Money Market

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​​Money Market

The money market is a component of the financial system that provides short-term trading, lending or funding activities with a maturity of up to one year denominated in rupiah or a foreign currency.
When formulating and implementing monetary policy, Bank Indonesia applies monetary controls through the rupiah and foreign currency money markets.  To increase the effectiveness of monetary, macroprudential and payment system policy as well as rupiah currency management by Bank Indonesia, financial market deepening is required to create efficient, liquid and deep domestic money markets. 
Efficient, liquid and deep money markets provide greater flexibility for market participants to manage funds for funding and investment purposes as well as other economic activities.  Therefore, Bank Indonesia is required to accelerate the money market deepening process through comprehensive regulations, licensing, development and supervision in terms of the various money market transactions and instruments.
 ​
Money Market Regulations comply with prevailing state treasury laws in terms of utilising government debt securities (SUN) as a monetary instrument through monetary operations based on repurchase agreements (repo).  Furthermore, Money Market Regulations provide a solid legal foundation for market participants as a reference and a form of legal assurance when transacting in the money market.

​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​

 

PUVA Primary Dealers

What is Money Market and Foreign Exchange Market Primary Dealers (PUVA Primary Dealers)? 

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 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.

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.​ 

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.

Fulfilling the PUVA Primary Dealers obligation of actively participating in OMO transactions with Bank Indonesia as follows:

  1. Submit bids for OMO transactions with participating PUVA Primary Dealers. Initially, the obligations of PUVA Primary Dealers will be implemented through SRBI auctions, where primary dealers are obligated to submit at least 1 (one) bid per day for the SRBI auction in accordance with the announced auction schedule.
  2. Fulfil the minimum number of OMO transactions with participating PUVA Primary Dealers. Initially, the obligations of PUVA Primary Dealers will be implemented through SRBI auctions based on the following number of minimum winning SRBI bids:
    • PUVA Primary Dealers with KBMI 4 banks: minimum 3% winning bids of total SRBI issuances in 3 (three) months.
    • PUVA Primary Dealers with other KBMI banks: minimum 1% winning bids of total SRBI issuances in 3 (three) months.
Fulfilling the PUVA Primary Dealers obligation of functioning as a market maker, as measured through the following dimensions:
  1. Develop a strategy to increase money market transactions, which will be submitted to Bank Indonesia in the form of a Work Plan Report. The report must include:
    1. Plans to increase transaction volumes in the SRBI secondary market;
    2. Plans to boost repo transaction volumes; and
    3. Strategies to expand counterparty line repos. ​
  2. PUVA Primary Dealers must submit two-way price quotations (ask/bid) for SRBI transactions in the secondary market and repo transactions daily in accordance with the following requirements:

    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 tenors, 10bps for 1 (one) week tenors, and 20bps for 1 (one) month tenors; 
      4. Repo quotations must be hittable and fulfil the market conduct requirements of each primary dealer; 
      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 held to be transacted; 
      3. Maximum SRBI quotation spread is 20bps; 
      4. Quotations submitted to the Price Information Platform Provider in the Money Market.
    3. Counterparty line repo must meet the following requirements:
      1. Have a primary dealer counterparty line with at least 10 banks; 
      2. Have a non-dealer counterparty line with at least 10 banks. 
    4. The ratio of SRBI sold in the secondary market against those bought in the primary market is at least 30% in each period. 
    5. Perform the following transactions in the secondary market:
      1. Conduct repo transactions with a minimum tenor of 2 weeks, at least 3 days per week or 60% of the business days in each period; 
      2. Conduct SRBI transactions in the secondary market for 3-month tenors (remaining maturity of 85-99 days), at least 3 days per week or 60% of the business days in each period.

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 16th November 2024 – 15th December 2024 to gain access to the PUVA Primary Dealers repo facility in January 2025, and in the period from 16th December 2024 – 15th January 2025 to gain access to the PUVA Primary Dealers repo facility in February 2025 and so on.

​Obligations regarding SRBI sales ratios and transactions will take effect from November 1st, 2024, with sanctions enforced from November 16th,, 2024. Evaluations for counterparty line repos will occur at the end of March 2025.  

Bank Indonesia may evaluate obligations and make adjustments as necessary, with announcements made via official letters, the Bank Indonesia website, and/or other media.  

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.

PUVA Primary Dealers are required to submit a work plan for the 2025 period no later than 31st December 2024 to Bank Indonesia through email to komunikasi_du@bi.go.id. The structure and format of the 2025 workplan is as follows: ​


Action Plan Guidance​

2025 Action Plan Tamplate ​

2025 Action Plan Additional Information Template​

​Consultation and Licensing of PUVA Primary Dealers 

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

Bank Indonesia c.q. Departemen Pengembangan Pasar Keuangan

Jalan M.H. Thamrin No.2, Jakarta 10350
Or in softcopy format via email to: dealerutama@bi.go.id. 
Request for consultation are open from 26-27th September 2024

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 and supporting documents in softcopies through the licensing front office at the following correspondence address: cs_perizinan@bi.go.id. Applications for PUVA Primary Dealers will be open during specific periods. The licensing period for PUVA Primary Dealers is open from 26th September – 2nd October, 2024.

