SRBI Holdings Shrink Further, Now Down to Rp831.55 Trillion

Jakarta — The strengthening of Indonesia’s monetary policy by Bank Indonesia continues to be pursued to further reinforce economic stability and support economic growth.

Bank Indonesia Governor Perry Warjiyo explained that one of the methods involves expansion of rupiah liquidity through reduction of the SRBI (Bank Indonesia Certificates) instrument position.

“The reduction in the SRBI monetary instrument position from Rp916.97 trillion at the beginning of 2025 to Rp831.55 trillion on 13 March 2026,” said Perry during the Bank Indonesia Rate Decision Conference on Tuesday (17 March 2026).

This decline in SRBI has been accompanied by Bank Indonesia’s purchases of state bonds (SBN) as a form of close synergy between monetary policy and fiscal policy, which as of 16 March 2026 reached Rp86.16 trillion, including secondary market purchases of Rp46.72 trillion.

“State bond purchases in the secondary market are carried out in accordance with market mechanisms, measured, transparent, and consistent with the monetary programme in maintaining economic stability so that monetary policy credibility can be continuously preserved,” Perry stated.