No: 28/84/DKom 

The Bank Indonesia Board of Governors agreed on 21st-22nd April 2026 to hold the BI-Rate at 4.75%, while also maintaining the Deposit Facility (DF) rate at 3.75% and the Lending Facility (LF) rate at 5.50%. The decision remains consistent with efforts to increase the effectiveness of interest rate adjustments to monetary instruments, thereby bolstering Rupiah exchange rate stability amid deteriorating global economic conditions triggered by the war in the Middle East. Moving forward, Bank Indonesia is prepared to strengthen monetary policy measures further, as required, to maintain Rupiah stability and ensure that inflation in 2026 and 2027 remains within the 2.5% ± 1% target corridor. Meanwhile, Bank Indonesia will continue strengthening accommodative macroprudential policy to support economic growth by increasing lending/financing to the real sector, while maintaining financial system stability. Payment system policy remains directed towards supporting economic activity through broader acceptance of digital payments, strengthening the payment system industry structure as well as enhancing the reliability and resilience of payment system infrastructure.

The direction of the monetary, macroprudential, and payment system policy mix to maintain stability, while supporting sustainable economic growth, is also supported by the following policy measures:

1. the effectiveness of monetary policy implementation to maintain Rupiah exchange rate stability and maintain inflation in 2026 and 2027 within the 2.5% ± 1% target range by:
1. strengthening Rupiah exchange rate stabilization through intervention in offshore NDF transactions as well as spot and DNDF transactions in the domestic market,
2. strengthening the interest rate structure of pro-market monetary instruments to continue attracting foreign portfolio investment inflows to domestic financial assets to support Rupiah stability, and
3. maintaining primary money growth above 10%, consistent with monetary expansion, to ensure adequate liquidity in the money market and banking industry, including through measured secondary‑market transactions of government securities (SBN).
2. Strengthening the effective implementation of accommodative macroprudential policy to promote lending/financing in pursuit of economic growth, while maintaining financial system stability, by:
1. maintaining: (i) the Countercyclical Capital Buffer (CCyB) at 0%; (ii) the Macroprudential Intermediation Ratio (MIR) in the 84-94% range; (iii) the Bank Foreign Funding Ratio (RPLN) at a maximum of 35% of bank capital; (iv) the Macroprudential Liquidity Buffer (MPLB) at 4%, with repo flexibility of 4%, and (v) the Sharia MPLB ratio at 2.5%, with repo flexibility of 2.5% , and
2. publishing the assessment of prime lending rate (PLR) transparency, with a focus on interest rates based on priority sectors in accordance with the scope of KLM policy (Appendix 1) as well as strengthening synergy with the Government and other stakeholders to accelerate lending/financing through the Indonesian Intermediation Acceleration Program (PINISI).
3. Strengthening the implementation of payment system digitalization measures in accordance with the Indonesia Payment System Blueprint (BSPI) 2030 to accelerate national digital economic and financial transformation by:
1. launching the Indonesia Digital Innovation Center (PIDI): Hackathon and Digdaya (Digital Talenta Berdaya dan Berkarya) and QRIS Cross‑Border between Indonesia and China on 30th April 2026, and
2. synergizing the Capacity Building and Literacy Synergy Program (KATALIS) to accelerate and expand regional digitalization (P2DD) with PIDI-Hackathon-Digdaya by expanding the latest payment system innovations to enhance the efficiency of local government transactions.
4. Strengthening measures to deepen the money and foreign exchange markets in accordance with the Money Market and Foreign Exchange Market Development Blueprint (BPPU) 2030 to support stability as well as national economic financing through:
1. exemptions on the restrictions against selling transactions of foreign currency NDF against the Rupiah in offshore markets for selected Primary Dealers that meet Bank Indonesia’s requirements to support Rupiah exchange rate stability and domestic financial market deepening, and
2. the expansion of foreign exchange MO instruments with offshore spot and swap instruments in Chinese renminbi (CNH) against the Rupiah to support Rupiah exchange rate stability and expand trade and investment transactions using local currency transactions (LCT).

Bank Indonesia continues strengthening policy coordination with the Government, including close synergy between monetary and fiscal policies, to mitigate the impact of global uncertainty stemming from the war in the Middle East on the domestic economy as well as to maintain stability and support solid economic growth. Policy synergy with the Financial System Stability Committee (KSSK) is also strengthened to maintain financial system stability and promote financing for the Government's Asta Cita programs. In addition, Bank Indonesia continues to strengthen and expand international cooperation in central banking areas, including payment system connectivity and local currency transactions, as well as facilitating investment and trade promotion in priority sectors in cooperation with relevant institutions.

