September 12, 2025 | 03:43 pm
TEMPO.CO, Jakarta - Finance Minister Purbaya Yudhi Sadewa announced plans to transfer Rp200 trillion from the government's account at Bank Indonesia (BI) to six state-owned banks (Himbara) on September 12, 2025. This amount constitutes half of the government's funds deposited in BI.
According to Purbaya, the process of transferring the deposit can be done swiftly. "It should be fast. Tonight I will sign it, and tomorrow the funds will enter the banks (Himbara)," he said at the DPR building, Jakarta, on Thursday, September 11, 2025.
This initiative is taken to support banks in channeling credit and driving the economy.
Bank Indonesia noted that banking credit recorded 7.03 percent growth year-on-year (y-o-y) in July 2025, marking a decline from 7.77 percent in June, and a fifth-month drop since March.
Transferring Funds to Himbara Poses Risks
Economist at Andalas University, Syafruddin Karimi, said the Indonesian government should anticipate several risks associated with this policy. "First, there's a risk of liquidity parking in Government Bonds (SBN) and Bank Indonesia Rupiah Securities (SRBI), so there's no significant growth in the credit," he told Tempo.
According to Syafrudin, this can be seen from the strong inclination of banks to place funds in government bonds and the growing ownership of SBN by banks, reaching around Rp1,318 trillion as of August 2025. Last July, Bank Indonesia revealed that banks tend to place their liquid funds in government bonds and are overly cautious in promoting credit.
Another risk, according to the lecturer at the Faculty of Economics and Business at Andalas University, is the moral hazard, where the banks will neglect quality. State-owned banks are feared to channel as much funds as possible to meet the government's targets, but the quality of credit receives less attention.
To achieve the goal, according to him, the government must take several steps, such as activating transactions outside the credit line, accelerating state budget spending to keep the money circulating, encouraging consumption through available incentives, such as the PPN-DTP for housing, targeted cuts in public service tariffs, and programs for food assistance or transportation that trigger daily transactions.
The government is also urged to align its policies so that Bank Indonesia does not reabsorb the liquidity, thus reducing the cost of funds. Establish targets, realization deadlines, and withdrawal or clawback sanctions for banks that withhold funds. The government also needs to issue a public dashboard monitoring effective interest rates, new credit, and workforce absorption.
"This accompanying package will push the Rp200 trillion to move swiftly from the government's account to the hands of workers, suppliers, and consumers," he said.
Previously, Minister Purbaya stated that he had already spoken with Himbara banks to refrain from using the government's account funds to purchase SBN and SRBI and to channel them to the public in the form of credit. He has also lobbied BI not to reabsorb the funds.
Himbara consists of several banks, including Bank Mandiri, Bank Rakyat Indonesia (BRI), Bank Negara Indonesia (BNI), and Bank Tabungan Negara (BTN), as well as Bank Syariah Indonesia (BSI) and Bank Syariah Nasional (BSN).
Meanwhile, Bank Mandiri sees the placement of the government's excess budget balance (SAL) in the banking system as potentially strengthening Third Party Funds growth while driving credit disbursement.
"Quoting the analysis of the Bank Mandiri Economists Team, this condition will support healthier liquidity availability and increase the effectiveness of monetary policy transmission, to drive an optimal money circulation," said Bank Mandiri's Corporate Secretary M. Ashidiq Iswara on Thursday, September 11, 2025.
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