The application letter for PUVA Primary Dealers must be accompanied by the following supporting documents:

  1. A statement or proof of membership of a money market and foreign exchange market self-regulatory organisation (SRO) registered at Bank Indonesia; 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:​​​​

Attachment of the Board of Governors Regulation (PADG) ​

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 ​  ​​​

​Treasury Certification and Market Code of Conduct

Financial market development must be balanced with the establishment of credible financial markets through efforts to increase market participant competency and integrity.  Competency and integrity can be increased by requiring Market Participants ensure their Directors and Employees are credentialled with treasury certification commensurate with the respective market activity and position, while ensuring implementation of the Market Code of Conduct and membership of a treasury professional association.
Efforts to increase the competency and integrity of Market Participants also require the support of trusted Professional Certification Institutions.  Professional Certification Institutions must apply good governance in accordance with prevailing professional standards in Indonesia, managed by quality human resources with credible experience and adequate organisational tools.
Bank Indonesia Regulation (PBI) No. 19/5/PBI/2017 concerning Treasury Certification and Market Code of Conduct as well as Board of Governors Regulation (PADG) No. 19/5/PADG/2017 concerning Treasury Certification and Market Code of Conduct provide clarity concerning market code of conduct mechanisms, membership of treasury professional associations, treasury certification commensurate with market activity and position, the criteria of Professional Certification Institutions recognised by Bank Indonesia, as well as reporting obligations by Market Participants and Professional Certification Institutions.
The main provisions of the regulations are recapitulated as follows:
  1. The Market Code of Conduct are guidelines for Directors and Employees of Market Participants referring to the codes of ethics published by conventional and Islamic associations/committees in the financial services industry.  The code of ethics must be understood and applied by all Directors and Employees of Market Participants, which are required to maintain internal procedures that contain the Market Code of Conduct.
  2. Market participants are required to ensure their Directors and Employees are members of professional associations in accordance with conventional or Islamic principles.
  3. The regulations stipulate the validity period, extensions, positions and maintenance of treasury certification.
  4. The regulations and provisions concerning organisational tools, certification schemes and administration of treasury certification by professional certification institutions recognised by Bank Indonesia.
  5. Reporting requirements for Market Participants and Professional Certification Institutions to Bank Indonesia.​
  6. Sanctions and penalties for Market Participants and Professional Certification Institutions.​

Market Code of Conduct

The Market Code of Conduct represents the professional ethical norms that must be maintained or avoided as behavioural guidelines for the Money Market and Foreign Exchange Market.
To strengthen financial market credibility by increasing market participant competence and integrity, Bank Indonesia issued Bank Indonesia Regulation (PBI) No. 19/5/PBI/2017 concerning Treasury Certification and Market Code of Conduct as well as Board of Governors Regulation (PADG) No. 19/5/PADG/2017 concerning Treasury Certification and Market Code of Conduct, as amended by Board of Governors Regulation (PADG) No. 21/21/PADG/2019.  The regulations were issued to instil a code of conduct in Indonesia.
 

Statement of Commitment to Market Codes

As stipulated in prevailing regulations, a Statement of Commitment to Market Codes is a form of commitment by Market Participants to implement the Market Code of Conduct.  Market Participants can submit to Bank Indonesia a Statement of Commitment based on the results of internal self-assessment for publication.  The Statement of Commitment is a form of institutional commitment to consistently implement the Market Code of Conduct in terms of treasury activities.
By adopting the Market Code of Conduct, Market Participants receive the following benefits:
  •  ​Broader implementation of the market code of conduct in treasury activities in accordance with international best market practices.​
  • Informing stakeholders as well as domestic and international investors that the institution is committed to implementing the market code of conduct, from which the stakeholders will receive positive benefits.
  • Providing competitive advantage for Market Participants regarding effectiveness and behaviour when transacting.
  • Supporting implementation of financial market development policies in Indonesia through efforts to create transparent, effective and resilient financial markets.
 
