SRBI Yields Rise, Driving Rp 105.16 Trillion in Foreign Inflow Since Start of Year
Bank Indonesia (BI) has recorded an increase in foreign capital inflows through Bank Indonesia Rupiah Securities (SRBI) following an upward adjustment in SRBI yields. BI Governor Perry Warjiyo stated that the central bank has raised SRBI yields for the 6-month tenor to 6.21 per cent, the 9-month tenor to 6.31 per cent, and the 12-month tenor to 6.45 per cent as of 13 May 2026. According to Perry’s presentation, SRBI yields have been on an upward trend since the end of 2025.
Concurrently, foreign capital inflows through SRBI reversed to an increase in the fourth quarter of 2025, from a deficit of Rp 99.24 trillion in the previous quarter. Since Q4 2025, SRBI has consistently recorded inflows, with the only exception being March 2026, which saw an outflow of Rp 6.88 trillion due to escalating conflicts in the Middle East. “That is why we needed to raise the SRBI interest rate to induce inflows. Fortunately, the SRBI has seen inflows; the total inflow for SRBI this year has reached Rp 105.16 trillion,” he stated during a working meeting with Commission XI of the Indonesian House of Representatives (DPR RI) in Jakarta on Monday (18/5/2026).
The inflow performance of SRBI has outperformed foreign capital flows in equities, which experienced an outflow of Rp 26.06 trillion in Q1 2026 and an outflow of Rp 1.58 trillion in Q2 (up to 12 May). Similarly, Government Securities (SBN) recorded an outflow of Rp 25.10 trillion in Q1 2026, though an inflow of Rp 14.91 trillion was recorded in Q2 (up to 12 May). To attract foreign capital into SBN, BI has conducted secondary market purchases of SBN worth Rp 133.39 trillion year-to-date. “Our steps have also begun to encourage SBN purchases by investors,” said Perry.
Nevertheless, foreign capital flows through both SBN and equities remain in outflow territory year-to-date, at Rp 10.19 trillion and Rp 27.64 trillion, respectively. Perry continued, explaining that through these various measures, BI is striving to increase the supply of foreign exchange in the domestic market via SRBI and SBN. However, pressure on the Rupiah exchange rate remains significant due to global uncertainty and domestic seasonal factors, causing the Rupiah to continue depreciating. The central bank remains committed to continuous intervention in the financial market to maintain the stability of the Rupiah exchange rate. “God willing, demand will begin to decrease in July and August. After that, we can manage without excessively large interventions,” he added.