Bank Indonesia Regulation Number 6 of 2025 on Liquidity Management to Support Sustainable Economic Growth

BANK INDONESIA REGULATION
NUMBER 6 OF 2025
ON
LIQUIDITY MANAGEMENT TO SUPPORT SUSTAINABLE ECONOMIC GROWTH BY THE BLESSINGS OF ALMIGHTY GOD THE GOVERNOR OF BANK INDONESIA, Considering : a. that Bank Indonesia aims to achieve rupiah value stability, maintain payment system stability, and participate in maintaining financial system stability to support sustainable economic growth; b. that to achieve the objective, Bank Indonesia has duties to determine and implement monetary policy, regulate and maintain payment system smoothness, and determine and implement macroprudential policy;
c. that Bank Indonesia conducts liquidity management to
maintain liquidity adequacy in the money market, foreign exchange market, banks, and economy, through monetary control by conducting, among others, monetary operation in the money market and foreign exchange market, regulation of statutory reserve requirement in rupiah and foreign currency to determine and implement the monetary policy referred to in point b, and to conduct liquidity management to support economic growth; d. that to implement the monetary control referred to in point c, Bank Indonesia may purchase short-term government debt securities in the primary market for monetary control operation; e. that based on the considerations referred to in point a, point b, point c, and point d, and under the provisions of
Article 11 section (1) of Law Number 23 of 1999 on Bank
Indonesia as amended several times, most recently by Law Number 4 of 2023 on Development and Strengthening of Financial Sector, it is necessary to issue Bank Indonesia Regulation on Liquidity Management to Support Sustainable Economic Growth;

Observing : 1. Law Number 23 of 1999 on Bank Indonesia (State Gazette of the Republic of Indonesia of 1999 Number 66, Supplement to State Gazette of the Republic of Indonesia Number 3843) as amended several times, most recently by Law Number 4 of 2023 on Development and Strengthening of Financial Sector (State Gazette of the Republic of Indonesia of 2023 Number 4, Supplement to State Gazette of the Republic of Indonesia Number 6845);
2. Bank Indonesia Regulation Number 4 of 2024 on the Policy
Mix of Bank Indonesia (State Gazette of the Republic of Indonesia of 2024 Number 15/BI, Supplement to State Gazette of the Republic of Indonesia Number 83/BI); HAS DECIDED:
To enact : BANK INDONESIA REGULATION ON LIQUIDITY MANAGEMENT TO SUPPORT SUSTAINABLE ECONOMIC GROWTH.
CHAPTER I
GENERAL PROVISIONS
Article 1
In this Bank Indonesia Regulation, the definitions are as follows:

1. Bank Indonesia Policy means any decisions and/or actions
   of Bank Indonesia determined by the Board of Governors, Members of the Board of Governors, or heads of working units.

2. Main Policy means Bank Indonesia Policy which consist of
   monetary policy, payment system policy, and macroprudential policy.

3. Supporting Policy means Bank Indonesia Policy to support
   the Main Policy.

4. Monetary Policy means Bank Indonesia Policy determined
   and implemented to achieve rupiah value stability.

5. Payment System Policy means Bank Indonesia Policy
   determined and implemented to maintain payment system stability.

6. Macroprudential Policy means Bank Indonesia Policy
   determined and implemented to help maintain financial system stability.

7. Sustainable Economic Growth means an economy which
   grows according to its capacity and inclusive so that it is kept stable, balanced, and resilient to global and domestic shocks.

8. Rupiah Value Stability means stability of goods and
   services prices which are generally measured from low and stable inflation, as well as stability of rupiah exchange rate measured from the stability of rupiah value to that of other currencies to achieve Sustainable Economic Growth.

9. Financial System Stability, hereinafter referred to as SSK,
   means a condition of financial system which functions effectively and efficiently and is able to show resilience to domestic and foreign shocks to contribute to national economic growth.