Disclaimer
The Statement of Commitment is a form of institutional commitment to consistently implement the Market Code of Conduct in terms of treasury activities and, as such, Bank Indonesia bears no responsibility for the Statement of Commitment.​
​No. ​Institution
 Date of Admission Date of Statement ​Category Statement of Commitment
 ​Registration Number
​1 ​PT. Bank Artos Indonesia
​7 Jan 2020
 ​2 Jan 2020 ​Bank R-2001B1001.pdf​Download.pdf ​R-2001B1001
​2 ​PT. Bank Multiarta Sentosa ​21 Jan 2022
 ​14 Jan 2022
 ​Bank R-2201B2002.pdf​Download.pdf R-2201B2002​
​3 ​PT. BPD Papua ​21 Jan 2022
 ​21 Jan 2022
 ​Bank R-2201B2004.pdf​Download.pdf ​R-2201B2004​
​4 ​PT. Bank Panin Dubai Syariah, Tbk ​10 Jan 2020 ​8 Jan 2020 ​Bank R-2001B2005.pdf​Download.pdf ​R-2001B2005
​5 ​PT Bank BTPN Tbk ​21 Feb 2024
 ​3 Jan 2024
 ​Bank​
 ​Download.pdf
 R-2402K30​126​
​6 ​PT. Bank CIMB Niaga, Tbk ​14 Jan 2020 ​27 Jan 2020 ​Bank R-2001B4007.pdf​Download.pdf ​R-2001B4007
​7 ​PT. Mandiri Sekuritas ​14 Jan 2020 ​13 Jan 2020 ​Securities Company
 R-2001S6008.pdf​Download.pdf ​R-2001S6008
​8 ​PT. BPD Kalimantan Selatan ​15 Jan 2020 ​7 Jan 2020 ​Bank R-2001B2009.pdf​Download.pdf ​R-2001B2009
​9 ​PT. BPD Kalimantan Selatan Shariah Business Unit ​15 Jan 2020 ​7 Jan 2020 ​Shariah Business Unit R-2001U5010.pdf​Download.pdf ​R-2001U5010
​10 ​PT. Bank Nationalnobu, Tbk ​17 Jan 2020 ​29 Nov 2019 ​Bank R-2001B2011.pdf​Download.pdf ​R-2001B2011
​11 ​PT. BPD Jawa Barat dan Banten, Tbk ​20 Jan 2020 31 Dec 2019 ​Bank R-2001B3012.pdf​Download.pdf ​R-2001B3012
​12 ​PT. BPD Jawa Tengah Shariah Business Unit ​20 Jan 2020 ​16 Jan 2020 ​Shariah Business Unit R-2001U5013.pdf​Download.pdf ​R-2001U5013
​13 ​PT. Bank Ganesha ​21 Jan 2020 ​16 Jan 2020 ​Bank R-2001B2014.pdf​Download.pdf ​R-2001B2014
​14 ​PT. Bank Aceh Syariah ​12 Jan 2024
 4 Jan 2024
 ​Bank ​Download.pdf
 ​R-2401K10120​
​15 ​PT. Bank ANZ Indonesia ​23 Jan 2020 ​23 Jan 2020 ​Bank R-2001B3016.pdf​Download.pdf ​R-2001B3016
​16 ​PT. Bank Commonwealth ​24 Jan 2020 ​27 Dec 2019 ​Bank R-2001B2017.pdf​Download.pdf ​R-2001B2017
​17 ​PT. BPD DKI ​27 Jan 2020 ​23 Jan 2020 ​Bank R-2001B3018.pdf​Download.pdf ​R-2001B3018
​18 ​PT. Bank SBI Indonesia ​11 Jan 2024
 ​9 Jan 2024​
 ​Bank Download.pdf
 R-2401K10119​
​19 ​PT. Bank Woori Saudara Indonesia 1906, Tbk ​29 Jan 2020 ​27 Jan 2020 ​Bank R-2001B2020.pdf​Download.pdf ​R-2001B2020
​20 ​PT. Bank Amar Indonesia ​30 Jan 2020 ​13 Dec 2019 ​Bank R-2001B2021.pdf​Download.pdf ​R-2001B2021
​21 ​PT. BPD Maluku dan Maluku Utara ​30 Jan 2020 ​22 Jan 2020 ​Bank R-2001B2022.pdf​Download.pdf ​R-2001B2022
​22 ​PT. Bank Victoria Syariah ​30 Jan 2020 ​29 Jan 2020 ​Bank R-2001B1023.pdf​Download.pdf ​R-2001B1023
​23 ​PT. Bank OCBC NISP, Tbk ​31 Jan 2020 ​29 Jan 2020 ​Bank R-2001B3024.pdf​Download.pdf ​R-2001B3024
​24 ​PT. Bank Permata, Tbk ​11 Jan 2024
 ​10 Jan 2024
 ​Bank
 Download.pdf
 ​R-2401K30118
​25 ​PT. Prima Master Bank ​31 Jan 2020 ​2 Jan 2020 ​Bank R-2001B1026.pdf​Download.pdf ​R-2001B1026
​26 ​PT. BPD Kalimantan Tengah ​31 Jan 2024
 ​22 Jan 2024
 ​Bank Download.pdf
 ​R-2401K10121