The war in the Middle East has deteriorated global economic conditions and prospects. Global oil and commodity prices have increased sharply, and supply chain disruptions have deepened. Consequently, global economic growth in 2026 is projected to decelerate to 3.0% from the previous forecast of 3.1%, while global inflation is expected to rise to 4.2% from 4.1%, further narrowing the scope for global monetary policy easing. Consequently, further cuts to the Federal Funds Rate (FFR) are expected to be delayed or even postponed until late 2026. US Treasury yields have continued to increase due to expectations of a wider US fiscal deficit. Global capital flows have shifted towards safe‑haven assets, particularly US money market instruments, in line with growing investor preference for safe assets (flight to safety). The US dollar index (DXY) has continued to strengthen, while emerging market currencies remain under pressure. The deterioration in global economic and financial conditions necessitates a stronger fiscal and monetary policy response, accompanied by synergy to maintain external resilience, strengthen stability, and support domestic economic growth.

At home, domestic economic growth momentum must be maintained amid deteriorating global economic conditions and prospects. The latest indicators show that economic growth in the first quarter of 2026 improved, underpinned by domestic demand. Household consumption increased due to greater economic confidence and maintained income, coupled with a seasonal spike in demand during the Eid-ul-Fitr 1447 H national religious holiday (HBKN). Government spending also increased in line with disbursements of the mandatory religious holiday allowance (THR), higher social spending and various other incentives, including Transfer Fund Allocations to Regions (TKD). Investment, particularly building investment, remained solid, primarily driven by the acceleration of government priority programs. Looking ahead, various Government and Bank Indonesia policies must be strengthened against the backdrop of a weaker global economic outlook. Policy responses will be strengthened to mitigate the impact of global economic moderation and boost domestic sources of growth. To that end, government priority programs aimed at job creation, increasing domestic demand and maintaining fiscal resilience will continue. Bank Indonesia will continue strengthening the monetary, macroprudential and payment system policy mix in close synergy with government policies to maintain stability, while strengthening economic growth. Bank Indonesia projects national economic growth in 2026 within the 4.9-5.7% range.

Indonesia's Balance of Payments (BOP) performance must be strengthened constantly to mitigate the impact of the ongoing war in the Middle East. The trade balance in January-February 2026 recorded a USD2.2 billion surplus, primarily contributed by a non‑oil and gas trade surplus and a narrower oil trade deficit. In terms of capital and financial account (CFA), foreign portfolio investment recorded net outflows of USD1.7 billion in January-March 2026, mainly influenced by global financial market uncertainty triggered by the war in the Middle East. At the beginning of the second quarter of 2026 (as of 20th April 2026), however, portfolio flows recorded net inflows of USD1.9 billion, primarily supported by foreign capital inflows to Bank Indonesia Rupiah Securities (SRBI) and government securities (SBN) driven by higher yields on both instruments. Indonesia's reserve assets at end-March 2026 stood at USD148.2 billion, equivalent to 6.0 months of imports or 5.8 months of imports and servicing government external debt, which is well above the international adequacy standard of around 3 months of imports. Moving forward, policy synergy to strengthen BOP performance must be enhanced to maintain external resilience amid heightened global uncertainty due to the war in the Middle East. Therefore, Bank Indonesia projects the current account deficit in 2026 to range between 1.3% and 0.5% of GDP.

Bank Indonesia continues strengthening Rupiah exchange rate stabilization policy amid rising global financial market uncertainty. Bank Indonesia is intensifying foreign exchange interventions to maintain Rupiah exchange rate stability, through interventions in offshore NDF markets and through spot and DNDF transactions in the domestic market. The interest rate structure of monetary instruments is also being strengthened to attract foreign portfolio inflows. In addition, Bank Indonesia is strengthening foreign exchange market policy through adjustments to the cash threshold for purchasing foreign currency against the Rupiah, alongside higher thresholds for DNDF/Forward selling transactions, and higher thresholds for swap buying and selling transactions, effective from April 2026. Through these measures, the Rupiah exchange rate has remained relatively stable, recorded at Rp17,140 per US dollar on 21st April 2026, or depreciating by 0.87% (ptp) compared with the level at the end of March 2026. Moving forward, Bank Indonesia is confident that the Rupiah to remain stable and trend towards appreciation, supported by Bank Indonesia's firm commitment, attractive yields, and Indonesia's promising economic outlook.