10. Statutory Reserve Requirement, hereinafter referred to as
    GWM, a minimum fund which must be maintained by conventional commercial banks or sharia commercial banks and sharia business units whose amount is determined by Bank Indonesia at a certain percentage from the third party fund of a conventional commercial bank or the third party fund of a sharia commercial bank and sharia business unit.

11. Macroprudential Liquidity Incentive Policy, hereinafter
    referred to as KLM, means an incentive determined by Bank Indonesia through reduction of bank’s giro at Bank Indonesia to mandatorily fulfil GWM in average.

12. Meeting of Board of Governors, hereinafter referred to as
    RDG, means the highest decision-making forum in determining principal and strategic policies, conducting policy evaluation, and/or receiving reports on policies for recognition under the laws and regulations.
    Article 2
    Liquidity management to support Sustainable Economic Growth is based on the principle of good Bank Indonesia Policy governance, which is implemented through a system of Bank Indonesia Policy governance.
    Article 3
    The purpose and objective of liquidity management to support Sustainable Economic Growth in this Bank Indonesia Regulation are as follows:
    a. to serve as a guideline for formulation and implementation of liquidity management to make it consistent with the duties and authority of Bank Indonesia in achieving the objective mandated under the Law; b. to serve as the key reference for establishment of Bank Indonesia provisions for implementation of liquidity management; and
    c. to serve as a reference for external parties on
    implementation of liquidity management, to support Sustainable Economic Growth.
    CHAPTER II
    BASIC PRINCIPLES FOR LIQUIDITY MANAGEMENT
    Article 4
    (1) Bank Indonesia manages liquidity to support Sustainable Economic Growth. (2) The liquidity management to support Sustainable Economic Growth referred to in section (1) constitutes part of determination and implementation of Monetary Policy, Macroprudential Policy, Payment System Policy, and/or any other policies under the authority of Bank Indonesia. (3) The liquidity management to support Sustainable Economic Growth referred to in section (1) constitutes part of Bank Indonesia Policy mix.

Article 5
(1) The liquidity management to support Sustainable Economic Growth referred to in Article 2 aims to maintain balance between supply and demand of liquidity fit in the economic capacity. (2) The liquidity management to support Sustainable Economic Growth referred to in section (1) is conducted by prioritizing Bank Indonesia’s objective to achieve rupiah value stability for Monetary Policy by observing macroeconomic condition. (3) The liquidity management to support Sustainable Economic Growth referred to in section (1) is implemented in a normal financial system condition.
CHAPTER III
LIQUIDITY MANAGEMENT FRAMEWORK
Part One
Target, Instrument, and Mechanism
Article 6
Bank Indonesia implements liquidity management to achieve the target of maintained liquidity adequacy in the money market, foreign exchange market, banks, and economy which is consistent with efforts to achieve Rupiah Value Stability, to support Sustainable Economic Growth.
Article 7
The target to support Sustainable Economic Growth referred to in Article 6 is implemented by using the following instruments and/or mechanisms:
a. GWM regulation; b. purchase or sale of government securities in the secondary market;
c. purchase or sale of other quality securities in the
secondary market; d. fund placement at financial institutions for money market development; e. purchase of short-term government debt securities in the primary market; and/or f. any other instruments and/or mechanisms determined by Bank Indonesia.
Part Two
Instruments and/or Mechanisms
Paragraph 1
GWM Regulation
Article 8
(1) In achieving the target of maintained liquidity adequacy in the money market, foreign exchange market, banks, and economy referred to in Article 6, Bank Indonesia may conduct GWM regulation. (2) In conducting the GWM regulation referred to in section (1), Bank Indonesia may provide GWM reduction incentive.

