September 16, 2025 | 11:13 am
TEMPO.CO, Jakarta - The Indonesian Industrial Estates Association (HKI Indonesia) welcomes the Ministry of Finance's initiative to disburse Rp200 trillion to state-owned banks (Himbara), which is expected to benefit real sectors.
HKI Indonesia chair Akhmad Ma'ruf Maulana said the funds must strengthen the competitiveness of manufacturing and labor-intensive industries. "Because both have a broad multiplier effect, from job creation to bolstered exports to strengthening the national supply chain," he said in a written statement on Monday, September 15, 2025.
The government is channeling Rp55 trillion to BNI, PT Bank Rakyat Indonesia Tbk (BBRI), and PT Bank Mandiri Tbk (BMRI). Meanwhile, Rp25 trillion is going to PT Bank Tabungan Negara Tbk (BBTN) and Rp10 trillion to PT Bank Syariah Indonesia Tbk (BRIS) for lending to drive the economy.
Akhmad hopes the initiative could boost investment, production, and job opportunities. But the market is facing tough challenges, with the purchasing power weakening and the economic climate not yet recovered.
According to Akhmad, the government's approach of focusing only on supplies and economic growth may not be optimal. He maintained that regulatory improvements and cost efficiencies in logistics and energy, as well as domestic market stability, were needed.
"Thus, the stimulus funds will not only be a short-term solution, but will keep strengthening the national industrial competitiveness," said the deputy chair of the Special Economic Zone, Industrial Zone, and National Strategic Projects at the Indonesian Chamber of Commerce and Industry (Kadin).
Without fundamental improvements, Akhmad said the funds will just park in banks. He believes that the government's 8 percent economic growth ambition is only achievable with systemic improvements and collaborative efforts between the government, entrepreneurs, and all stakeholders.
Transferring Funds to Himbara Poses Risks
Economist at Andalas University, Syafruddin Karimi, also warned of the risk of moral hazard. He mentioned that the banking sector is at risk of opening the floodgates to meet the government's credit targets, instead of mitigating risks and maintaining credit quality. Syarifuddin urged the government to align policies so that the central bank does not reabsorb liquidity, resulting in lower funding costs.
Syafruddin stated that the government also needs to issue a public dashboard to monitor effective interest rates, new credits, and job creation. "The accompanying package will push the Rp200 trillion to move swiftly from the government's account to the hands of workers, suppliers, and consumers," he said.
Mohammad Faisal, Executive Director of the Center of Reform on Economics (Core), urges the government to also improve the declining market demands, which caused the market to be held back from expanding or lending from banks due to weak profits.
Chairman of the Expert Council of the Bumiputera Nusantara Indonesian Entrepreneurs Association (Asprindo), Didin Damanhuri, said the government must establish regulations to allow 60 percent of the credit to be channeled to micro, small and medium enterprises (MSMEs), labor-intensive industries, and similar sectors. This step can also strengthen the purchasing power of the middle class.
He warned against allotting the funds only to large businesses and potential rent-seekers, which could widen inequality. "In my opinion, there must be regulations that require fund allocation," he said.
Finance Minister Purbaya Yudhi Sadewa said previously that the banks appointed for this initiative are required to conduct monthly reports of the use of the funds to the Minister of Finance and the Director General of Finance of the Ministry of Finance every month. "We will provide a guideline," he said.
According to Purbaya, the transfer of funds previously held by the central bank will also make it easier for banks to spend the money to support government programs and boost the economy in the country.
Editor’s Choice: Bank Indonesia's Rp200tn Transfer to State Banks Could Lower Loan Interest, Says Finance Minister
Click here to get the latest news updates from Tempo on Google News
Bank Indonesia's Rp200tn Transfer to State Banks Could Lower Loan Interest, Says Finance Minister
1 jam lalu
Finance Minister Purbawa Yudhi Sadewa stated that the transfer of Rp 200 trillion from Bank Indonesia to the Association of State-Owned Banks (Himbara) has the potential to lower loan interest.
Inside Indonesia's 2025 Economic Package: 8 Priority Programs Explained
16 jam lalu
The government has launched an economic package program for 2025 to accelerate economic growth and create job opportunities.
Indonesia's OJK Shuts Down Three Rural Banks After Bankruptcy
1 hari lalu
OJK has revoked the business permits of three banks in Indonesia, consisting of rural credit banks (BPR) and sharia rural credit banks (BPRS).
Indonesia's Rp200tn Fund Transfer to State Banks Yields 4% Interest
2 hari lalu
The Finance Minister is optimistic that the recipient banks will use these government funds to provide credit.
The Rp70 Billion Account Breach at BCA: A Chronology
3 hari lalu
An account belonging to a customer of PT Panca Global Sekuritas at BCA has reportedly been compromised. Here's the chronology.
Indonesia's Rupiah Strengthens as State Funds Flow to Banks
3 hari lalu
The closing exchange rate of the rupiah on Friday afternoon, September 12, 2025, strengthened by 87 points or 0.53 percent to Rp16,375 per US dollar.
Indonesian Govt to Inject Rp200tn to State-Owned Banks, What Are the Risks?
3 hari lalu
Finance Minister to transfer Rp200 trillion from Bank Indonesia to six State-Owned Banks (Himbara). Here are the potential risks and considerations.
Finance Minister to Disburse Rp200 Trillion to Indonesia's State-Owned Banks
4 hari lalu
The Finance Minister, Purbaya Yudhi Sadewa, ensures the transfer of Rp200 trillion government funds from BI to six banks will start on September 12, 2025, to boost credit and the economy.
Indef: Indonesia's Economic Growth Remains Weak as Worker Wages Stagnate
5 hari lalu
Indef believes that the post-pandemic economic growth is deceptive. Real wages have only increased by two percent.
Indonesian Economists Alliance Issues 7 Economic Demands for Prabowo's Govt
6 hari lalu
Hundreds of economists across the country sign the demands addressed to Prabowo's administration.
