​BPPU 2030

Blueprint for Money Market and Foreign Exchange Market Deepening or Blueprint Pendalaman Pasar Uang dan Pasar Valuta Asing (BPPU) 2030 is a comprehensive roadmap to navigate the direction of deepening modern and deep money market and foreign exchange markets during the 2025-2030 period.  

​The Blueprint for Money Market and Foreign Exchange Market Deepening or Blueprint Pendalaman Pasar Uang dan Pasar Valuta Asing (BPPU) 2030 strengthens the previous BPPU 2025 to support monetary policy transmission, financial system stability and national economic financing. BPPU 2030 also represents the implementation of Bank Indonesia's mandate and authority in the money market and foreign exchange market in accordance with Act No. 4 of 2023 concerning Financial Sector Development and Strengthening (PPSK Act).  

Deep and efficient money and foreign exchange market will support development of the other financial market segment such as government securities (SBN) market. In addition, deep and efficient money and foreign exchange markets will enable banks, market players or corporations to manage liquidity and hedge against exchange rate and interest rate risks thereby, supporting economic financing.

The strategies for deepening money market and foreign exchange market, as outlined in the  Blueprint for Money Market and Foreign Exchange Market Deepening or Blueprint Pendalaman Pasar Uang dan Pasar Valuta Asing (BPPU) 2030, are as follows:

1. Product and pricing development,
2. Market participant and infrastructure development, and
3. Synergy and coordination, with pro-market monetary operation and surveillance, digitalisation and economic financing strategy.

The strategic targets of money market and foreign exchange market deepening are as follows:

1. Liquid money market and foreign exchange market transction,
   
2. Stability of market and infrastructure,
3. Efficient pricing aligned with market conduct.

For more information, download The Blueprint for Money Market and Foreign Exchange Market Deepening (BPPU) 2030.

Download BPPU 2030 (in Bahasa)​

For more information, download The Blueprint for Money Market and Foreign Exchange Market Development (BPPU) 2025. 

Download BPP​U 2025​

Money Market and Foreign Exchange Market Primary Dealers, hereinafter referred to as a PUVA Primary Dealers, is a bank and/or other party that has obtained approval from Bank Indonesia to fulfill obligations and conduct specific activities in the Money Market and Foreign Exchange Market. To support the monetary transmission through implementation of the monetary operations  (MO) strategy and the development of modern and advanced money and foreign exchange markets, the role of primary dealers must be strengthened.  

Provisions regarding PUVA Primary Dealers are regulated in accordance with Bank Indonesia Regulation (PBI) Number 6 of 2024 concerning the Money Market and Foreign Exchange Market  and Board of Governors Regulation (PADG) Number 23 of 2024 concerning PUVA Primary Dealers. 

Criteria of Money Market and Foreign Exchange Market Primary Dealers (PUVA Primary Dealers)

The criteria of PUVA Primary Dealers encompass:

1. ​General Criteria:
   1. Size, the size of financial services provided by PUVA Primary Dealers in the financial system and the real sector,​ 
      
   2. Interconnectedness, the extent of the PUVA Primary Dealers with the financial system, and 
      
   3. Complexity, includes the substitutability of the PUVA Primary Dealers with the financial market.  
      
2. Specific Criteria:​
   
   1. Transactions, which is measured by transactions with Bank Indonesia, transactions with the real sector, and cross-border transactions, 
   2. Interconnection, which is assessed through connections with Bank Indonesia, the real sector, and cross-border interconnections, 
      
   3. Competence, which is evaluated based on compliance with human resource competency requirements, 
      
   4. Risk Management, which is assessed through market risk management, liquidity risk management, and/or operational risk management; and 
      
   5. Infrastructure, which is evaluated based on technological infrastructure in the Money Market and Foreign Exchange Market, as well as cybersecurity resilience and security. ​ 
      

Bank Indonesia may adjust the criteria, with notifications provided through an official letter, the Bank Indonesia website, and/or other media.

​Obligations of Money Market and Foreign Exchange Market Primary Dealers (PUVA Primary Dealers)

PUVA Primary Dealers are required to:​ 

1. Function as market makers;
   
2. Actively participate in Bank Indonesia’s open market operations (OMO);
3. Actively engage in transactions within the money and foreign exchange markets; and
4. ​​Fulfill other obligations to conduct activities in the Money Market and Foreign Exchange Markets, as stipulated by Bank Indonesia.

​Fulfilment of the PUVA Primary Dealer's obligation of functioning as a market maker is carried out by submitting 2-way price quotations (ask/bid) for repo transactions and SRBI transactions in the secondary market on daily basis in accordance with the following provisions:

1. Repo Quotations:
   1. Submitted each business day between 09:00 and 14:00 WIB; 
   2. Repo quotation tenors consist of overnight, 1 (one) week and 1 (one) month; 
   3. Maximum repo quotation spread: 5bps for overnight tenor, 10bps for 1 (one) week tenor, and 20bps for 1 (one) month tenor; 
   4. Repo quotations are hittable while still complying with the market behavior of each primary dealer; and 
   5. Quotations submitted to the Price Information Platform Provider in the Money Market.
2. SRBI Quotations in the Secondary Market:
   1. Submitted each business day between 09:00 and 14:00 WIB; 
   2. Minimum of 1 (one) SRBI series owned that can be transacted; 
   3. Maximum SRBI quotation spread is 20bps; and 
   4. Quotations submitted to the Price Information Platform Provider in the Money Market.

