Monetary Operation

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Monetary Operations

Monetary Operations aim to achieve monetary stability in the money market and foreign exchange market in an integrated manner. Monetary operations may be conducted in a conventional manner and based on sharia principles. To achieve the monetary stability, Monetary Operations are carried out by controlling the interest rates in Overnight Interbank Money Market (PUAB O/N) to move around the policy rate which is BI 7-Day Reverse Repo Rate (BI7-DRR) and maintaining rupiah exchange rate stability in line with the fundamental exchange rate. To control the interest rate in PUAB O/N as the operational target of monetary policy, Bank Indonesia conducts liquidity management in Rupiah money market through liquidity absorption and/or liquidity injection. To maintain the exchange rate in line with its fundamental values, Monetary Operations are conducted through the implementation of interventions and/or other foreign exchange transactions on the foreign exchange market. Monetary operations consist of Open Market Operations (OMO) and Standing Facilities (SF).

Daily Liquidity Projection

In Billion Rp.

Previous Day Today (22-Sep-23)
20-Sept-23 08.30 WIB 14.00 WIB
A.Total Liquidity (Net)92,123

of which :

 - Maturing OMO Instruments - Conventional


 - Maturing OMO Instruments - Sharia


B. Excess Reserve (end of day)

 - Conventional Bank


 - Sharia Bank

​Source: ​Departemen Pengelolaan Moneter - Grup Operasi Moneter - Divisi Proyeksi Likuiditas

Departemen Pengelolaan Moneter: 021 - 29810000 ext 5849
Grup Operasi Moneter: 021 - 29810000 ext 1831/2180
Divisi Proyeksi Likuiditas: 021 - 29814797 / 29815807


    Open Market Operations (OMO)

    Open Market Operations (OMO) are transaction in the money market and/or foreign exchange market conducted by Bank Indonesia with Banks and/or other parties for monetary operation in a conventional manner and based on sharia principles. OMO in domestic currency is divided into two, namely OMO absorption and OMO injection, considering liquidity conditions in the banking system both conventional and sharia. OMO absorption is performed to absorb excess liquidity while OMO injection is undertaken to increase liquidity in order to maintain a balance of liquidity conditions to support the achievement of monetary operations target. OMO can be carried out regularly and non-regularly. Regular OMO is  conducted on a scheduled basis through an auction. Meanwhile, non-regular OMO can be conducted at any time (fine-tune operation) to strengthen the achievement of monetary operations target through the implementation of regular OMO. BI announces plans and results of regular and non-regular OMO auctions through the website of BI and/or other designated means.

    Instruments for OMO in domestic currency are as follows:


    OMO in foreign currency is conducted through intervention instruments (spot, forward, and DNDF) as well as liquidity management instruments aimed at supporting the stability of the Rupiah exchange rate (FX swap, FX term deposit, BI FX bills, and sharia FX term deposit).

    Instruments for OMO in foreign currency are as follows:



​​Standing Fac​​​​​ilities

Standing Facilities are activities to provide Rupiah funds from Bank Indonesia to Banks and placement of rupiah funds by Banks at Bank Indonesia for Monetary Operations, which can be conducted conventionally and based on sharia principles. Standing Facilities are available at the end of the day for conventional banks and Islamic banks, which consist of:

  • Deposit Facility (DF). DF is the placement of Rupiah funds by participants of Standing Facilities at Bank Indonesia for monetary operations that is conducted conventionally or based on sharia principles. DF which is carried out based on sharia principles is implemented in the form of the Bank Indonesia Sharia Deposit Facility (FASBIS).
  • Lending Facility (LF) or Financing Facility (FF). LF is the provision of Rupiah funds from Bank Indonesia to conventional Standing Facilities participants for conventional monetary operation​s, while FF is the provision of Rupiah funds from Bank Indonesia to sharia Standing Facility participants for monetary operations carried out based on sharia principles.

