Monetary Management

Monetary management aims to support the achievement of monetary policy objectives implemented through monetary operations (MO) integrated with the development of the money market and foreign exchange market as well as the regulation of the minimum reserve requirement (GWM). Efforts to achieve monetary policy objectives are pursued through MOs conducted by controlling interest rates in the Overnight Interbank Money Market (PUAB) to move around Bank Indonesia's policy interest rate, namely the BI Rate, directing the interest rate structure in the money market to be in line with the direction of Monetary Policy, and directing the rupiah exchange rate to move steadily. Monetary Management can be implemented based on sharia principles.

Monetary Operation

1. Monetary Operations consist of Rupiah Monetary Operations (rupiah MOs) and Foreign Exchange Monetary Operations (FX MOs).
2. The implementation of MOs comprises:
1. MOs through Bank Indonesia - transactions conducted between Bank Indonesia and Banks and/or other parties approved by Bank Indonesia as Participants in Monetary Operations.
2. MO through the market - transactions conducted by parties designated and/or appointed by Bank Indonesia that act as primary dealers, agent banks, Bank appointed cross-currency dealers, and/or other supporting entities in the implementation of Monetary Operation transactions. Monetary operations through the market are conducted to promote price discovery, increase transactions or liquidity, and expand interconnections among participants in the money market and foreign exchange market to support the achievement of Monetary Policy objectives.​​
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Rupiah Monetary Operations​

Rupiah Monetary Operations (rupiah MOs) consist of rupiah Open Market Operations (OMO) and Standing Facilities. 

Rupiah OMO

Rupiah OMO are conducted to manage liquidity in the rupiah money market by absorbing and/or injecting liquidity. Rupiah OMO instruments consist of the issuance of Bank Indonesia securities, outright purchases and sales of securities on the secondary market, repurchase agreements (repos) and/or reverse repos of securities, term deposits at Bank Indonesia, and other transactions in the money market. Rupiah OMO are conducted with a minimum tenor of 1 (one) day and a maximum tenor of 12 (twelve) months.

Rupiah OMO can be conducted on a regular and non-regular basis. Regular OMO are scheduled opations conducted through auctions. Meanwhile, non-regular OMO are OMO that can be carried out at any time (fine-tune operations) to strengthen the achievement of Monetary Operations targets established through the regular OMO.

Furthermore, to strengthen monetary policy instruments in support the development of domestic money market transactions, Bank Indonesia is conducting reissuance SRBI with tenors of 6, 9, and 12 months. The reissuance of SRBI aims to encourage more efficient SRBI pricing, enhance liquid transactions, and facilitate the formation of a money market interest yield curve. Auctions of SRBI with reissuance series have been conducted since 3 January 2025.

Rupiah OMO are conducted through the following instruments:

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*Note:

• SBI/SDBI/SRBI/SUKBI/BI-FRN/SBN repo auctions: Conventional Commercial Banks and intermediary institution with monetary operation licensed
• Corporate bond/corporate sukuk repo auctions: Primary Dealers
• Non-auction SBI/SDBI/SRBI/SUKBI/BI-FRN/SBN repos: Primary Dealers and intermediary institution with monetary operation licensed​​

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Standing Facilities

Standing Facilities are conducted to maintain adequate liquidity for Monetary Operation Participants at the end of the day. Standing Facilities are implemented through the provision and placement of rupiah funds, conducted either conventionally or based on sharia principles. Standing Facility are available at the end of each day for both conventional and sharia banks, consisting of:​

• Deposit Facility (DF) - the placement of rupiah funds by Standing Facility participants at Bank Indonesia for monetary operations conducted either conventionally or according to sharia principles. DF conducted according to sharia principles is implemented as Bank Indonesia Sharia Deposit Facility (FASBIS).
• Lending Facility (LF) or Financing Facility (FF) - LF refers to the provision of rupiah funds from Bank Indonesia to conventional Standing Facility participants for monetary operations conducted conventionally, while FF refers to the provision of rupiah funds from Bank Indonesia to sharia Standing Facility participants for monetary operations conducted according to sharia principles.
  

