IndONIA & JIBOR

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What is IndONIA

​​​​IndONIA (Indonesia Overnight Index Average)


IndONIA is a money market benchmark rate.  Calculated periodically, IndONIA is available to market participants for use as a reference to determine lending rates as well as set prices and measure the performance financial instruments. IndONIA is the average interest rate index for unsecured overnight interbank rupiah money market transactions. ​

IndONIA is calculated based on the average interest rate for unsecured overnight rupiah lending reported by all banks to Bank Indonesia.  Therefore, IndONIA is the transaction interest rate based on market transactions. IndONIA is determined using the volume-weighted average of all transaction data on a particular day, as reported by the banks to Bank Indonesia through the commercial bank daily reporting system between 07:00 WIB and 18:00 WIB (with an online correction window until 19:00 WIB).

Bank Indonesia began publishing IndONIA each business day at 19:30 WIB on its official website from 1st August 2018.​

IndONIA is expected to replace the overnight JIBOR as the money market benchmark rate.  As of 2nd January 2019, Bank Indonesia no longer publishes the overnight JIBOR, with existing financial contracts using the overnight JIBOR as a reference expected to transition to IndONIA as the latest reference for the overnight tenor.

A brief explanation of IndONIA is as follows:​

No Subject
Description
1 Publication Time
19.30 WIB
2 Tenor
Overnight
3 Calculation Method
Volume-weighted average

Provisions concerning IndONIA are contained in Bank Indonesia Regulation (PBI) No. 20/7/PBI/2018, dated 24th July 2018, concerning the Indonesia Overnight Index Average (IndONIA) and Jakarta Interbank offered Rate (JIBOR).​


 

Information about IndONIA

​Financial Market Development Department

Telp : (021) 2981-4013, 2981-4897

Fax : (021) 2311-325, 3504-296

Email : indonia.jibor@bi.go.id​​

What is JIBOR

JIBOR (Jakarta Interbank Offered Rate)

JIBOR is a money market benchmark rate.  Calculated periodically, JIBOR is available to market participants for use as a reference to determine lending rates as well as set prices and measure the performance financial instruments. JIBOR is the average indicative unsecured lending rate offered by contributor banks to other contributor banks for rupiah lending in Indonesia with a tenor longer than overnight.

JIBOR is determined by Bank Indonesia based on the indicative offered rates quoted by Contributor Banks to Bank Indonesia during the submission window from 07:00 WIB to 09:30 WIB (with an online correction window until 09:45 WIB).  Furthermore, JIBOR is calculated using a simple average of the quotations submitted by Contributor Banks after excluding 15% of the highest and 15% of the lowest offered rates.

Bank Indonesia publishes JIBOR on its official website each business day at 10:00 WIB, consisting of overnight, 1-week, 1-month, 3-month, 6-month and 12-month tenors.


To enhance JIBOR credibility as a money market reference rate, Bank Indonesia has introduced several refinements.  As of 2nd January 2019, JIBOR is determined referencing transaction data based on good governance, which is expected to reflect actual market rates in line with international best practices as stipulated in the IOSCO Principles for Financial Benchmarks published by the International Organisation of Securities Commissions (IOSCO).

Enhanced money market benchmark rate credibility is expected to reduce the complexity of financial contracts by facilitating standardisation through the use of reference interest rates for debt instruments and/or lending based on floating interest rates, rupiah interest rate derivatives and for the evaluation of financial instruments.


As of 2nd January 2019, Bank Indonesia no longer publishes the overnight JIBOR.  Consequently, JIBOR consists of five tenors, namely 1-week, 1-month, 3-month, 6-month and 12-month tenors, published daily on Bank Indonesia's website at 11:00 WIB of each business day.

A brief explanation of IndONIA is as follows:​

No ​Subject
Information
1 Publication Time
10.00 WIB
From 2nd Januari 2019:
11.00 WIB
2
Tenor
Overnight, 1-week, 1-month, 3-month, 6-month and 12-month
From 2nd January 2019:
1-week, 1-month, 3-month, 6-month and 12-month
​3
​Day Count Convention
Actual/360​
4
Calculation Method
Simple average after excluding 15% of the highest and 15% of the lowest offered rates.​

Provisions concerning JIBOR are contained in Bank Indonesia Regulation  (PBI) No.20/7/PBI/2018 dated 24 Juli 2018 concerning the Indonesia Overnight Index Average and​Jakarta Interbank Offered Rate.​

Information about IndONIA
Financial Market Development Department
Telp: (021) 2981-4013, 2981-4897
Fax: (021) 2311-325, 3504-296
Email: indonia.jibor@bi.go.id



 


JIBOR​ Contributor Banks​​

As of 1st March 2021, the following contributor banks quote offered rates and bid rates to determine JIBOR:​​

No Contributors of JIBOR
1 BPD DKI JAKARTA
2 CITIBANK
3 MUFG BANK, LTD
4 PT BANK BTPN, Tbk
5 PT BANK CENTRAL ASIA Tbk
6 PT BANK CTBC INDONESIA
7 PT BANK DANAMON INDONESIA Tbk
8 PT BANK DBS INDONESIA
9 PT BANK HSBC INDONESIA
10 PT BANK JABAR BANTEN Tbk
11 PT BANK KEB HANA INDONESIA
12 PT BANK MANDIRI (PERSERO) Tbk
13 PT BANK MIZUHO INDONESIA
14 PT BANK NEGARA INDONESIA 1946 (PERSERO) Tbk
15 PT BANK OCBC NISP Tbk
16 PT BANK PERMATA Tbk
17 PT BANK RAKYAT INDONESIA Tbk
18 PT BANK RESONA PERDANIA
19 PT BANK TABUNGAN NEGARA (PERSERO)
20 PT BANK UOB INDONESIA
21 PT PAN INDONESIA BANK LTD. Tbk
22 STANDARD CHARTERED BANK

