BI strengthens SRBI interest rate structure to stabilise rupiah exchange rate
Jakarta (ANTARA) - Bank Indonesia (BI) is strengthening the interest rate structure of its pro-market monetary instruments, specifically the Indonesian Rupiah Securities (SRBI), to encourage capital inflows and support the stabilisation of the rupiah exchange rate.
BI Governor Perry Warjiyo, during a virtual press conference following the Board of Governors’ Meeting (RDG) in Jakarta on Wednesday, explained that the SRBI interest rate structure has been increased over the past month.
He stated that this policy has driven foreign portfolio inflows, not only into SRBI but also into Government Securities (SBN), thereby supporting rupiah exchange rate stability and strengthening external sector resilience against global dynamics.
Meanwhile, BI Senior Deputy Governor Destry Damayanti added that the impact of the gradual interest rate adjustments on SRBI is now becoming evident.
“In SRBI, after we began making gradual adjustments to the interest structure starting in January, February, and March, we are already seeing results, with inflows reaching Rp32.5 trillion in SRBI,” said Destry.
Then, in April 2026, Destry noted that SRBI inflows continued at Rp29 trillion, bringing the year-to-date total to Rp54.3 trillion. Over the same period, SBN recorded inflows of around Rp10-11 trillion.
“This means we are indeed taking all possible measures. Of course, with the increasing net inflows from foreigners, this will also strengthen our external sector resilience,” said Destry.
Additionally, she revealed that BI’s foreign exchange monetary operation instrument, the Indonesian Foreign Exchange Securities (SVBI), recorded a significant increase of around US$400 million in April. The ample dollar liquidity in the system is seen as further supporting rupiah exchange rate resilience going forward.
“And once again, I want to emphasise that BI will continue to be in the market 24 hours a day, both in the Indonesian market and offshore, including in Europe, America, and other global markets,” said Destry.
For context, according to BI records, the SRBI monetary instrument position as of 21 April 2026 stood at Rp885.41 trillion, supported by non-resident ownership of Rp165.98 trillion (18.75 percent of total outstanding), which also aids rupiah exchange rate stability.
On the other hand, BI is also purchasing SBN as part of close synergy between monetary and fiscal policies, while ensuring adequate liquidity in the money and banking markets.
Year-to-date as of 21 April 2026, BI’s SBN purchases reached Rp111.54 trillion, including Rp56.53 trillion in the secondary market.
BI assures that secondary market SBN purchases are conducted in line with market mechanisms, are measured, transparent, and consistent with the monetary programme in maintaining economic stability and preserving monetary policy credibility.
According to the central bank, the rupiah exchange rate remains relatively stable, recorded at Rp17,140 per US dollar on 21 April 2026, or weakening by 0.87 percent (point-to-point) compared to the end of March 2026.