No. 28/207/DKom
Bank Indonesia has expanded the securities eligible for use as underlying assets in monetary operations (MO) to include high-quality corporate bonds and sukuk. This is one of the measures monetary policy implementation through pro-market monetary operations, namely monetary operations integrated with the development of the money market and foreign exchange market. The expansion was officially launched by the Governor of Bank Indonesia, Destry Damayanti, and Minister of Finance of the Republic of Indonesia, Suahasil Nazara, in Jakarta on 1st October 2026. Also attending the event were OJK Chief Executive of Capital Market, Financial Derivatives and Carbon Exchange Supervision, Hasan Fawzi, Chair of the Indonesian Money Market and Foreign Exchange Market Association (APUVINDO), Ari Rizaldi, as well as representatives from the banking industry and other relevant institutions/organisations.
Governor Destry explained that monetary policy signals need to be transmitted through the money market and foreign exchange market to influence transactions and financing for businesses and households. Through pro-market monetary operations, Bank Indonesia not only manages liquidity, interest rates and the exchange rate, but also promotes transaction activity in the financial markets, which feeds through to support economic activity in the real sector. Given the development of an increasingly integrated financial market ecosystem, the expansion of underlying assets is expected to continue evolving, stimulate secondary market transactions, strengthen price formation and ultimately support financing for the real sector, including housing and infrastructure. “The effectiveness of monetary policy depends heavily on transmission through deep, liquid and efficient financial markets," Governor Destry stated.
In line with these efforts, the Minister of Finance, Suahasil Nazara, reaffirmed the Government's commitment to safeguarding the Indonesian economy and strengthening policy credibility among investors. “At the Ministry of Finance, together with the Indonesia Deposit Insurance Corporation (LPS) and Danantara as the sovereign wealth fund, we will continue safeguarding the Indonesian economy and building policy credibility for all investors, wherever they may be," he said.
The underlying assets for monetary operations have been expanded gradually. Since its launch on 10 November 2025 through 30 September 2026, total monetary operations repo transactions using corporate bonds and sukuk issued by PT Sarana Multigriya Finansial (Persero), or PT SMF, as underlying assets reached Rp1.25 trillion. The eligible underlying securities were subsequently expanded to include corporate bonds and sukuk issued by PT Sarana Multi Infrastruktur (Persero), or PT SMI, with the inaugural repo auction held on 28th September 2026, totalling Rp60 billion.
The policy has also had a positive impact on financial market activity, as reflected by an increase in the secondary market transaction volume of PT SMF securities from an average of Rp31.9 billion per day in October 2025 to Rp179.9 billion per day at the end of August 2026. During the same period, bank holdings of PT SMF bonds increased by 18%, from Rp8.69 trillion to Rp10.22 trillion. Such developments indicate a positive market response that should continue to be encouraged to support financial market deepening in Indonesia.
Bank Indonesia will continue strengthening synergy and coordination with the Ministry of Finance, Financial Services Authority (OJK) and other relevant institutions to support the implementation of pro-market monetary operations. The expansion of underlying assets for monetary operations is expected to increase flexibility in banking liquidity management, stimulate secondary market transactions of corporate securities and support sustainable economic growth in Indonesia.
Jakarta, 1st October 2026
Communication Department
Ramdan Denny Prakoso
Executive Director
