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August 20, 2018

IndONIA (Indonesia Overnight Index Average)

IndONIA is intended to take role as one of money market benchmark rates of which it would be used by market players as reference for the purpose of loan interest rates determination and financial instruments pricing as well as financial instruments performance measurement. IndONIA is an index of interest rate for unsecured overnight interbank rupiah lending transactions in Indonesia which is calculated periodically and available to public.

IndONIA is determined based on the average interest rate for unsecured overnight rupiah lending reported by all banks to Bank Indonesia. Accordingly, IndONIA is an interest rate formed based on market transactions. IndONIA is determined by calculating the volume-weighted average of all transactions occur on a particular business day, which are reported by banks to Bank Indonesia through Bank Indonesia’s daily reporting system from 07.00 Western Indonesia Time until 18.00 Western Indonesia Time (plus online correction window time until 19.00 Western Indonesia Time).

Bank Indonesia will start publishing IndONIA from 1 August 2018 on Bank Indonesia website at 19.30 Western Indonesia Time each business day.

IndONIA is expected to be able to replace the role of overnight JIBOR as the overnight money market benchmark rate. As of 2 January 2019, Bank Indonesia will no longer publish overnight JIBOR and it is expected that existing financial contracts which use overnight JIBOR as a reference for overnight tenor, will shift to IndONIA as the most recent reference for overnight tenor.

Below is the brief explanation about IndONIA:

No​ ​Subject ​Remarks
​1 ​Publication Time ​19.30 Western Indonesia Time
​2 ​Tenor  ​Overnight
​3 ​Calculation Method ​Volume-weighted average

 

Provisions for IndONIA are specified in Bank Indonesia Regulation No. 20/7/PBI/2018 dated 24 July 2018 regarding Indonesia Overnight Index Average and Jakarta Interbank Offered Rate. 

​Information about IndONIA
​Financial Market Development Department
Phone: (021) 2981-4013, 2981-4897
Fax: (021) 2311-325, 3504-296
Email: indonia.jibor@bi.go.id

  

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