(3) The GWM reduction incentive referred to in section (2) is conducted through KLM granting to a bank which has extended credit or financing to priority sectors which support economic growth, job creation, and/or inclusive financing and green financing. (4) The KLM granting referred to in section (3) is conducted by considering Sustainable Economic Growth through improvement of balanced and quality intermediation function, maintenance of financial system resilience, and increase in inclusive ekonomi and financial inclusion. (5) The GWM regulation referred to in section (2) is implemented under Bank Indonesia provisions for GWM. (6) The KLM granting referred to in section (2) is implemented in accordance with Bank Indonesia provisions for KLM. (7) In addition to the KLM granting referred to in section (3), Bank Indonesia may grant GWM reduction incentive through any other instruments and/or mechanisms determined by Bank Indonesia. Paragraph 2 Purchase or Sale of Government Securities in the Secondary Market
Article 9
(1) In achieving the target of maintained liquidity adequacy in the money market, foreign exchange market, banks, and economy referred to in Article 6, Bank Indonesia may purchase or sell government securities in the secondary market. (2) The purchase or sale of government securities in the secondary market referred to in section (1) is conducted on the following terms:
a. it is in accordance with market mechanism; b. the government securities are tradable;
c. it considers impacts on Rupiah Value Stability in a
measured manner; and d. it complies with the provisions determined by Bank Indonesia. (3) Provisions for the purchase or sale of government securities in the secondary market referred to in section (1) are determined by Bank Indonesia. Paragraph 3 Purchase or Sale of Other Quality Securities in the Secondary Market
Article 10
(1) In achieving the target of maintained liquidity adequacy in the money market, foreign exchange market, banks, and economy referred to in Article 6, Bank Indonesia may purchase or sell other quality securities in the secondary market. (2) The other quality securities referred to in section (1) are issued by:
a. commercial banks;

b. any other financial service agencies formed or established by the Government to support the Government’s program for public welfare; or
c. any other financial service agencies determined by
Bank Indonesia.
(3) The purchase or sale of other quality securities in the secondary market referred to in section (1) is conducted on the following terms:
a. it is in accordance with the market mechanism; b. the securities are tradable and actively traded within a certain period;
c. the securities have high ranks which meet the criteria
of Bank Indonesia; d. the securities are issued by securities issuers which meet the criteria of Bank Indonesia; e. the impacts are considered in a measured manner against Rupiah Value Stability; and f. it complies with other provisions determined by Bank Indonesia. (4) Provisions for the purchase or sale of other quality securities in the secondary market referred to in section (1) are determined by Bank Indonesia. Paragraph 4 Fund Placement at Financial Institutions for Money Market Development
Article 11
(1) In achieving the target of maintained liquidity adequacy in the money market, foreign exchange market, banks, and economy referred to in Article 6, Bank Indonesia may conduct fund placement with a financial institution in the form of capital participation for money market development. (2) The fund placement with a financial institution in the form of capital participation for money market development referred to in section (1) is conducted with a financial institution established by the Government for asset securitization to expand access to financing sources for the economy. (3) The fund placement with a financial institution in the form of capital participation for money market development referred to in section (2) is conducted on the following terms:
a. it is conducted with the approval of the House of People’s Representatives; b. it uses purpose reserves; and
c. it complies with the provisions determined by Bank
Indonesia.
(4) Provisions for the fund placement with a financial institution in the form of capital participation for money market development referred to in section (2) is determined by Bank Indonesia.

Paragraph 5
Purchase of Short-term Government Debt Securities in the Primary Market
Article 12
(1) For monetary control operation, Bank Indonesia may purchase short-term government debt securities in the primary market. (2) Provisions for the purchase of short-term government debt securities in the primary market referred to in section (1) is determined by Bank Indonesia. Paragraph 6 Other Instruments and/or Mechanisms Determined by Bank Indonesia
Article 13
(1) In achieving the target of maintained liquidity adequacy in the money market, foreign exchange market, banks, and economy referred to in Article 6, Bank Indonesia may use other instruments and/or mechanisms determined by Bank Indonesia. (2) In using the other instruments and/or mechanisms determined by Bank Indonesia referred to in section (1), Bank Indonesia observes the provisions referred to in
Article 4 and Article 5.
(3) The provisions for the other instruments and/or mechanisms determined by Bank Indonesia referred to in
section (1) are determined by Bank Indonesia.
Part Three
Scope
Article 14
Liquidity management to support Sustainable Economic Growth includes:
a. formulation; b. implementation;
c. reporting and supervision;
d. coordination and synergy; and e. accountability and transparency.
CHAPTER IV
FORMULATION
Article 15
(1) Bank Indonesia formulates liquidity management to support Sustainable Economic Growth as part of Bank Indonesia policy mix to be determined in a monthly RDG. (2) Provisions for the liquidity management formulation to support Sustainable Economic Growth referred to in
section (1) are determined by Bank Indonesia.

