December 31, 2025 | 10:34 pm
TEMPO.CO, Jakarta - Finance Minister Purbaya Yudhi Sadewa admitted that the impact of injecting Rp200 trillion into state-owned banks (Himbara) did not meet his expectations. The liquidity boost for the banking system has not yet optimally moved the economy.
The policy to transfer funds from the Central Bank to the Himbara member banks began on September 12, 2025. This step aimed to stimulate credit in the real sector and drive growth. Purbaya noted that the policy helped the slowing economy during the first nine months of 2025. However, he stated that synchronization with Bank Indonesia must improve to ensure the fund injection yields maximum results.
"The impact of the fund injection policy that we placed in the banking system is not as optimal as I previously anticipated. The economy should be advancing more rapidly. There was a slight lack of policy synchronization between us and the current central bank, which has now been addressed," Purbaya said during a media briefing at his office on Wednesday, December 31, 2025.
According to Purbaya, the issue is now resolved, and the economy has improved over the past month. He predicted that economic growth in the fourth quarter of this year will reach 5.4 percent. For the full year of 2025, he forecasted that the Indonesian economy will grow by 5.2 percent, matching the state budget target.
Purbaya believes the economy will perform better through closer work with Bank Indonesia and further improvements. The Finance Minister is optimistic that economic growth next year could reach 6 percent, even though the 2026 state budget target is set at 5.4 percent.
The government transferred the funds to Bank Rakyat Indonesia (BRI), Bank Negara Indonesia (BNI), Bank Mandiri, Bank Tabungan Negara (BTN), and Bank Syariah Indonesia (BSI). This injection was executed through Minister of Finance Decree (KMK) Number 276 of 2025 on Friday, September 12, 2025.
After the fund placement, bank credit in September 2025 grew by 7.70 percent, up from 7.56 percent in August. Credit growth then slowed in October to 7.36 percent before rising back to 7.7 percent in November. These figures remain lower than in previous years, when credit growth consistently reached double digits or over 10 percent.
In November 2025, Purbaya added a fund injection of Rp76 trillion to several Himbara banks and one Regional Development Bank (BPD). However, Purbaya confirmed that the government has since withdrawn Rp75 trillion of the total Rp276 trillion deposited in the banking system.
Read: Indonesian Minister Links 79,000 Layoffs in 2025 to Slow Economy
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