Quick Note - Indonesia banks - BI’s five-point stabilization package

Research evidence excerpt

Quick Note - Indonesia banks - BI’s five-point stabilization package

Nomura Securities Malaysia Sdn Bhd

10 June 2026Indonesia banks

EQUITY: BANKS

BI’s five-point stabilization package Research Analysts

Indonesia Research Team

Tushar Mohata, CFA - NSMQuick Note tushar.mohata@nomura.com

+60(3)20276895Bank Indonesia (BI) announced a comprehensive five-point policy package (Link:

https://www.youtube.com/watch?v=CM4j3v0Nlpo) in a move that signals a materially Onshore expert

more hawkish policy stance as follows: 1) BI raised the BI-Rate by 25bp to 5.50%, the

second increases following its first 50bp rate hike on 20 May 2026, underscoring the Erwin Wijaya (erwin.wijaya@verdhana.id)

central bank's prioritizations of exchange rate and capital flow stability over near-term Theonshoreexperts,whoare

growth support. 2) Alongside the rate hike, BI also raised the Sekuritas Rupiah Bank employedbyPTVerdhanaSekuritas

Indonesia (SRBI) rate to enhance the instrument's attractiveness as a yield anchor for Indonesia(“Verdhana”)andarenot

foreign portfolio inflows. 3) Complementing the SRBI adjustment, BI introduced a 10% licensedoutsideIndonesia,have

discount on FX swap rates (hedging costs) specifically for foreign investors investing into contributedtothecontentofthis

IDR-denominated assets — equities, government bonds, or SRBI — a direct attempt to reportunderapartnershipagreement

reduce the all-in cost of carry for offshore participants and improve Indonesia's betweenNomuraandVerdhana.

competitiveness relative to regional EM peers. 4) BI also announced the provision of term

repos across 3-, 6-, 9- and 12-month tenors to inject targeted structural liquidity into the

banking system, addressing potential duration mismatches as rate conditions tighten. 5)