About JIBOR - Bank Sentral Republik Indonesia
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November 18, 2018

JIBOR (Jakarta Interbank Offered Rate)

JIBOR is intended to take role as one of the 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. JIBOR is the average of unsecured lending indicative interest rates, which is offered and aimed for transactions by a contributor bank to another for rupiah lending in Indonesia for a tenor longer than overnight.

JIBOR is determined by Bank Indonesia based on the indicative offer rates quoted by a contributor bank to Bank Indonesia with submission window time from 07.00 Western Indonesia Time until 09.30 Western Indonesia Time (plus online correction until 09.45 Western Indonesia Time). JIBOR is determined by calculating the simple average of the quoted offer rates by Contributor Banks after removing 15% of the highest data and 15% of the lowest data.

JIBOR is published by Bank Indonesia on Bank Indonesia website at 10.00 Western Indonesia Time each business day. JIBOR consists of 6 tenors i.e. overnight, 1 week, 1 month, 3 months, 6 months, and 12 months.

In order to increase the credibility of JIBOR as a money market reference rate, Bank Indonesia undertake further enhancement. As of 2 January 2019, contributor banks will have to quote rates by underpinning it to the greatest extent possible with transaction data in order to better reflect market rates and the process of JIBOR quotations should be conducted with good governance. This is in line with the global best practices specified in the International Organization of Securities Commissions (IOSCO) principles for financial benchmarks.

Increased credibility of the money market benchmark rates is expected to reduce financial contracts complexity by encouraging standardization in the use of reference interest rate for debt instruments and/or lending at a floating interest rate, rupiah interest rate derivatives, and financial instrument valuation.

As of 2 January 2019, JIBOR overnight will no longer be published by Bank Indonesia. Therefore, JIBOR will consist of 5 tenors, namely 1 week, 1 month, 3 months, 6 months, and 12 months, and will be published on the website of Bank Indonesia at 11.00 Western Indonesia Time.

Below is the brief explanation about JIBOR:

​No ​Subject ​Remarks
​1 ​Publication Time ​10.00 Western Indonesia Time
As of 2 January 2019:
11.00 Western Indonesia Time
​2 ​Tenor ​Overnight, 1 week, 1 month, 3 months, 6 months, and 12 months
As of 2 January 2019:
1 week, 1 month, 3 months, 6 months, and 12 months
​3 ​Day Count Convention ​Actual/360
​4 ​Calculation Method ​Simple average after removing 15% of the highest offered rate data and 15% of the lowest offered rate data.

 

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

​Information about JIBOR
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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