CHAPTER V
IMPLEMENTATION
Article 16
(1) The Board of Governors determines further details of the liquidity management to support Sustainable Economic Growth referred to in Article 15 section (1) in a weekly RDG. (2) The weekly RDG referred to in section (1) is held to:
a. conduct evaluation of implementation of liquidity management to support Sustainable Economic Growth; b. establish any policy pertaining to implementation of liquidity management to support Sustainable Economic Growth; and/or
c. receive reports on implementation of liquidity
management to support Sustainable Economic Growth for the reference of the Board of Governors. (3) The weekly RDG referred to in section (2) is held periodically and from time to time when necessary. (4) Provisions for the weekly RDG implementation referred to in section (1) are determined by Bank Indonesia.
CHAPTER VI
REPORTING AND SUPERVISION
Part One
Data and Information
Article 17
(1) To determine and implement liquidity management to support Sustainable Economic Growth, Bank Indonesia is authorized to:
a. conduct surveys; b. obtain data and information from the relevant parties; and
c. obtain data and information from and/or exchange
data and information with the relevant authorities and/or ministries or institutions. (2) The surveys and acquisition of data and information referred to in section (1) are conducted under Bank Indonesia Regulation on the policy of Bank Indonesia on data and information.
Part Two
Reporting
Article 18
(1) In performing the liquidity management duty to support Sustainable Economic Growth, Bank Indonesia may make arrangements for the reporting. (2) The reporting referred to in section (1) is implemented under Bank Indonesia Regulation on the policy on data and information of Bank Indonesia.

Part Three
Supervision
Article 19
(1) Bank Indonesia is authorized to conduct supervision of implementation of liquidity management to support Sustainable Economic Growth. (2) The supervision referred to in section (1) is conducted under the provisions of Bank Indonesia.
CHAPTER VII
COORDINATION AND SYNERGY
Article 20
(1) In implementing liquidity management to support Sustainable Economic Growth, Bank Indonesia conducts coordination and synergy with external parties which include the relevant authorities and/or ministries or institutions. (2) The coordination and synergy with external parties referred to in section (1) include:
a. regulation on GWM; b. purchase or sale of government securities in the secondary market;
c. purchase or sale of other quality securities in the
secondary market; d. fund placement with financial institutions for money market development; e. purchase of short-term government debt securities in the primary market; and/or f. other coordinations and synergies. (3) The coordination and synergy with external parties referred to in section (1) are implemented in the common interest to support Sustainable Economic Growth. (4) The coordination and synergy with external parties referred to in section (1) are implemented in accordance with the power of the relevant authorities and/or ministries or institutions. (5) Provisions for the coordination and synergy with external parties referred to in section (1) are implemented under Bank Indonesia Regulation.
CHAPTER VIII
ACCOUNTABILITY AND TRANSPARENCY
Article 21
In implementation of liquidity management to support Sustainable Economic Growth, Bank Indonesia applies policy transparency as a form of accountability to the public.
Article 22
(1) In implementation of the policy transparency referred to in
Article 21, Bank Indonesia conducts policy
communication.
(2) The policy communication referred to in section (1) may be conveyed through communication canals.