Standing Facility is implemented through the following instruments:

Foreign Exchange Monetary Operations​​

Foreign exchange monetary operations (FX MOs) are conducted to manage liquidity and maintain the stability of the rupiah exchange rate. FX MO instruments consist of the issuance of Bank Indonesia securities, repurchase agreements (repos) and/or reverse repos, term deposits at Bank Indonesia, foreign exchange purchase and/or sale transactions, and/or other transactions in the money market and foreign exchange market. FX MOs are conducted with a minimum tenor of 1 (one) day and a maximum tenor of 12 (twelve) months.

FX MOs are conducted through the following instruments:

*) Detail Characteristics and auction procedures for spot and swap transactions in other foreign currencies against Rupiah, as attached in Characteristics and Auction Procedures

**) Detail Characteristics and auction procedures forTD in other foreign currencies (non USD), as attached in Characteristics​

Monetary Operations Transactions with Primary Dealers

To support the strengthening of the integrated OMO strategy with the money market and foreign exchange market, Bank Indonesia has implemented the role of primary dealers in the money market and foreign exchange market​. Bank Indonesia stipulates that the activities carried out by primary dealers include, among others, participation in OMO transactions with other primary dealer participants, implemented in stages in line with market participants' readiness and financial market infrastructure support. The role of primary dealers in the money market and foreign exchange market has been implemented in the auctions of Bank Indonesia Rupiah Securities (SRBI) since 17 May 2024. It has subsequently been expanded to Conventional Repo Transactions in Rupiah using other high-quality securities since November 10, 2025, as well as to auction of Bank Indonesia Floating Rate Notes (BI-FRN) since November 17, 2025. 

In addition, primary dealers in the money market and foreign exchange market can also access non-auction conventional repo transactions in rupiah and non-auction Domestic Non-Deliverable Forward (DNDF) transactions. Furthermore, the implementation of the primary dealer role in the money market and foreign exchange market has also been extended to Conventional Repo Transactions in foreign currency. 

Monetary Operations Auctions Schedule and Results

Bank Indonesia announces the schedule and results of rupiah OMO and foreign exchange MO auctions through the BI website and/or other designated media, accessible via the following link:

Monetary Operations Auction Schedule​

Monetary Operations Auction Result​

​Description:

• VRT: Variable Rate Tender
• FRT: Fixed Rate Tender
• SBI: Bank Indonesia Certificate
• SBIS: Sharia Bank Indonesia Certificate
• SDBI: Bank Indonesia Deposit Certificate
• SRBI: Bank Indonesia Rupiah Securities
• BI-FRN: Bank Indonesia Floating Rate Note
• TD: Term Deposit
• SUKBI: Bank Indonesia Sukuk
• FX: Foreign Exchange
• PASBI: Bank Indonesia Sharia-Based Liquidity Facility
• FLISBI: Bank Indonesia Sharia-Based Liquidity Facility​
  
• SBBI: Bank Indonesia Securities
• DNDF: Domestic Non-Deliverable Forward 

Related Links:

• Bank Indonesia Regulation Number 1​1 of 2024 on Monetary Management
  
• Regulation of Members of Board of Governors Number 18 of 2025 on Criteria, Requirements, and Use of Securities in Monetary Operations
• Regulation of Members of Board of Governors Number 19 of 2025​ on Infrastructure and Participation in Monetary Operations
• Regulation of Members of Board of Governors Number 20 of 2025 on Rupiah Monetary Operation
• Regulation of Members of Board of Governors Number 21 of 2025 on Foreign Currency Monetary Operation
• Regulation of Members of Board of Governors Number 29​ ​of 2025 on Amendment Regulation of Members of Board of Governors Number 21 of 2025 on Foreign Currency Monetary Operation
• Regulation of Members of Board of Governors Number 2 of 2026​ on Second Amendment Regulation of Members of Board of Governors Number 21 of 2025 on Foreign Currency Monetary Operation
  

Monetary Operations Transactions with Primary Dealers

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Placement of Export Proceeds (DHE SDA) in Bank Indonesia Instruments

Placement of Export Proceeds (DHE SDA) in Foreign Currency Term Deposits (TD Valas) for Foreign Exchange Proceeds of Export (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 through Foreign Currency Term Deposits (TD Valas) for Foreign Exchange Proceeds of Export (DHE). Placement of DHE SDA in TD Valas DHE 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.​​

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List of Appointed Banks

No.	​Bank​
1	​PT Bank Mandiri (Persero), Tbk
2	​PT Bank Rakyat Indonesia (Persero), Tbk
3	​PT Bank Negara Indonesia (Persero), Tbk
4	​PT Bank Tabungan Negara (Persero), Tbk
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Note: The list of appointed banks will be reviewed periodically

Placement of DHE SDA in SVBI/SUVBI

In accordance with Bank Indonesia Regulation (PBI) No. 3/2025 concerning the Amendment to Bank Indonesia Regulation (PBI) No. 7/2023 concerning Export Proceeds and Import Payments (PBI DHE & DPI), Bank Indonesia has introduced additional instruments in the form of SVBI and SUVBI in the secondary market as alternative instruments for the placement of export proceeds (DHE SDA). Placements of DHE SDA in SVBI and SUVBI instruments cannot be withdrawn before maturity.

