Mandiri Bank Economist: Extension of Liquidity Provision by the Finance Minister Has a Positive Impact
JAKARTA, KOMPAS.com - PT Bank Mandiri (Persero) Tbk has welcomed the government’s policy of extending the tenor of the placement of Excess Budget Funds (SAL) in national banks, which was originally due to end on 13 March 2026.
Chief Economist of Bank Mandiri, Andry Asmoro, said that the placement of these funds has a number of positive impacts on the banking industry.
“I believe that the extension of liquidity from the Finance Minister has a positive impact,” he said during a gathering with the media in Jakarta, Wednesday (25/2/2026).
With the extension of the SAL placement tenor, it is hoped that banking liquidity will remain healthy for the next six months.
Moreover, Indonesia is currently observing Ramadan and Eid al-Fitr, during which cash circulation in the community increases dramatically, so banks must ensure that their liquidity is sufficient.
“Because, imagine if, for example, when the maturity date arrived, and then it was withdrawn, it would certainly be untimely,” he said.
With increased liquidity, banks will have more room to channel more credit, so credit distribution has the potential to grow higher.
Bank Mandiri estimates that the growth of credit in the banking industry will reach 9-10 percent annually this year.
“Will it encourage credit growth? Yes, if we look at it, there is indeed the potential for improvement in credit demand, especially from the availability of SAL funds,” said Asmo.
Asmo added that with the reduced tension in the competition for liquidity, this will reduce the tension in bank interest rates.
This is a positive effect considering that bank credit is still high compared to the decline in Bank Indonesia’s (BI) benchmark interest rate.
Based on BI data, since the cut in the BI rate by 125 basis points throughout 2025, bank lending rates have only fallen by 40 bps, from 9.20 percent at the beginning of 2025 to 8.80 percent in January 2026.
Meanwhile, the 1-month deposit rate has only fallen by 68 bps from 4.81 percent in January 2025 to 4.13 percent in January 2026.
“The decline in the rate of third-party funds is also still relatively limited. Limited in the sense that it has been aggressive, but it is still below the decline in the BI rate itself. This is what should have a positive impact,” he said.
Previously, Finance Minister Purbaya Yudhi Sadewa extended the placement of government funds of IDR 200 trillion in banks to September 2026.
“The placement of IDR 200 trillion when it matures on March 13, 2026, will be extended directly for the next six months. So, banks do not need to worry about losing liquidity because the government will continue to support liquidity in the market,” said Purbaya to the media after the February 2026 edition of the APBN KiTa press conference, Jakarta, Monday (23/2/2026).
Purbaya added that an evaluation of the policy will be carried out again in September 2026 to see whether the extension of the tenor will be extended again or stopped.