Finance Minister Purbaya Yudhi Sadewa announced that state-owned banks under the Himpunan Bank Milik Negara (Himbara) have disbursed productive loans amounting to IDR 112.4 trillion from the government’s fund placement, or Saldo Anggaran Lebih (SAL), totaling IDR 200 trillion. 

“If we look at the data, more than IDR 112 trillion had been rechanneled back to the public in the form of productive loans by the end of September,” Purbaya said during the October 2025 edition of the APBN KiTa press conference in Jakarta on Tuesday, October 14. 

According to Purbaya, this realization shows that more than half of the government’s placed funds have been actively supporting consumption, investment, and national economic growth. He added that the effectiveness of the capital injection is also reflected in the sharp increase of money supply, which surged to 13.2% from nearly 0%. 

“This shows that the amount of money circulating in the economy has grown significantly. Therefore, the economy should also expand going forward,” Purbaya stated. 

Breakdown of Fund Allocation 

Of the total government funds placed in Himbara banks, PT Bank Mandiri (Persero) Tbk was the largest distributor, with IDR 40.6 trillion disbursed out of its IDR 55 trillion allocation as of September 30, 2025. In second place, PT Bank Rakyat Indonesia (Persero) Tbk (BRI) disbursed IDR 33.9 trillion out of IDR 55 trillion, followed by PT Bank Negara Indonesia (Persero) Tbk (BNI) with IDR 27.6 trillion from the same allocation. 

Meanwhile, PT Bank Tabungan Negara (Persero) Tbk (BTN) had disbursed IDR 4.8 trillion from its IDR 25 trillion allocation, while PT Bank Syariah Indonesia Tbk (BSI) disbursed IDR 5.5 trillion from its IDR 10 trillion allocation. 

Purbaya emphasized that the government’s fund placement policy in Himbara was not merely aimed at maintaining banking liquidity but also at generating a multiplier effect, reducing the cost of funds, and stimulating real-sector financing to sustain economic recovery momentum. 

On liquidity, he assured that the national financial system remains ample, as evidenced by the decline in interbank market interest rates (PUAB), such as the IndONIA rate, which fell from 4.59% to 4.04%, and the 7-day JIBOR, which decreased from 5.17% to 4.86%. 

“The funds we have injected have lowered interbank market interest rates, as reflected in IndONIA and the 7-day JIBOR. This means lending rates will also gradually decrease. The impact of our policy is real,” Purbaya concluded. 

This article is published in partnership with Katadata 

Original article here