Citing Antara, the\nBond Stabilization Framework initiative was previously explained by Sri\nMulyani in 2018 when she was still serving as Finance Minister. At that\ntime, Sri Mulyani stated that the BSF could be activated if, based on\nthe KSSK\u2019s assessment, the economic condition is in a state of\nalert.<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/purbaya-will-only-activate-bsf-during-crises-1778559366",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}