BSI Warns Sudden Withdrawal of State Budget Surplus Funds Could Trigger Market Volatility
PT Bank Syariah Indonesia (Persero) Tbk President Director Anggoro Eko Cahyo has expressed hope that the government will not suddenly withdraw the state budget surplus (SAL) funds currently placed with state banks. “If the withdrawal is sudden, the market will experience volatility,” he said in South Jakarta on Wednesday, 1 July 2026.
He stated that BSI will receive an additional SAL fund placement of Rp 21 trillion from the total state budget reserve allocation of Rp 400 trillion distributed to the association of state-owned banks (Himbara). Regarding the amount, Anggoro said he had actually hoped the allocation to BSI would match the initial phase, which was Rp 10 trillion. “Because we are more focused on maintaining the rhythm. We didn’t ask for an immediate increase,” he remarked.
Anggoro noted that liquidity remains a challenge for the banking sector. Prior to the injection of SAL funds, banks needed to seek liquidity to support expansion. However, if a withdrawal is necessary, he hopes the government will do it gradually so banks can manage their liquidity.
Vice Minister of Finance Juda Agung confirmed the government is again placing SAL funds with several Himbara member banks, following earlier reports that the funds had been withdrawn in stages. The government is also extending the placement of funds that were previously due to mature in September 2026. “Government funds in banks will be returned, the previous Rp 281 trillion will be returned as Rp 281 trillion and extended until the end of December 2026,” Juda said at the DPR building in Senayan, Jakarta, on 29 June 2026.
He added that an additional Rp 100 trillion in funds has been prepared. “As a standby, in case it is needed and banks still require liquidity to disburse credit,” he said. The funds were prepared following information from banks that credit demand remains quite high, necessitating additional liquidity to support lending.
In May 2026, bank credit grew by 11.5 per cent, an increase from the previous month. With this placement, Juda said, credit is expected to continue growing at a double-digit pace in the coming months. The former Bank Indonesia Deputy Governor confirmed that the government had previously withdrawn Rp 110 trillion from the total funds placed with Himbara. The withdrawal occurred in June 2026, but the funds were subsequently re-placed with state-owned banks, leaving the current position of government SAL funds in banks at Rp 281 trillion.