CHAPTER IX
CLOSING PROVISIONS
Article 23
This Bank Indonesia Regulation comes into force on the date of its promulgation. In order that every person may know hereof, it is ordered to promulgate this Bank Indonesia Regulation by its placement in the State Gazette of the Republic of Indonesia. Issued in Jakarta on 27 March 2025 GOVERNOR OF BANK INDONESIA, PERRY WARJIYO Promulgated in Jakarta on 27 March 2025 MINISTRY OF LAW OF THE REPUBLIC OF INDONESIA, SUPRATMAN ANDI AGTAS STATE GAZETTE OF THE REPUBLIC OF INDONESIA OF 2025 NUMBER 15/BI

ELUCIDATION
OF
BANK INDONESIA REGULATION
NUMBER 6 OF 2025
ON
LIQUIDITY MANAGEMENT TO SUPPORT SUSTAINABLE ECONOMIC GROWTH
I. GENERAL
Bank Indonesia aims to achieve Rupiah Value Stability, maintain payment system stability, and contribute to maintain SSK in order to support Sustainable Economic Growth. To achieve the objective, Bank Indonesia has duties to determine and implement Monetary Policy, regulate and maintain payment system smoothness, and determine and implement Macroprudential Policy. In determining and implementing Monetary Policy, Bank Indonesia manages liquidity to maintain liquidity adequacy in the money market, foreign exchange market, banks, and economy through monetary control. The monetary control is conducted, among others, by monetary operation in the money market and foreign exchange market, as well as regulation of GWM in rupiah and foreign currency. To support monetary control operation, Bank Indonesia may purchase short-term government debt securities in the primary market. In addition to liquidity management to determine and implement Monetary Policy, Bank Indonesia manages liquidity for economic growth. The liquidity management constitutes part of implementation of Bank Indonesia Policy mix, which is a policy integration dynamically complementary and strenghtening among Main Policy, with the support of Supporting Policy to obtain consistent policies in the duty performance and objective achievement of Bank Indonesia. Based on the foregoing, it is necessary for Bank Indonesia to issue Bank Indonesia Regulation on Liquidity Management to Support Sustainable Economic Growth.
II. ARTICLE BY ARTICLE
Article 1
Sufficiently clear.

Article 2
The term “principle of Bank Indonesia Policy governance system” means the principle underlying the application and enforcement of governance system of Bank Indonesia Policy which includes independence, consistency, coordination, accountability, and transparency in accordance with Bank Indonesia Policy on the governance system of Bank Indonesia’s policy and institution. The term “element of governance system of Bank Indonesia Policy” means the principal aspect of governance system of Bank Indonesia Policy which is implemented to ensure the application of the principle of governance system of Bank Indonesia Policy, in accordance with Bank Indonesia Policy on the governance system of Bank Indonesia’s policy and institution.
Article 3
Sufficiently clear.
Article 4
Section (1)
Sufficiently clear.
Section (2)
Sufficiently clear.
Section (3)
The term “Bank Indonesia Policy mix” means policy integration which is dynamically complementary and strengthening among Main Policy, with the support of Supporting Policy to obtain policies consistent with the duty performance and objective achievement of Bank Indonesia.
Article 5
Section (1)
Sufficiently clear.
Section (2)
The term “macroeconomic condition” means overall or aggregate economic condition which is reflected in development of economic indicators including inflation, rupiah exchange rate, price of assets, credit growth, economic growth, manpower, and payment balance.
Section (3)
Sufficiently clear.
Article 6
The term “money market” means the money market as provided in Bank Indonesia Regulation on money market and foreign exchange market. The term “foreign exchange market” means the foreign exchange market as provided in Bank Indonesia Regulation on money market and foreign exchange market.
Article 7
Sufficiently clear.
Article 8
Section (1)
GWM regulation may be utilized for bank credit or financing regulation according to economic needs.

