No.28/46/DKom 

SP- 09/KLI/2026 

1. Today, 20^th February 2026, the Ministry of Finance and Bank Indonesia held the Fiscal and Monetary Policy Coordination Meeting 2026. The Coordination Meeting, attended by the Minister of Finance of the Republic of Indonesia and Governor of Bank Indonesia, alongside their respective staff, constitutes fiscal and monetary policy synergy to mutually reinforce efforts to maintain stability and support economic growth. The meeting was held in accordance with the mandate of Article 21 of Act Number 17 of 2003 concerning State Finances, requiring that the central government and central bank coordinate when formulating and implementing fiscal and monetary policy. Coordination is also required in accordance with the mandate of the Bank Indonesia Act (Number 23 of 1999), as amended several times, most recently by Act Number 4 of 2023 concerning Financial Sector Development and Strengthening, Article 55, Paragraph (1), as well as Act Number 24 of 2002 concerning Government Debt Securities (SUN), Article 6, and Act Number 19 of 2008 concerning Government Sharia Securities (SBSN), Article 7, which mandate that the Government must first coordinate and consult with Bank Indonesia when issuing Government Debt Securities (SUN) and Government Sharia Securities (SBSN). Consultation is required to ensure SBN issuances by the Government are aligned with the monetary operations plan and policies of Bank Indonesia to maintain stability and support economic growth.
   
2. The Government is committed to prudent and sustainable fiscal policy management, which supports sustainable economic growth through judicious management of the State Budget (APBN) deficit in 2026, alongside a sound financing strategy. In accordance with Act Number 17 of 2025, the APBN deficit in 2026 is targeted at approximately 2.68% of GDP, with deficit financing met through debt financing and non-debt financing. Debt financing will be implemented through SBN issuances in the domestic and global markets, as well as drawing on foreign and domestic loans. SBN issuances are supported by debt portfolio management based on prudential principles and strong debt risk management to maintain a healthy, secure and sustainable structure of government debt. 
3. Bank Indonesia is orienting monetary policy in 2026 consistently towards maintaining inflation within the 2.5%±1% target corridor, coupled with stable Rupiah exchange rates to support sustainable economic growth. Monetary policy is implemented, among others, through a pro-market monetary operations (MIO) strategy oriented towards maintaining adequate liquidity in the money markets and banking industry by managing the term structure and volume of monetary instruments, while buying and selling SBN in the secondary market. The measured purchase and sale of SBN in the secondary market is conducted under the auspices of a monetary control program in accordance with prudent monetary policy to consistently maintain inflation within the 2.5%±1% target range and support higher economic growth. 
4. The Ministry of Finance and Bank Indonesia agreed that SBN issuances by the Government and SBN purchases in the secondary market by Bank Indonesia shall be based on prudent fiscal and monetary policy principles to maintain market discipline and integrity. To that end, SBN purchases by Bank Indonesia from the secondary market will be conducted from market participants and through a bilateral SBN debt switch mechanism with the Government, which are tradable at market prices in accordance with market mechanisms. SBN debt switching with the Government in 2026 is planned in line with the amount of SBN maturing in 2026, totalling Rp173.4 trillion, which will be implemented in stages for the SBN held by Bank Indonesia, with settlement prior to maturity in accordance with prevailing laws and regulations. The bilateral SBN switching mechanism between the Ministry of Finance and Bank Indonesia has been applied previously in 2021, 2022 and 2025. 
5. The Ministry of Finance and Bank Indonesia are committed to transparent and accountable SBN issuances and purchases in accordance with market mechanisms based on strong governance. As before, further implementation will be coordinated periodically, considering domestic and global economic and financial market dynamics. Close fiscal and monetary policy synergy is critical for maintaining fiscal stability, monetary stability, particularly Rupiah stability and price stability, as well as financial system stability to support sustainable economic growth.