Indonesia's State-Owned Banks Show Strong Absorption of Rp200 Trillion SAL Fund

Significant Utilization by Major Banks

The Indonesian government's recent injection of Rp200 trillion from the surplus budget (SAL) into state-owned banks (Himbara) and BSI has demonstrated substantial absorption capacity. As of October 22, 2025, Rp167.6 trillion or 84% of the allocated amount has been utilized. The disbursement has been particularly successful at PT Bank Mandiri Tbk and PT Bank Rakyat Indonesia Tbk, with both banks achieving 100% utilization of their respective Rp55 trillion allocations.

Factors Driving Strong Absorption

According to Febrio Kacaribu, Director General of Economic and Fiscal Strategy at the Ministry of Finance, the rapid absorption was primarily driven by the robust credit performance of these major state-owned banks. Their ability to effectively deploy the funds reflects their strong market position and operational capabilities. The successful disbursement indicates a positive response from the banking sector to the government's liquidity injection measures.

Market Impact and Future Prospects

While the initial absorption figures are promising, financial observers are closely monitoring the productivity of these funds and their impact on the broader economy. The effectiveness of this liquidity injection in stimulating economic activity will be crucial in determining future government support measures for the banking sector. As the funds continue to be deployed, market participants will be watching for signs of increased lending activity and overall economic stimulus.