​27 ​PT. Bank OCBC NISP, Tbk Shariah Business Unit ​31 Jan 2020 ​29 Jan 2020 ​Shariah Business Unit R-2001U5028.pdf​Download.pdf ​R-2001U5028
​28 ​PT. Bank Permata, Tbk Shariah Business Unit ​18 Mar 2024
 ​11 Jan 2024
 ​Shariah Business Unit ​​Download.pdf
 ​R-2403​U50128​​​
​29 ​PT. Bank Harda Internasional ​18 Feb 2020 10 Feb 2020​ ​Bank R-2002B1030.pdf​Download.pdf​ ​R-2002B1030
​30 ​PT. Bank IBK Indonesia, Tbk ​26 Feb 2020
 ​13 Feb 2020 ​Bank R-2002B1031.pdf​Download.pdf​ ​R-2002B1031
​31 ​PT. BPD Bengkulu ​21 Feb 2020
 ​13 Feb 2020 ​Bank R-2002B1032.pdf​Download.pdf​ ​R-2002B1032
​32 ​PT. Bank MNC Internasional, Tbk ​5 Mar 2020 ​18 Feb 2020 ​Bank ​R-2003B2033.pdf​Download.pdf ​R-2003B2033
​33 ​JP Morgan Chase Bank, NA. ​12 Mar 2020
 ​12 Mar 2020
 ​Bank R-2003B2034.pdf​Download.pdf​ ​R-2003B2034
​34 ​PT. Bank Net Indonesia Syariah ​20 Mar 2020 ​20 Mar 2020 ​Bank R-2003B1035.pdf​Download.pdf​ ​R-2003B1035
​35 PT Bank Mega Tbk ​19 Dec 2023
 ​19 Dec 2023
 ​Bank Download.pdf​ ​R-23012K30116
​36 ​PT. Bank Mandiri Taspen ​1 Apr 2020 ​1 Apr 2020
 ​Bank ​R-2004B2037.pdf​Download.pdf ​R-2004B2037
​37 PT. BPD Sumatera Selatan dan Bangka Belitung Shariah Business Unit
 ​6 Jan 2022
 ​5 Jan 2022
 ​Shariah Business Unit R-2201U5038.pdf​Download.pdf​ R-2201U5038
38​ ​Citibank NA ​8 Apr 2020 15 ​Jan 2020 Bank​ R-2004B3039.pdf​Download.pdf​ ​R-2004B3039
​39
 ​PT. Bank Bumi Arta, Tbk ​9 Apr 2020 ​8 Apr 2020 ​Bank R-2004B2041.pdf​Download.pdf​ ​R-2004B2041
​40
 ​PT. Bank Capital Indonesia, Tbk ​13 Apr 2020 ​13 Apr 2020 ​Bank R-2004B2042.pdf​Download.pdf​ ​R-2004B2042
​41
 ​PT. Bank Central Asia, Tbk ​13 Apr 2020 ​14 Apr 2020 ​Bank R-2004B4043.pdf​Download.pdf​ ​R-2004B4043
​42
 ​PT. Bank China Construction Bank Indonesia Tbk. ​23 Mar 2020 ​13 Apr 2020 ​Bank R-2003B2044.pdf​Download.pdf​ ​R-2003B2044
​43
 ​PT. Bank HSBC Indonesia ​13 Apr 2020 ​8 Apr 2020 ​Bank R-2004B3045.pdf​Download.pdf​ ​R-2004B3045
​44
 PT. Bank ICBC Indonesia
 ​6 Apr 2023
 ​24 Mar 2023​
 ​Bank R-2004B3046.pdf​Download.pdf​ R-2304B30110​
​45
 ​PT. Bank Index Selindo ​13 Apr 2020 ​13 Apr 2020 ​Bank R-2004B2047.pdf​Download.pdf​ ​R-2004B2047
​46
 ​PT. Bank Jasa Jakarta ​9 Apr 2020 ​7 Apr 2020 ​Bank R-2004B2048.pdf​Download.pdf​ ​R-2004B2048
​47
 ​PT. Bank JTrust Indonesia, Tbk ​14 Apr 2020 ​8 Apr 2020 ​Bank R-2004B2049.pdf​Download.pdf​ ​R-2004B2049
​48
 ​PT. Bank KEB Hana Indonesia ​13 Apr 2020 ​7 Apr 2020 ​Bank R-2004B3050.pdf​Download.pdf​ ​R-2004B3050
​49
 ​PT. Bank Maybank Indonesia, Tbk ​19 Apr 2020 ​16 Mar 2020 ​Bank R-2003B3051.pdf​Download.pdf​ ​R-2003B3051
​50
 ​PT. Bank Mayora ​9 Apr 2020 ​13 Apr 2020 ​Bank R-2004B2052.pdf​Download.pdf​ ​R-2004B2052
​51
 PT Bank Mestika Dharma 
 ​14 Mar 2024
 ​7 Mar 2024
 ​Bank ​​Download.pdf
 R-2403K10127​​
​52
 ​PT. Bank Mizuho Indonesia ​1 Apr 2020 ​1 Apr 2020 ​Bank R-2004B3054.pdf​Download.pdf​ ​R-2004B3054
​53
 ​PT. Bank Negara Indonesia (Persero), Tbk ​8 Apr 2020 ​9 Apr 2020 ​Bank R-2004B4055.pdf​Download.pdf​ ​R-2004B4055
​54
 ​PT. Bank Victoria International, Tbk ​14 Apr 2020 ​7 Apr 2020 ​Bank R-2004B2056.pdf​Download.pdf​ ​R-2004B2056
​55
 ​Standard Chartered Bank ​13 Apr 2020 ​7 Apr 2020 ​Bank R-2004B3057.pdf​Download.pdf​ ​R-2004B3057
