By: Satrio Kurnia
Under the leadership of President Prabowo Subianto, the government has taken a strategic step by placing Rp200 trillion from the Budget Surplus (SAL) into state-owned banks under the State-Owned Banks Association (Himbara).
This policy is a key component of an expansive fiscal strategy aimed at strengthening banking liquidity, maintaining financial system stability, and boosting national economic growth.
The move demonstrates that the government is not merely managing the budget cautiously, but also leveraging it productively to ensure public funds circulate effectively in the real economy.
With this fresh capital injection, banks have greater capacity to provide loans to households and businesses, increasing money circulation and accelerating economic activity.
Finance Minister Purbaya Yudhi Sadewa views the policy as part of a fiscal stimulus strategy designed to strengthen the foundation of the people’s economy. He explained that the Rp200 trillion fund comes from a portion of the Budget Surplus (SAL) previously held at Bank Indonesia.
The funds were then channeled to five Himbara banks — Bank Mandiri, BNI, BRI, BTN, and BSI — for optimal use in expanding financing in the real sector.
The strategic move has already produced direct effects on national liquidity. Primary money (M0) grew 13.2 percent year-on-year, indicating a significant increase in cash circulating in society. Meanwhile, broad money (M2) rose from 6.5 percent to 8.0 percent over the last three months, showing a comprehensive expansion of liquidity in the financial system. This has created a more conducive environment for businesses to expand investment, strengthen consumption, and increase production capacity.
Purbaya emphasized that this fund placement is not merely an administrative maneuver but a concrete strategy to accelerate money circulation in the market and reinforce growth foundations.
With abundant liquidity, banks are expected to naturally lower lending rates. This will provide greater access to financing for micro, small, and medium enterprises at lower costs.
Beyond strengthening financial aspects, the expansive policy has tangible effects on employment. According to the Ministry of Finance, by the third quarter of 2025, Indonesia’s economy grew 5.04 percent year-on-year, creating 1.9 million new jobs and reducing the open unemployment rate to 4.85 percent. This growth reflects the government’s success in maintaining purchasing power through adaptive fiscal policies that favor productive sectors.
Purbaya highlighted that the expansive policy is part of strong synergy between fiscal, monetary, and financial policies that complement each other. Government spending rose 5.49 percent due to accelerated budget realization, while household consumption increased 4.89 percent, supported by rising mobility and digital transactions. Investment also grew 3.02 percent, particularly in strategic national projects that create significant multiplier effects for regional economies.
The positive impact extends beyond the central regions to the provinces. Abundant liquidity has invigorated businesses across various sectors, from manufacturing to agriculture.
The basic metals sector grew 18.62 percent, while the chemical and pharmaceutical industries rose 11.65 percent. This shows that the government’s fiscal stimulus is effectively reaching productive sectors, which are the backbone of the national economy.
From a business perspective, the government’s initiative has received broad appreciation. Joko, Chairman of the Indonesian Real Estate Association (REI), praised Finance Minister Purbaya Yudhi Sadewa as responsive to economic dynamics and open to input from various stakeholders. He noted that such a character is crucial for fiscal policy to not only focus on stability but also promote inclusive growth.
Joko emphasized that the government’s bold decision to allocate Rp200 trillion to Himbara reflects strong confidence in the national banking sector’s capacity. He believes this policy can expand financing access for the property and construction sectors, which have significant chain effects on employment and domestic demand.
REI also plans to provide strategic data to the Ministry of Finance to strengthen the synergy between fiscal policy and the real sector, particularly in driving regional economic growth.
Overall, the Rp200 trillion fund placement reflects a new direction in state cash management that is more dynamic and productive. It also demonstrates the government’s commitment to ensuring public money is not just stored but mobilized to generate tangible economic benefits.
With strong coordination between the Ministry of Finance, Bank Indonesia, the Financial Services Authority (OJK), and the Deposit Insurance Corporation (LPS), this strategy maintains financial stability while strengthening the national growth engine.
With an expansive fiscal approach, solid cross-agency synergy, and the government’s willingness to deploy public funds for productive purposes, the Rp200 trillion injection can rightly be called a strategic step that strengthens liquidity and fosters renewed optimism for Indonesia’s economy.
Author is an economic observer