Consumer Price Index (CPI) inflation remains under control. CPI inflation in March 2026 was recorded at 3.48% (yoy), lower than 4.76% (yoy) in the previous month. Core inflation fell to 2.52% (yoy) in line with anchored inflation expectations, supported by consistent monetary policy. Volatile food (VF) inflation also decreased to 4.24% (yoy), supported by the adequate supply of key food commodities amid increased demand during the Eid-ul-Fitr 1447 H festive period. Administered prices (AP) inflation declined to 6.08% (yoy) from 12.66% (yoy) in the previous month, reflecting minimal price adjustments by the Government as well as the end of the temporary base effect from the Government's policy of providing discount on household electricity tariffs in January and February 2025. Moving forward, Bank Indonesia is confident inflation in 2026 and 2027 will remain within the 2.5%±1% target corridor, supported by consistent monetary policy in maintaining inflation as well as various Government measures to control prices. In addition, Bank Indonesia will continue strengthening synergy with the Government through the Central/Regional Government Inflation Control Teams (TPIP/TPID) by strengthening implementation of the Inflation Control and Food Prosperity Movement (GPIPS) to contain inflation within the target range.

Bank Indonesia continues strengthening monetary policy to maintain Rupiah exchange rate stability and support economic growth. The BI‑Rate in March 2026 was held at 4.75% to support efforts to maintain Rupiah exchange rate stability amid rising global uncertainty. Rupiah stabilization policy continues to be strengthened through interventions in offshore NDF markets and domestic spot and DNDF markets, as well as secondary‑market purchases of government securities, supported by stronger foreign currency transaction policies. Bank Indonesia also continues optimizing various pro‑market monetary instruments to attract foreign capital inflows, thereby supporting Rupiah stability. The position of outstanding SRBI instruments on 21st April 2026 stood at Rp885.41 trillion, supported by non‑resident holdings of Rp165.98 trillion (18.75% of total outstanding), thus bolstering efforts to maintain Rupiah stability. Bank Indonesia has also purchased SBN as a part of the close synergy between monetary and fiscal policies, and to maintain adequate liquidity in the money market and banking industry, amounting to Rp111.54 trillion in 2026 (as of 21st April 2026), including secondary‑market purchases totaling Rp56.53 trillion. Secondary-market SBN purchases are conducted in accordance with market mechanisms, in a measured and transparent manner, and consistent with the monetary program to maintain economic stability, thereby preserving monetary policy credibility.

Bank Indonesia continuously optimizes its Macroprudential Liquidity Incentive Policy (KLM) to promote stronger bank lending/financing to priority sectors, thereby supporting higher economic growth. Implementation of the enhanced KLM, effective since 16th December 2025, is directed at providing higher incentives for bank lending/financing disbursements to specific sectors designated by Bank Indonesia (lending channel) as well as ensuring that banks are more responsive in lowering interest rates on new loans (interest rate channel). As of the first week of April 2026, Bank Indonesia disbursed KLM incentives totaling Rp427.9 trillion, with Rp358.0 trillion allocated via the lending channel and Rp69.9 trillion via the interest rate channel. By bank group, the KLM incentives received by banks totaled Rp224.0 trillion to state-owned banks, Rp166.6 trillion to national private commercial banks, Rp29.6 trillion to regional government banks and Rp7.8 trillion to foreign bank branches. By sector, the incentives were primarily disbursed into priority sectors, namely agriculture, manufacturing, and downstream sectors; services, including the creative economy, construction, real estate and housing; as well as the MSME, cooperatives, inclusive, and green sectors.

The transmission of monetary policy easing to lower bank interest rates continues. Various banking interest rates are still tracking downward trends, supported by loose liquidity conditions. The one‑month deposit rate has declined by 62 basis points (bps) from 4.81% in early January 2025 to 4.19% in March 2026, while lending rates have fallen by 44 bps from 9.20% in early January 2025 to 8.76% in March 2026. Moving forward, efforts to reduce bank deposit and lending rates must continue to accelerate credit growth and support sustainable economic growth. These efforts include coordination to reduce the provision of special rates for large depositors, which currently account for 26.30% of total third‑party funds (TPF).

Money supply growth is well managed in line with Bank Indonesia's liquidity expansion policy. Base money (M0) growth in March 2026 remained high at 11.8% (yoy). By component, M0 growth in March 2026 was primarily driven by a 38.3% bump in commercial bank demand deposits held at Bank Indonesia and an 8.6% increase in currency in circulation. Based on the affecting factors, M0 growth in March 2026 was driven by fiscal expansion and monetary operations strategy. Accordingly, broad money (M2) increased by 8.7% (yoy) in February 2026, following 10.0% (yoy) growth in January 2026. M2 growth was mainly influenced by net claims on central government (NCG) and disbursed loans. Moving forward, Bank Indonesia will continue managing money supply growth to remain consistent with maintaining stability and supporting economic growth through policy synergy between Bank Indonesia and the Government.

