Impact of record SRBI yields on banking sector: Quick Note

Research evidence excerpt

Impact of record SRBI yields on banking sector: Quick Note

Nomura Securities Malaysia Sdn Bhd

20 July 2026Indonesia Banks

EQUITY: BANKS

Impact of record SRBI yields on banking sector Research Analysts

Indonesia Research Team

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

+60(3)20276895Blended Sekuritas Rupiah Bank Indonesia’s (SRBI) yield reached a record 7.64% on 17

July, fully reversing the 2025 easing cycle in less than ten months. The move reflects Onshore expert

Bank Indonesia's (BI) renewed tightening bias and has meaningful implications for funding

costs and NIMs across the banking sector. We see BCA (BBCA IJ, Buy) as best Erwin Wijaya (erwin.wijaya@verdhana.id)

positioned to benefit from the higher-rate environment, while BNI (BBNI IJ, Buy) remains Theonshoreexperts,whoare

the most exposed to margin pressure. employedbyPTVerdhanaSekuritas

Since its introduction in September 2023, blended SRBI yield has risen from 6.37% to a Indonesia(“Verdhana”)andarenot

previous peak of 7.47% in 2024, declined to 4.65% in October 2025 during BI's easing licensedoutsideIndonesia,have

cycle, and has since rebounded 299bp to a new high of 7.64%. The repricing has contributedtothecontentofthis

reportunderapartnershipagreementoutpaced policy rates, reflecting BI's deliberate use of SRBI as a liquidity management

betweenNomuraandVerdhana.tool to attract foreign inflows and support the rupiah.

BI has raised the policy rate by 100bp since May 2026 – to 5.75% – with consensus

expecting another 25bp hike at the 21-22 July meeting and some forecasting a terminal

rate of 6.25% by year-end. The tightening cycle has been driven by renewed rupiah

weakness, with USD/IDR widening from around 17,000 earlier this year to 17,900-18,200