Section (2)
Sufficiently clear.
Section (3)
GWM reduction incentive granting through KLM aims to increase bank liquidity so as to increase bank capacity in extending credit or financing to support Sustainable Economic Growth. Examples of priority sectors which support economic growth and/or job creation are downstreaming, housing, agriculture, processing industry, micro, small, and medium enterprises, as well as tourism and creative economy.
Section (4)
Sufficiently clear.
Section (5)
Sufficiently clear.
Section (6)
Sufficiently clear.
Section (7)
Sufficiently clear.
Article 9
Section (1)
Purchase or sale of government securities in the secondary market is conducted outright and/or through repurchase agreement. Purchase of government securities in the secondary market among others increases bank liquidity to increase bank capacity in extending credit and/or financing so as to support Sustainable Economic Growth.
Section (2)
Sufficiently clear.
Section (3)
Sufficiently clear.
Article 10
Section (1)
Purchase or sale of other quality securities in the secondary market is conducted outright and/or through repurchase agreement. Purchase of other quality securities in the secondary market among others increases bank liquidity and/or other financial service institutions.
Section (2)
Point a
Commercial bank means the commercial bank as specified in the Law on banks. Point b The term “other financial service institutions formed or established by the Government to support the Government program for public welfare” means special financial institutions which support the financing of priority sectors, among others are infrastructure, agriculture, and/or housing. Point c Sufficiently clear.
Section (3)
Sufficiently clear.
Section (4)

Sufficiently clear.
Article 11
Section (1)
Refer to the elucidation of Article 6.
Section (2)
Sufficiently clear.
Section (3)
Point a
Sufficiently clear.
Point b
The term “purpose reserve” means the purpose reserves as specified in the Law on Bank Indonesia. Point c Sufficiently clear.
Section (4)
Sufficiently clear.
Article 12
Section (1)
Monetary control is conducted to manage interest rate, exchange rate, and liquidity. Management of interest rate, exchange rate, and liquidity to achieve inflation targets and exchange rate stability is key to support Sustainable Economic Growth.
Section (2)
Sufficiently clear.
Article 13
Sufficiently clear.
Article 14
Sufficiently clear.
Article 15
Sufficiently clear.
Article 16
Sufficiently clear.
Article 17
Section (1)
Surveys, data, and information from the relevant parties aim to meet data and information requirements pertaining to the formulation and implementation of liquidity management to support Sustainable Economic Growth, national and international commitment, and data provision for the public. Point a Sufficiently clear. Point b The term “data and information” means the data and information as specified in Bank Indonesia Regulation on Bank Indonesia policy on data and information. Point c Sufficiently clear.
Section (2)
Sufficiently clear.

Article 18
Sufficiently clear.
Article 19
Section (1)
Sufficiently clear.
Section (2)
Bank Indonesia provisions among others are Bank Indonesia provisions for instruments and/or mechanisms used in liquidity management to support Sustainable Economic Growth.
Article 20
Section (1)
Sufficiently clear.
Section (2)
Point a
Coordination and synergy related to GWM regulation including KLM are implemented with the Financial Services Authority (Otoritas Jasa Keuangan), ministries, and/or the relevant institutions. Point b Coordination and synergy related to purchase or sale of government securities in the secondary market are implemented among others with the Ministry of Finance. Point c Coordination and synergy related to purchase or sale of other quality securities in the secondary market are implemented with the relevant ministries and/or institutions. Point d Coordination and synergy related to fund placement with financial institutions for money market development are implemented with the relevant ministries and/or institutions. Point e Coordination and synergy related to purchase of short-term government debt securities in the primary market are implemented with the Ministry of Finance. Point f The term “other coordination and synergy” means the coordination and synergy with external parties as specified in Bank Indonesia provisions for Monetary Policy, Payment System Policy, Macroprudential Policy, and/or Supporting Policy.
Section (3)
Sufficiently clear.
Section (4)
Sufficiently clear.
Section (5)
Sufficiently clear.
Article 21
Sufficiently clear.
Article 22
Sufficiently clear.

Article 23
Sufficiently clear.
SUPPLEMENT TO THE STATE GAZETTE OF THE REPUBLIC OF INDONESIA NUMBER 145/BI