Foreign Ownership in SRBI Shrinks, Here's the Evidence

Bank Indonesia (BI) recorded that non-resident holdings of Bank Indonesia Rupiah Securities (SRBI) increased from Rp238.09 trillion on 15 June 2026 to Rp288.65 trillion, or 27.11% of the total SRBI position, on 20 July 2026. BI claims this increase was driven by its move to raise the SRBI interest rate in order to simultaneously strengthen rupiah exchange rate stability. “The SRBI interest rate was raised to attract foreign portfolio investment inflows and strengthen the stability of the Rupiah exchange rate,” said BI Governor Perry Warjiyo on Wednesday (22/7/2026). However, when viewed from the previous month, non-resident or foreign ownership in SRBI actually declined. In June 2026, non-resident ownership in SRBI reached Rp293.16 trillion. According to CNBC Indonesia’s records, this was the highest position since the instrument was first issued. The previous record was recorded in October 2024 at Rp262.17 trillion. Overall, citing data on BI’s official website, total outstanding SRBI reached Rp1,072.62 trillion by the end of June 2026. This was an increase of Rp92.74 trillion, or 9.46%, compared to May 2026’s figure of Rp979.88 trillion. This amount also represents the highest level since SRBI was first issued in September 2023. On an annual basis, the value surged by Rp289.65 trillion, or 37%, from the June 2025 position of Rp782.97 trillion. SRBI are rupiah-denominated securities issued by BI using government securities (SBN) owned by the central bank as the underlying asset. This instrument can be traded on the secondary market and is used by BI as a contractionary monetary operation tool to absorb rupiah liquidity.