Fulfilment of the PUVA Primary Dealer's obligation of actively participating in Bank Indonesia's open market operations (OMO) is carried out by:

1. Submitting bids for OMO transactions with participating PUVA Primary Dealers. The obligations of PUVA main dealers are implemented in SRBI auctions with the obligation to submit at least 1 (one) offer on each SRBI auction day according to the auction schedule that has been announced.
2. Fulfilling the minimum number of OMO transactions with participating PUVA Primary Dealers.. The obligations of the main PUVA dealer are implemented in the SRBI auctions based on the following number of minimum winning SRBI bids:
   1. PUVA Primary Dealers with KBMI 4 banks: minimum 3% winning bids of total SRBI issuances in 3 (three) months. 
   2. PUVA Primary Dealers with other KBMI banks: minimum 1% winning bids of total SRBI issuances in 3 (three) months. 
      

Fulfilment of the PUVA Primary Dealer's obligation to actively engage in transactions within the money and foreign exchange markets is measured through the following dimensions:

1. Counterparty line repo must meet the following requirements:
   1. Have a primary dealer counterparty line with at least 10 banks at the end of each period; and 
   2. Have a non-dealer counterparty line with at least 10 banks at the end of each period.
2. The ratio of SRBI sold in the secondary market against those bought in the primary market is at least 30% in each period.
3. Perform the following transactions in the secondary market:
   1. Conduct repo transactions with a minimum tenor of 2 weeks, at least 60% of the business days in each period; and 
   2. Conduct SRBI transactions in the secondary market for 3-month tenors, at least 60% of the business days in each period.
   ​

Activities of Money Market and Foreign Exchange Market Primary Dealers (PUVA Primary Dealers)

PUVA Primary Dealers are approved to perform the following activities:

1. access the facilities provided for PUVA Primary Dealers,
2. Participate in Bank Indonesia open market operations (OMO) with participants in the form of PUVA Primary Dealers;
3. obtain relevant information related to the roles of PUVA Primary Dealers; and/or
4. engage in other activities stipulated by Bank Indonesia.

Bank Indonesia can specify other activities that may be conducted by PUVA Primary Dealers based on certain considerations, which will be notified through an official letter, the Bank Indonesia website and/or other media.​ 

Facilities Provided for PUVA Primary Dealers

1. PUVA Primary Dealers can access repo facilities upon fulfilling obligations related to SRBI sales ratios, repo transactions, and SRBI transactions in the secondary market within a period evaluated by Bank Indonesia.
2. The period stipulated by Bank Indonesia is clarified as follows:
   • If the PUVA Primary Dealers has fulfilled its transaction obligations in the secondary market within a given period, the PUVA Primary Dealers will have access to the PUVA Primary Dealers repo facility in the subsequent month.
   • For example, fulfil the primary dealer obligations in the period from 16^th November 2024 – 15^th December 2024 to gain access to the PUVA Primary Dealers repo facility in January 2025, and in the period from 16^th December 2024 – 15^th January 2025 to gain access to the PUVA Primary Dealers repo facility in February 2025 and so on.
     

Report by PUVA Primary Dealers

PUVA Primary Dealers are required to provide data, information, reports, descriptions, and/or explanations concerning activities in the money market and foreign exchange market and/or business activities relating to Bank Indonesia. The types of reports include:

1. Reports and information concerning PUVA Primary Dealers transactions in the form of money market and foreign exchange market transaction reporting via the Integrated Commercial Bank Report (LBUT) submitted through ANTASENA, as with existing reporting. The reports can be used for consideration when evaluating PUVA Primary Dealers.
2. Reports as requested by Bank Indonesia, such as the work plans and annual reports of PUVA Primary Dealers, which includes monitoring the fulfilment of special criteria and action plans based on the outcome of evaluations.  
   

​Consultation and Licensing of PUVA Primary Dealers 

Bank Indonesia can hold consultations concerning PUVA Primary Dealers in certain periods. Banks may submit a consultation request to Bank Indonesia in a letter addressed to: 

To be designated as a PUVA Primary Dealers, banks may submit applications for PUVA Primary Dealers to Bank Indonesia. Applications submitted to Bank Indonesia must include an application letter signed by at least 1 (one) board member and the following supporting documents: 

1. A proof or statement of membership of a money market and foreign exchange market self-regulatory organisation (SRO); and
2. A statement that there are no ongoing sanctions by the relevant authority. 

The format of the application letter and supporting documents to become PUVA Primary Dealers is as follows: ​​

The application letter and all supporting documents are submitted in the form of a digital copy (softcopy) through the Bank Indonesia licensing application (https://ease.bi.go.id/). Applications for PUVA Primary Dealers opens on June 25-30, 2024. ​ 

Supervision and Evaluation of PUVA Primary Dealers

Bank Indonesia conducts periodic supervision and evaluations of PUVA Primary Dealers based on the following aspects:

1. Fulfilling the required obligations on a quarterly basis or other period stipulated by Bank Indonesia; and
2. The performance of PUVA Primary Dealers on a semesterly basis concerning the fulfilment of general criteria and special criteria. 
   

Supervision and evaluations are conducted by Bank Indonesia based on the following periods:

1. Supervision and evaluation of fulfilling obligations
   1. Period 1: January – March 
   2. Period 2: April – June 
   3. Period 3: July – September 
   4. Period 4: October – December
2. Performance Evaluation and Supervision
   1. Period 1: January – June 
   2. Period 2: July – December

List of PUVA Primary Dealers

A list of PUVA Primary Dealers approved by Bank Indonesia is accessible via the following link: 

 ​ List of Primary Dealers ​  ​​​