Standing Facilities instruments are as follows:



  • VRT: Variable Rate Tender
  • FRT: Fixed Rate Tender
  • SBI: Bank Indonesia Certificate
  • SBIS: Bank Indonesia Sharia Certificate
  • SDBI: Bank Indonesia Deposit Certificate
  • SukBI: Sukuk Bank Indonesia
  • FX: Foreign Exchange
  • PaSBI: Bank Indonesia Sharia-Compliant Liquidity Management
  • FLiSBI: Bank Indonesia Sharia-Compliant Liquidity Facilities
  • DNDF: Domestic Non-Deliverable Forward

Related attachments:

  • Bank Indonesia Regulation Number 22/14/PBI/2020 on Monetary Operation
  • Regulation of Members of Board of Governors Number 22/22/PADG/2020 on Instruments In Open Market Operation
  • Regulation of Members of Board of Governors Number 22/23/PADG/2020 on Implementation of Open Market Operation
  • Regulation of Members of Board of Governors Number 22/24/PADG/2020 on Standing Facilities
  • Regulation of Members of Board of Governors Number 22/25/PADG/2020 on Criteria and Requirements for Securities in Monetary Operation
  • Regulation of Members of Board of Governors Number 22/26/PADG/2020 on Monetary Operation Participation

TD Valas DHE


Bank Indonesia has issued a policy to strengthen the management of foreign exchange proceeds of export (DHE) by expanding the transaction mechanisms between Bank Indonesia and banks in the form of a pass on of transactions between banks and their customers (exporters) to Bank Indonesia. The policy is implemented through Foreign Currency Term Deposits (TD Valas) for Foreign Exchange Proceeds of Export (DHE), or TD Valas DHE. The instrument aims to facilitate the DHE placements by exporters at Bank Indonesia through appointed banks in accordance with market mechanisms. To support the policy, Bank Indonesia offers: (i) foreign exchange interest rates taking into account nominal and tenor tiering; (ii) exemption of funds from the third-party funds component used to calculate Reserve Requirements and (sharia) Macroprudential Intermediation Ratio; (iii) agent fees/spread based on tenor for banks taking into account the tenor of TD Valas DHE.

Therefore, in accordance with Bank Indonesia Regulation (PBI) No. 7 / 2023 concerning Export Proceeds and Import Payments (PBI DHE & DPI), exporters may place funds from their special account of DHE SDA to Bank Indonesia instrument, TD Valas DHE, through fund placement product at appointed banks. This instrument can be utilized in the form of conversion feature from TD Valas DHE into Bank’s swap to BI to support exporters interest.


List of Appointed Banks

1PT. Bank Mandiri (Persero), Tbk*
2PT. Bank Rakyat Indonesia (Persero), Tbk
3PT Bank Negara Indonesia (Persero), Tbk
4PT. Bank Central Asia, Tbk
5PT. Bank CIMB Niaga, Tbk
6PT. Bank Danamon Indonesia, Tbk
7PT. Bank BTPN, Tbk
8PT. Pan Indonesia Bank (Panin), Tbk
9PT. Bank DBS Indonesia
10PT. Bank Maybank Indonesia, Tbk.
11PT. Bank Mizuho Indonesia
12PT. Bank OCBC NISP, Tbk
13PT. Bank Permata, Tbk
14PT. Bank UOB Indonesia
15Standard Chartered Bank, Indonesia
16Bank of China (Hong Kong) Limited Cabang Jakarta
17Citibank, N.A., Indonesia*
18JP Morgan Chase Bank, N.A., Indonesia
19PT. Bank ICBC Indonesia
20MUFG Bank, Ltd.
21PT BPD Jawa Barat dan Banten, Tbk
22PT Bank Mega, Tbk
23PT Bank Sinarmas, Tbk
24PT BPD Jawa Tengah
25PT Bank HSBC Indonesia
26PT Bank CTBC Indonesia

Note: The number of appointed banks will increase and be evaluated periodically

*) Bank is still in the administrative process regarding the implementation of conversion feature from TD Valas DHE into Bank's swap to BI to support exporters interest.​

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