Bank Indonesia is still strengthening bank credit growth to support economic growth. Disbursed loans in March 2026 grew by 9.49% (yoy), up from 9.37% (yoy) in February 2026. By loan type, the latest developments were supported by investment loans, working capital loans and consumer loans, which grew in March 2026 by 20.85% (yoy), 4.38% (yoy) and 5.88% (yoy), respectively. Bank Indonesia projects credit growth in 2026 to remain in the 8-12% range, influenced by demand and supply side factors. On the demand side, the utilization of bank financing can be increased, particularly by optimizing still sizeable undisbursed loan facilities, which amounted to Rp2,527.46 trillion or 22.59% of available credit lines. On the supply side, bank financing capacity remains adequate, supported by a Liquid Assets to Third-Party Funds (LA/TPF) ratio of 27.85% and robust TPF growth of 13.55% (yoy) in March 2026. In addition, bank lending appetite remains sound, as reflected in persistently accommodative lending requirements, except in the consumer and MSME segments due to still-elevated credit risk in those segments. Seeking to boost bank loan disbursements, Bank Indonesia will continue strengthening funding capacity, including the development of non-traditional funding (non-TPF) instruments. Meanwhile, Bank Indonesia will continue strengthening coordination with the Government and KSSK to keep improving the interest rate structure and promote bank lending/financing growth.

Banking sector resilience remains solid, thereby mitigating the risks from the war in the Middle East. This is indicated by ample banking liquidity, persistently high capital capacity and low credit risk. The Capital Adequacy Ratio (CAR) of the banking industry was high at 25.83% in February 2026, indicating strong capacity to absorb risk and support credit growth. Non‑Performing Loan (NPL) ratios in the banking industry remained low at 2.17% (gross) and 0.83% (net) in February 2026. The results of Bank Indonesia's stress tests indicate that banking resilience remains strong in the face of various risks, including the impact of global spillovers from the war in the Middle East, supported by stable corporate repayment capacity and profitability. Bank Indonesia will continue strengthening macroprudential policy and policy synergy with the KSSK to maintain financial system stability.

The growth of digital economic and financial transactions in the first quarter of 2026 remained high, supported by secure, seamless and reliable payment systems. The volume of digital payment[2] transactions reached 14.82 billion in the first quarter of 2026, growing 37.69% (yoy), supported by broader acceptance of digital payments. Transaction volumes through mobile and internet applications grew by 11.82% (yoy) and 17.13% (yoy), respectively, including QRIS transactions, which continued to expand robustly by 116.43% (yoy). Such positive performance was supported by increases in the number of users and merchants. On the infrastructure side, retail transaction volumes processed through BI‑FAST reached 1.4 billion transactions, growing 30.82% (yoy), with transaction value of Rp3,519 trillion in the first quarter of 2026. Meanwhile, large‑value transaction volumes processed through BI‑RTGS totaled 2.46 million transactions, contracting slightly by 0.20% (yoy), while the transaction value grew 11.26% (yoy) to reach Rp51,490 trillion in the first quarter of 2026. In terms of Rupiah currency management, Currency in Circulation grew by 8.59% (yoy) to Rp1,347 trillion in the first quarter of 2026[3].

Payment system stability was preserved in the first quarter of 2026, supported by stable infrastructure and a sound industry structure. Stable infrastructure is reflected in the seamless and reliable operation of the Bank Indonesia Payment Systems (SPBI) and industry payment systems, as well as adequate supply of currency in sufficient quantity and quality. A sound industry structure is reflected by stronger interconnection among payment system participants, accompanied by a growing digital economy and finance ecosystem. Moving forward, Bank Indonesia will continue strengthening the payment system industry structure, particularly risk management and the reliability of industry participants' technology infrastructure, in line with the implementation of Bank Indonesia Regulation No. 10 of 2025 on Payment System Industry Regulation (PBI PISP). Bank Indonesia will also ensure the security and reliability of SPBI infrastructure, both retail and wholesale, and industry payment system infrastructure. Bank Indonesia will also ensure the availability of Rupiah currency in sufficient quantity and fit for circulation throughout the Republic of Indonesia, including Frontier, Outermost and Remote (3T) areas.

Jakarta, 22nd April 2026
Communication Department
Anton Pitono
Director

[1] Updated as of 22nd April 2026 at 15:45 WIB.

[2] Digital payments include transactions through mobile and internet applications.

[3] Updated payment system data as of 22nd April 2026 at 15:30 WIB, from the previous data reference period of 16th April 2026 to 21st April 2026. ​​