​56
 ​PT. BPD Jambi ​8 Apr 2020 ​30 Mar 2020 ​Bank R-2004B2058.pdf​Download.pdf​ ​R-2004B2058
57
 ​PT. BPD Kalimantan Barat ​9 Apr 2020 ​13 Apr 2020 ​Bank R-2004B2059.pdf​Download.pdf​ ​R-2004B2059
​58
 ​PT. BPD Lampung ​14 Apr 2020 ​9 Apr 2020 ​Bank R-2004B1060.pdf​Download.pdf​ ​R-2004B1060
​59
 ​PT. BPD Nusa Tenggara Timur ​13 Apr 2020 ​7 Apr 2020 ​Bank R-2004B2061.pdf​Download.pdf​ ​R-2004B2061
​60
 ​PT. BPD Sulawesi Selatan dan Sulawesi Barat ​7 Apr 2020 ​7 Apr 2020 ​Bank R-2004B2062.pdf​Download.pdf​ ​R-2004B2062
​61
 ​PT. BPD Sumatera Selatan dan Bangka Belitung ​9 Apr 2020 ​28 Feb 2020 ​Bank R-2004B2063.pdf​Download.pdf​ ​R-2004B2063
​62
 ​PT. Bank BRI Syariah, Tbk ​14 Apr 2020 ​13 Apr 2020 ​Bank R-2004B2064.pdf​Download.pdf​ ​R-2004B2064
​63
 ​PT. Bank Muamalat Indonesia, Tbk ​13 Apr 2020 ​13 Apr 2020 ​Bank R-2004B2065.pdf​Download.pdf​ ​R-2004B2065
​64
 ​PT. Bank Jabar Banten Syariah ​8 Apr 2020 ​9 Apr 2020 ​Bank R-2004B1066.pdf​Download.pdf​ ​R-2004B1066
​65
 ​PT. BPD Jambi Shariah Business Unit ​9 Apr 2020 30 ​Mar 2020
 ​Shariah Business Unit R-2004U5067.pdf​Download.pdf​ ​R-2004U5067
​66
 ​PT. Bank Bisnis Internasional ​13 Apr 2020 ​13 Apr 2020 ​Bank R-2004B1068.pdf​Download.pdf​ ​R-2004B1068
​67
 ​PT. Bank CTBC Indonesia ​14 Apr 2020 ​13 Apr 2020 ​Bank R-2004B2069.pdf​Download.pdf​ ​R-2004B2069
​68
 ​PT. Bank Kesejahteraan Ekonomi ​15 Apr 2020 ​14 Apr 2020 ​Bank R-2004B1070.pdf​Download.pdf​ ​R-2004B1070
​69
 ​PT. Bank Mandiri (Persero), Tbk ​13 Apr 2020 ​23 Mar 2020 ​Bank R-2004B4071.pdf​Download.pdf​ ​R-2004B4071
​70
 ​PT. Bank of India Indonesia, Tbk ​13 Apr 2020 ​8 Apr 2020 ​Bank R-2004B2072.pdf​Download.pdf​ ​R-2004B2072
​71
 ​PT. Bank Sinarmas, Tbk ​14 Apr 2020 ​13 Apr 2020 ​Bank R-2004B2073.pdf​Download.pdf​ ​R-2004B2073
​72
 ​PT. BPD Daerah Istimewa Yogyakarta ​13 Apr 2020 ​9 Apr 2020 ​Bank R-2004B2074.pdf​Download.pdf​ ​R-2004B2074
​73
 ​PT. Bank BCA Syariah ​13 Apr 2020 ​13 Apr 2020 ​Bank R-2004B2075.pdf​Download.pdf​ ​R-2004B2075
​74
 ​PT. Bank Danamon Indonesia ​20 Apr 2020 ​15 Apr 2020 ​Bank R-2004B3076.pdfDownload.pdf​ ​R-2004B3076
75
 ​PT. BPD Riau dan Kepulauan Riau Shariah Business Unit 22 Apr 2020​ ​13 Apr 2020 ​Shariah Business Unit R-2004U5077.PDFDownload.pdf​ ​R-2004U5077
76
 ​PT. BPD Sumatera Barat 21 Oct2020​ ​19 Oct2020​ ​Bank R-2010B2078.PDFDownload.pdf​ ​R-2010B2078
77
 ​PT. Bank Shinhan Indonesia 
 1 Aug 2022​ ​15 Feb 2022
 ​Bank R-2012B2079.PDFDownload.pdf​ R-2012B2079​
78
 ​PT. Bank UOB Indonesia 7 Jan 2021 ​5 Jan 2021 ​Bank R-2101B3080.PDFDownload.pdf​ ​R-2101B3080
79​ ​PT. BPD Bali 22 Dec 2020​ ​6 Mar 2020 ​Bank R-2012B2081.PDFDownload.pdf​ ​R-2012B2081
80
 ​PT. BPD Kalimantan Timur dan Kalimantan Utara 30 Dec 2020​ ​30 Dec 2020 ​Bank R-2012B2082.PDFDownload.pdf​ ​R-2012B2082
81
 ​PT. BPD Sumatera Utara 4 Jan 2021 ​30 Dec 2020 ​Bank R-2101B2083.PDFDownload.pdf​ ​R-2101B2083
82
 ​PT. Bank BNI Syariah 18 Dec 2020​ ​17 Dec 2020​ ​Bank R-2012B2084.PDFDownload.pdf​ ​R-2012B2084
83
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Certificates of Deposit (CD) in the Money Market