Utilization of TD Valas DHE and SVBI/SUVBI as Underlying Instruments for Hedging Swap Transactions with Bank Indonesia

Placements of export proceeds from natural resources (DHE SDA) in TD Valas DHE instruments as well as in SVBI and SUVBI instruments may be utilized by Banks as underlying instruments for conventional and sharia hedging swap transactions with Bank Indonesia for the benefit of exporters.​

​FX Swap Hedging​

Conventional Hedging Swap Buy Transaction to Bank Indonesia of External Funding

Bank Indonesia continues to strengthen the effectiveness of Rupiah exchange rate stabilisation efforts, while supporting adequate Rupiah liquidity by increasing incentives for Conventional Swap Buy Hedging to Bank Indonesia for underlying foreign funding transactions, including portfolio inflows, foreign loans by banks and foreign direct investment, by increasing the premium reduction from 12.5% for all tenors to 15% for 3-month tenors, 20% for 6-month tenors and 25% for 12-month tenors. The window transaction schedule is available at the following link.

Product

• External Funding Hedging Swap Buy to Bank Indonesia (Swap PN) transactions are available against Rupiah, with the base currency for United States Dollar (USD), Onshore Chinese Renminbi (CNY), and Offshore Chinese Renminbi (CNH).
• Available tenors: 1 month, 3 months, 6 months, and 12 months.
• Eligible underlying transactions: Portfolio Investment (PI), External Debt (ED), and Foreign Direct Investment (FDI).
• The underlying transaction documents shall be final and comply with the applicable regulations (technical guidance).
• The underlying transaction may be denominated in Rupiah (for PI and FDI) or foreign currency (for ED and FDI). Where the underlying transaction is denominated in Rupiah, the nominal value of the underlying transaction shall be converted into the notional of the hedging transaction using the reference exchange rate applicable one business day prior to the transaction date (T-1). For USD, the T-1 JISDOR shall be used, while for non-USD currencies, the T-1 BI Non-USD Reference Exchange Rate shall be used.
• The nominal amount specified in the underlying transaction document shall be equal to or greater than the nominal amount of transaction.
• Each underlying transaction document may only be used for one hedging contract.

Participant
Participant in conventional monetary operations shall have a composite rating of at least 3, based on the assessment by Financial Services Authority (OJK) and shall not be subject to any temporary suspension or participation restriction sanctions with respect to monetary operations.

Pricing
15% for 3-month tenors, 20% for 6-month tenors, and 25% for 12-month tenors.

Infrastructure

• Trading Platform: LSEG AD
• Settlement: RTGS (IDR) and Correspondent Bank (FX Currency)

For more information on the Conventional Hedging Swap Buy Transaction (Swap PN), please refer to the following links:​

• Announcement of the FX Swap premium. 
  
• Technical Guidance​

• External Technical Guidelines for Conventional Hedging FX Swap Sale Transactions with Bank Indonesia for Trade and Investment
• FX Swap Hedging Premium Announcement​
  

DNDF Hedging

Domestic Non-Deliverable Forward (DNDF) Hedging to Bank Indonesia for Portfolio Investment

Bank Indonesia strengthened the effectiveness of exchange rate stabilization policy as well as the effort for enhancing liquidity by by increasing the incentive for the Domestic Non-Deliverable Forward (DNDF) Hedging Instrument to Bank Indonesia for underlying transactions related to foreign funding, which include portfolio inflows, bank foreign loans, and foreign direct investment, through a reduction in the premium from 15% flat all tenors to 25% for a 6 month tenor and 30% for a 12 month tenor. The window transaction schedule is available at the following link.

