September 29, 2025 | 02:10 pm
TEMPO.CO, Jakarta - Members of the Association of State-Owned Banks (Himbara) have uniformly increased the interest rate for foreign currency or U.S. dollar deposits to an annual rate of 4 percent. Finance Minister Purbaya Yudhi Sadewa firmly emphasized that this policy did not originate from him or his office.
"People are accusing me, 'it's the Finance Minister's policy to dictate banks to increase the dollar deposit interest rate to 4 percent.' There is no such policy. I never instructed Danantara or banks to increase deposit interest rates like that," Purbaya stated on Sunday, September 28, 2025.
Purbaya, the former Chair of the Deposit Insurance Agency, acknowledged that the government is developing a strategy to attract US dollars held by Indonesian citizens in overseas accounts. This plan was discussed following a meeting with President Prabowo Subianto last week.
However, he stressed that the initiative is still being evaluated for its impact and risks. "It seems that when the President ordered his team to calculate the risks that were previously not calculated, it is not yet finished," he explained.
The Minister asserted his pro-market stance, advocating for low interest rates achieved by increasing the money supply, thereby allowing market mechanisms to function efficiently, rather than through direct mandates.
Banks Justify Rate Hike
Several state-owned banks had publicly announced the increase in their foreign currency deposit interest rates via their official websites. For instance, Bank Negara Indonesia (BNI) formally raised its interest rate for U.S. dollar deposits to 4 percent on Wednesday, September 24, 2025.
BNI President Director Putrama Wahju Setyawan confirmed the rate hike is a company strategy to offer added value to customers, specifically targeting those who hold foreign currency deposits abroad. The increase has also been announced by other major state-owned institutions, including BRI, Bank Mandiri, BTN, and BSI.
Annisa Febiola contributed to the report
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