Market development can be achieved through the advancement of money market instruments in order to expand the variety of instruments available to market participants.  Certificates of Deposit (CD) are an alternative money market instrument recently developed.
In March 2017, Bank Indonesia issued Bank Indonesia Regulation (PBI) No. 19/2/PBI/2017 concerning Certificate of Deposit (CD) Transactions in the Money Market.  As the money market authority, Bank Indonesia regulates, licences, develops and supervises money market instruments, including certificates of deposit (CD), transacted in the money market.  Furthermore, the Bank Indonesia regulation provides a solid legal foundation for market participants to transact with certificates of deposit (CD) in the money market.
In terms of regulatory implementation, Bank Indonesia issued implementation guidelines in the form of a Board of Governors regulation for issuers and market participants transacting with certificates of deposit (CD) in the money market, covering aspects of licensing, reporting and supervision.
 
The salient provisions of the regulation are as follows:
  1. ​Licence application procedures for Banks, Securities Companies and Brokers:
    • As Issuers of Certificates of Deposit transacted in the Money Market.
    • As Transaction Intermediaries for Certificates of Deposit.
    • As Custodians of Certificates of Deposit transacted in the Money Market.
  2. ​​Licence application processing:
    • Bank Indonesia will grant or reject a licence application in writing within 10 working days upon receipt of a complete application and supporting documentation in line with prevailing regulations.
    • Bank Indonesia will conduct administrative verification of the documentation submitted in accordance with the Bank Indonesia regulation concerning Certificate of Deposit (CD) Transactions in the Money Market and implementation guidelines.
    • Bank Indonesia will conduct further clarification in the form of:​
      • ​Face-to-face meetings with the licence applicant to verify the accuracy of the documents submitted.
      • Request for information from the relevant authorities.
    • Based on the results of the administrative verification, Bank Indonesia will decide to:​
      • Grant a licence.
      • Reject the application.
  3. Information Disclosure
    Banks issuing Certificates of Deposit (CD) to be transacted in the Money Market must declare “transactable in the money market” on the front page of the prospectus offered to investors.​
  4. Reporting
    • Banks, Securities Companies and Brokers must report to Bank Indonesia as follows:
      • Certificate of Deposit Transaction Report submitted by a Bank or Securities Company on behalf of itself.
      • Certificate of Deposit Transaction Report submitted by a Securities Company or Broker as intermediary on behalf of a customer.
    • Reports must be submitted to Bank Indonesia through the following mechanisms:
      • For Banks, through the commercial bank daily report system.
      • For Securities Companies and Brokers, through a reporting system in accordance with Bank Indonesia regulations concerning the reporting of certificate of deposit transactions by securities companies and brokers.
  5. Supervision
    • Bank Indonesia conducts supervision of Banks, Securities Companies, Brokers as well as Depository and Settlement Institutions in relation to issuances and transactions of certificates of deposit (CD) in the Money Market.
    • Supervision includes:
      • Indirect supervision; and
      • Inspections 