Product

• DNDF hedging for portfolio investment are available in USD/IDR.
• Available tenors: 6 month and 12 month (tenors and schedules are announced in the Foreign Exchange Monetary Operations Schedule).
• The underlying transactions related to portfolio investment activities by non-residents (foreign investors) in investment instruments, namely Bank Indonesia Rupiah Securities (SRBI), Government Securities (SBN), Corporate Bonds including Asset-Backed Securities (EBA), and equities, under both conventional and sharia principles.
• The underlying documents are subject to the applicable provisions, are final and are denominated in IDR (Rupiah).
• The underlying transaction must have a remaining maturity of at least 10 (ten) days prior to the maturity of the hedging contract.
• DNDF transactions may be extended (rollover), and can not be early terminated or unwind.
• Bank Indonesia may reject an application for a DNDF Hedging for Portfolio Investment transaction (taking into consideration, i.e., the participant requirements, transaction, and underlying transaction).

Participant

• Participants in Conventional Monetary Operations shall have a composite rating (PK) at least 3 (three), based on the latest assessment by the Financial Services Authority (OJK); and.
• Not currently subject to sanctions as a Monetary Operations Participant and/or restrictions of participation in Monetary Operations.

Pricing

• ​The DNDF premium (swap premium) subject to 25% incentive for a 6 month tenor and 30% for a 12 month tenor (based on the September 2026 Monthly Board of Governors Meeting).

• The outright DNDF rate is the USD/IDR JISDOR rate at the day of the transaction plus the DNDF premium.
• The Fixing Rate is the USD/IDR Jakarta Interbank Spot Dollar Rate (JISDOR) on the fixing date.

Infrastructure

• Trading platform: LSEG AD
• Settlement: RTGS (IDR)

Further information on DNDF Hedging for Portfolio Investment is available through the following links:​

• External Technical Guidelines for DNDF Hedging with Bank Indonesia for Portfolio Investment
• Announcement DNDF Hedging for Portfolio Investment Premium
  
  

Domestic Non-Deliverable Forward (DNDF) Hedging to Bank Indonesia for International Trading

Bank Indonesia provides a window for Bank Indonesia provides a window for Domestic Non-Deliverable Forward (DNDF) Hedging Transactions to Bank Indonesia for International Trading. In accordance with the Monthly Board of Governors Meeting (RDG) held on July 22, 2026, Bank Indonesia provides an incentive through the expansion of DNDF Hedging with Bank Indonesia to support Local Currency Transactions (LCT) with partner countries through the diversification of foreign exchange transactions and to strengthen Rupiah exchange rate stability, while accelerating the deepening of the Money Market and Foreign Exchange Market (PUVA).

The window transaction schedule is available at the following link.

Product

• DNDF Hedging for International Trading are available in JPY/IDR, CNY/IDR, and CNH/IDR.
• Available tenors: 6 months and 12 months (tenors and schedules are announced in the Foreign Exchange Monetary Operations Schedule).
• The underlying transactions related to economic activities in the context of international trading to increase the use of local currencies in international trading transactions and the development of the money market and foreign exchange market.
• The underlying transaction documents are subject to the Technical Guidelines and must be denominated in the same foreign currency as the transaction.
• DNDF transactions may be extended (rollover) and can not be early terminated or unwind.
• Bank Indonesia may reject an application for DNDF Hedging for International Trading transaction (taking into consideration, i.e. the participant requirements, transaction, and underlying transaction).
  

Participant

• Participant in conventional monetary operations shall have a composite rating (PK) at least 3, based on the latest assessment by Financial Services Authority (OJK);
• An Appointed Cross Currency Dealer Bank (ACCD Bank) for the related framework of currency being transacted (i.e. LCT Indonesia-China Framework); and
• Not currently subject to any temporary suspension or participation restriction sanctions with respect to monetary operations.

Pricing

• The DNDF premium (swap premium) subject to 10% incentive (based on the July 2026 Monthly Board of Governors Meeting).
• The outright DNDF rate is the BI Reference Rate for Non-USD/IDR plus the DNDF premium.
• The Fixing Rate is the BI Reference Rate for ​Non-USD/IDR on the fixing date.

Infrastructure​

• Trading platform: LSEG AD
• Settlement: RTGS (IDR)

Further information on DNDF Hedging for International Trading is available through the following links:

• External Technical Guidelines for DNDF Hedging with Bank Indonesia for International Trading
• Announcement of DNDF Hedging for International Tradin​g Premium
  

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