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Macro Update - RAPBN 2027: Making Every Rupiah Work Harder

2027 is no longer about spending more—it is about making each rupiah work harder The deficit narrows to 2.4% of GDP (IDR671.2tr) as revenue growth of 8.6% YoY outpaces spending at 6.6%, but the government still targets 6% growth. The adjustment is happening beneath the headline: the top 10 K/L budgets swing to 1.4% YoY from +38.5% in 2026, while personnel spending plunges 34.8%. The fiscal challenge has therefore flipped: after building capacity in 2026, 2027 must prove that a leaner budget can still deliver stronger growth.

EconomyJessica Tasijawa
DownloadAug 20, 2026

Indonesia Daily Focus August 20, 2026

BI still on hold BI held the policy rate at 5.75% in Aug 26, in line with our and market expectations, as the Rupiah appreciated by 0.8% MoM to IDR17,855/USD and foreign portfolio inflows reached USD1.8bn, led by SRBI and SBN. The improving market backdrop provides BI with greater room to maintain its current rate stance despite Middle East uncertainty, while gradually shifting its policy mix toward targeted Rupiah stabilization and pro growth macroprudential measures.

Daily ReportResearch Team
DownloadAug 19, 2026

Fixed Income Daily Update - August 20, 2026

BI held the policy rate at 5.75% in Aug 26, in line with our and market expectations, supported by the Rupiah appreciating 0.8% MoM to IDR17,855/USD and foreign portfolio inflows of USD1.8bn, led by SRBI and SBN. BI also broadened its Rupiah stabilization toolkit through i) a 12.5% FX swap hedging incentive for banks’ external borrowing and FDI with rollover flexibility, and ii) a 15% DNDF incentive alongside 10% incentives under LCT, reducing reliance on higher yields to attract FX liquidity.

Fixed Income Daily UpdateJessica Tasijawa
DownloadAug 19, 2026

Macro Update - Policy Rate Updates: BI Holds, Rebalancing the Policy Mix Toward Growth

BI still on hold BI held the policy rate at 5.75% in Aug 26, in line with our and market expectations, as the Rupiah appreciated by 0.8% MoM to IDR17,855/USD and foreign portfolio inflows reached USD1.8bn, led by SRBI and SBN. The improving market backdrop provides BI with greater room to maintain its current rate stance despite Middle East uncertainty, while gradually shifting its policy mix toward targeted Rupiah stabilization and pro growth macroprudential measures.

EconomyJessica Tasijawa
DownloadAug 19, 2026

Indonesia Daily Focus August 19, 2026

BI increased SRBI absorption by +300% WoW to IDR20.0tr from IDR5.0tr, amid strong demand of IDR80.7tr, largely concentrated in the 12M tenor at IDR71.7tr. Despite higher absorption, awarded yields declined across tenors to 7.06% (6M), 7.21% (9M), and 7.37% (12M), giving BI greater room to manage liquidity while maintaining SRBI’s role in supporting Rupiah stability.

Daily ReportResearch Team
DownloadAug 18, 2026

Fixed Income Daily Update - August 19, 2026

BI increased SRBI absorption by +300% WoW to IDR20.0tr from IDR5.0tr, amid strong demand of IDR80.7tr, largely concentrated in the 12M tenor at IDR71.7tr. Despite higher absorption, awarded yields declined across tenors to 7.06% (6M), 7.21% (9M), and 7.37% (12M), giving BI greater room to manage liquidity while maintaining SRBI’s role in supporting Rupiah stability.

Fixed Income Daily UpdateJessica Tasijawa
DownloadAug 18, 2026

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