Commercial Securities

Money Market development requires the development of money market instruments, including Commercial Securities.
Commercial securities are money market instruments issued by non-bank corporations with a maturity of up to one year as an alternative form of short-term funding or liquidity management available to non-bank corporations.  Meanwhile, the development of commercial securities as a money market instrument will provide greater liquidity management flexibility for Market Participants.
Bank Indonesia is authorised to regulate short-term money market instruments with a maturity period of up to one year in accordance with the provisions stipulated in Article 70 of Law No. 8 of 1994 concerning the Capital Market along with the corresponding elucidation.  Article 70 states that Commercial Securities are a money market instrument exempt from public offering obligations considering that the development, regulation and supervision of such securities with a maturity period of up to one year are conducted by a separate institution.
As the money market authority, Bank Indonesia regulates the money market and instruments therein through Bank Indonesia Regulations.  In addition, to strengthen money market credibility as a medium of monetary policy transmission in general and the commercial securities market in particular, Bank Indonesia has also regulated commercial securities as a money market instrument in accordance with Bank Indonesia Regulation (PBI) No. 19/9/PBI/2017 concerning Issuances and Transactions of Commercial Securities in the Money Market.
The regulations on commercial securities are focused on creating a qualified investor base.  Qualified investors have strong investment knowledge and understand the risks.  One way to create a qualified investor base is by enforcing a lower limit on purchases of Commercial Securities at Rp500 million.  Consequently, the Bank Indonesia regulation distinguishes between qualified and unqualified investors regarding aspects of information disclosure.

National Financial Market Deepening and Development Strategy

Financial markets play a strategic role in terms of funding economic activity, transmitting monetary and fiscal policies as well as maintaining financial system stability.  The research literature shows that deep financial markets can accelerate economic growth.  Various breakthroughs to support the financial markets are urgently required to enable infrastructure development as a prerequisite for sustainable economic growth.  At least 49.98% of total funds in the financial markets are earmarked to support infrastructure development from 2020-2024.
Moving forward, strategic development initiatives in Indonesia must seek to create deep and globally competitive financial markets, which will provide alternative sources of financing and investment for economic players, while facilitating the risk mitigation needs of market participants and creating transaction efficiency through better quality financial market infrastructure.
Financial market development and deepening can only be accelerated by strengthening coordination between financial market authorities and institutions.  Furthermore, the financial market authorities in Indonesia must formulate and agree a national strategy as a reference and form of tangible commitment for all stakeholders.  To that and, Bank Indonesia, the Ministry of Finance and the Indonesian Financial Services Authority (OJK) established the Financial Market Development and Deepening Coordination Forum (FK-PPPK).​
FK-PPPK is mandated with formulating the National Financial Market Development and Deepening Strategy (SN-PPPK) as a comprehensive and measurable single policy framework oriented towards realising the vision of creating deep, liquid, efficient, inclusive and secure financial markets.  Using a top-down approach, therefore, FK-PPPK developed a framework based on three main pillars as follows: 
  1. ​Sources of economic financing and risk management.
  2. Market infrastructure development.
  3. Policy coordination, regulatory harmonisation and education.
The three pillars have been elaborated into development elements for implementation across seven financial markets, namely the government bond market, corporate bond market, money market, foreign exchange market, stock market, structured product market and Islamic financial market.
SN-PPPK implementation has been divided into three stages, namely strengthening the foundations from 2018-2019, the acceleration phrase from 2020-2022 and the deepening phase from 2023-2024. [download document]

Blueprint for Money Market Development 2025

In line with the vision of the National Strategy for Financial Market Development (SN-PPPK) 2018 – 2024, which is to achieve a deep financial market capable of competing globally, the Blueprint for Money Market Development 2025 is present to complement all initiatives and implementation of SN-PPPK consisting of acceleration phase (2020 – 2022) and deepening phase (2023 – 2024) to eventually reach the desired state: a modern and advanced money market in 2025.

The Blueprint for Money Market Development 2025 focuses on three initiatives: 1) promote digitalization and strengthening of financial market infrastructures, 2) strengthen effectiveness of monetary policy transmission, and 3) develop economic financing sources and risk management. These three initiatives are implemented through fourteen key deliverables with various development and strengthening programs related to market products, pricing, and participants, as well as financial market infrastructures. It is expected that this effort will be able to increase market confidence, which may eventually realize a modern and advanced market characterized by a deep, inclusive, and contributive money market environment.

