Purbaya Continues SBN Purchases as Rupiah Stabilisation Operations Continue
Jakarta, CNBC Indonesia - The Ministry of Finance continues to intervene in the Sovereign Bonds (SBN) market through treasury operations to maintain stable yields amid pressure on the rupiah and foreign capital outflows from financial markets.
Director General of Treasury (DJPb) Astera Primanto Bhakti stated that SBN repurchases are ongoing until Monday, 26 May 2026.
“Still ongoing,” Prima said when met at the Parliamentary Complex in Jakarta on Monday evening (26/5/2026).
However, the Ministry has yet to disclose the total amount of repurchased debt issued to foreign investors.
Previously, Finance Minister Purbaya Yudhi Sadewa announced a daily budget ceiling of Rp 2 trillion.
“The progress is getting better [compared to previous updates],” he said.
On Wednesday, 13 May 2026, the Ministry entered the market by purchasing Rp 100 billion in SBNs sold by investors, followed by interventions of Rp 800 billion on Monday, 18 May, and Rp 1.3 trillion on Tuesday, 19 May.
“Today’s market intervention of Rp 1.3 trillion caused bond yields to fall,” Purbaya stated during an APBN Kita press conference on Tuesday, 19 May.
As a result, foreign investors have started returning to the domestic bond market. In the secondary market, foreign inflows amounted to approximately Rp 500 billion, while primary market inflows reached around Rp 1.68 trillion.
“Our efforts to stabilise the bond market have restored foreign investors’ confidence in our bonds. They are returning,” he said.
The intervention was carried out through treasury operations by the Directorate General of Financing and Risk Management (DJPPR) and the Treasury Directorate General of the Ministry of Finance.
DJPPR Director General Suminto explained that the purchases are not permanent buybacks but temporary, to be resold later in the market. These transactions occur in the secondary market.
“The temporary purchases can be resold. It’s not a permanent buyback but SBN purchases for treasury operations, including resale,” Suminto told reporters on Tuesday evening (20/5/2026).
He added that the move differs from reducing new debt issuance, as the current strategy is purely market stabilisation, not a change in budget financing strategy. The selection of bonds by tenor and price is managed by Treasury Director General Astera Primanto Bhakti as cash manager.
“When it comes to issuance, we will manage our issuance. Timing, size, and instrument composition — that’s handled by Prima (Treasury Director General) for treasury operations,” he said.
Suminto stressed that the operation is not part of the bond stabilisation framework (BSF) previously linked to the state-owned bank group Himbara.
“(Involving Himbara) That would be if the bond stabilisation framework (BSF) were activated. Currently, we are not activating BSF. This is purely cash management treasury operations, using Prima’s funds, not others’ or SMV’s,” he explained.