​IndONIA and JIBOR Data

Date : 8 December 2021

Fixing at 19.30 WIB

IndONIA(%)
2.79351

Fixing at 11.00 WIB

JIBOR
1 Week (%) 1 Month (%) 3 Months (%) 6 Months (%) 12 Months (%)
Avg 3.50000 3.55000 3.75000 3.90813 4.07188
Max 3.50000 3.55000 3.75000 3.95000 4.10000
Min 3.50000 3.55000 3.75000 3.90000 4.05000

Individual Quotation Offer Rate

No Bank Name 1 Week (%) 1 Month (%) 3 Months (%) 6 Months (%) 12 Months (%)
1 B.P.D. DKI JAKARTA 3.50000 3.55000 3.75000 3.90000 4.08000
2 B.P.D. JAWA BARAT BANTEN 3.50000 3.55000 3.75000 3.90000 4.05000
3 BANK BTPN, Tbk 3.50000 3.55000 3.73000 3.93000 4.16000
4 BANK CENTRAL ASIA Tbk 3.50000 3.55000 3.75000 3.90000 4.05000
5 BANK CTBC INDONESIA 3.50000 3.55000 3.75000 3.95000 4.10000
6 BANK DANAMON INDONESIA 3.50000 3.55000 3.75000 3.90000 4.05000
7 BANK DBS INDONESIA 3.50000 3.55000 3.75000 3.95000 4.10000
8 BANK HSBC INDONESIA 3.50000 3.55000 3.75000 3.90000 4.10000
9 BANK KEB HANA INDONESIA 3.50000 3.55000 3.75000 3.90000 4.05000
10 BANK MANDIRI 3.50000 3.55000 3.75000 3.90000 4.05000
11 BANK MIZUHO INDONESIA 3.50000 3.55000 3.75000 3.90000 4.10000
12 BANK NEGARA INDONESIA 1946 3.50000 3.55000 3.75000 3.90000 4.05000
13 BANK OCBC NISP Tbk 3.50000 3.55000 3.75000 3.90000 4.07000
14 BANK PANIN INDONESIA 3.50000 3.55000 3.75000 3.90000 4.00000
15 BANK PERMATA Tbk 3.50000 3.55000 3.75000 3.90000 4.05000
16 BANK RAKYAT INDONESIA 3.50000 3.55000 3.75000 3.90000 4.05000
17 BANK RESONA PERDANIA 3.50000 3.55000 3.75000 3.90000 4.05000
18 BANK TABUNGAN NEGARA 3.50000 3.55000 3.75000 3.90000 4.10000
19 BANK UOB INDONESIA 3.50000 3.55000 3.75000 3.95000 4.10000
20 CITIBANK 3.50000 3.58000 3.77000 4.00000 4.20000
21 MUFG BANK, LTD 3.50000 3.55000 3.75000 3.95000 4.10000
22 STANDARD CHARTERED BANK 3.50000 3.55000 3.70000 3.85000 4.00000

Individual Quotation Bid Rate

No Bank Name 1 Week (%) 1 Month (%) 3 Months (%) 6 Months (%) 12 Months (%)
1 B.P.D. DKI JAKARTA 3.40000 3.35000 3.55000 3.70000 3.88000
2 B.P.D. JAWA BARAT BANTEN 3.40000 3.35000 3.55000 3.70000 3.85000
3 BANK BTPN, Tbk 3.40000 3.35000 3.53000 3.73000 3.96000
4 BANK CENTRAL ASIA Tbk 3.40000 3.35000 3.55000 3.70000 3.85000
5 BANK CTBC INDONESIA 3.40000 3.35000 3.55000 3.75000 3.90000
6 BANK DANAMON INDONESIA 3.40000 3.35000 3.55000 3.70000 3.85000
7 BANK DBS INDONESIA 3.40000 3.35000 3.55000 3.75000 3.90000
8 BANK HSBC INDONESIA 3.40000 3.35000 3.55000 3.70000 3.90000
9 BANK KEB HANA INDONESIA 3.45000 3.35000 3.55000 3.70000 3.85000
10 BANK MANDIRI 3.40000 3.35000 3.55000 3.70000 3.85000
11 BANK MIZUHO INDONESIA 3.40000 3.45000 3.55000 3.70000 3.90000
12 BANK NEGARA INDONESIA 1946 3.40000 3.35000 3.55000 3.70000 3.85000
13 BANK OCBC NISP Tbk 3.40000 3.35000 3.55000 3.70000 3.87000
14 BANK PANIN INDONESIA 3.40000 3.35000 3.55000 3.70000 3.80000
15 BANK PERMATA Tbk 3.40000 3.35000 3.55000 3.70000 3.85000
16 BANK RAKYAT INDONESIA 3.40000 3.35000 3.55000 3.70000 3.85000
17 BANK RESONA PERDANIA 3.40000 3.35000 3.55000 3.70000 3.85000
18 BANK TABUNGAN NEGARA 3.40000 3.35000 3.55000 3.70000 3.90000
19 BANK UOB INDONESIA 3.40000 3.35000 3.55000 3.75000 3.90000
20 CITIBANK 3.40000 3.38000 3.57000 3.80000 4.00000
21 MUFG BANK, LTD 3.40000 3.35000 3.55000 3.75000 3.90000
22 STANDARD CHARTERED BANK 3.40000 3.35000 3.50000 3.65000 3.80000
​ ​

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