With a deep, inclusive, and contributive market environment, money market will play a significant role to increase effectiveness of monetary policy transmission, thereby supporting monetary stability and financial system stability. It is expected that this condition enables money market as a catalyst to provide financing sources in order to meet the national development requirements. Consequently, money market contributes to the achievement of the vision toward a Developed Indonesia. [download blueprint]

Money Market and Foreign Exchange Market Service Providers​

Fair, regulated, transparent, liquid and efficient financial markets with integrity can be realised through reliable and integrated financial market infrastructure.
One form of financial market infrastructure is the means to implement transactions through a platform to set prices and interact with Market Participants as follows:
  1. ​Electronic Trading Platform, namely a business entity established specifically to provide certain facilities used to interact and/or transact in the money market and/or foreign exchange market.
  2. Money Market and Foreign Exchange Market Brokers, namely a business entity established specifically to provide certain transaction facilities for service users and earn a return on the services provided.
  3. Systematic Internalisers, namely banks that provide certain facilities to perform transactions in the money market and/or foreign exchange market using its own account with Service Users.​​
  4. Futures Exchange Providers, namely futures exchanges in accordance with prevailing laws on commodities futures trading, providing specific facilities for service users to transact in the money market and/or foreign exchange market.
Providers of technology and other transaction facilities must comply with good governance and effective risk management procedures in order to create fair, regulated, transparent, liquid and efficient financial markets with integrity.  Good governance is achieved through adherence to the market code of conduct, protecting the service users and increasing price transparency.
Transaction facilities have developed rapidly in line with technological advancement.  Consequently, various new alternative transaction mechanisms based on electronic systems have emerged for use by Market Participants.
Considering the rapid development of technology in terms of providing novel transaction facilities, coupled with the importance of maintaining good governance as well as encouraging effective risk management, provisions concerning Transaction Service Providers are required in the form of Bank Indonesia Regulations.​ ​

Global Benchmark Reform​

  1. Timeline
    In conjunction with other financial market authorities, Bank Indonesia has communicated the LIBOR transition to all domestic market players.  The timeline of the LIBOR transition is as follows:
    timeline-libor.jpg  
  2. LIBOR Discontinuation Preparedness Survey

    a.     Survey of Banking Sector

    Bank Indonesia has surveyed the banking sector to identify LIBOR use in the domestic financial markets.  The survey revealed LIBOR exposure in the banking industry as well as banking industry preparedness for the discontinuation of LIBOR.

    In total, 39 domestic banks actively transacting foreign currencies were surveyed, representing 86% of exposure to foreign currency loans, rupiah loans and foreign currency derivatives.  The salient results of the survey are as follows:

    survei-perbankan-libor_.jpg 

    b.     Survey of Non-Financial Corporations

    At the end of 2020, Bank Indonesia surveyed non-financial corporations with high foreign exchange exposure.  With respondents totalling 219 corporations, only 11% or 23 corporations were affected by LIBOR exposure.  Of the 23, most (70%) were yet to transition due to insufficient information.  Meanwhile, some of the other corporations had identified financial contracts with LIBOR exposure but were yet to transition.

  3. CEO Letter

    Bank Indonesia has increased the preparedness of market players for the discontinuation of LIBOR by sending a CEO Letter to all banks and several corporations in June 2020.  Through the CEO Letter, Bank Indonesia reminded domestic banking industry and corporate sector leaders to undertake the following anticipatory measures:

    1. Identifying financial contracts using LIBOR
    2. Preparing contingency plans for the financial contracts using LIBOR through additional fallback clauses with relevant counterparties
    3. Actively restricting LIBOR use in new financial contracts
    4. Analysing the actions necessary in the business processes impacted as part of the risk mitigation plan
    5. Documenting governance of the LIBOR transition
  4. National Working Group
    In line with FSB-OSSG recommendations and in anticipation of LIBOR discontinuation, Bank Indonesia has coordinated with other domestic financial market authorities, namely the Financial Services Authority (OJK) and Ministry of Finance, as well as engaged in dialogue with industry associations represented by the Indonesia Foreign Exchange Market Committee (IFEMC).
    Close coordination and cooperation between domestic financial market authorities represent an important strategic measure to safeguard the massive and measured anticipatory measures required towards LIBOR discontinuation.
    In November 2020, the coordination forum agreed to establish a National Working Group to jointly overcome the LIBOR transition challenges, covering legal, accounting, tax, risk management and infrastructure system aspects.

​​Financial Market Infrastructures

Financial market infrastructures (FMI) refer to all parts of the financial system that facilitate financial market transactions, including settlement. According to IOSCO, an FMI is defined as a multilateral system among participating financial institutions, including the operator of the system, used for the purposes of recording, clearing or settling payments, securities, derivatives or other financial transactions. Several systems are considered systemically important financial market infrastructures based on the criteria set by each respective country. Nevertheless, most definitions refer to post-trade systems.

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