Rancak Media – , JAKARTA — Finance Minister Purbaya Yudhi Sadewa has expressed strong support for the revision of the Law on Financial Sector Development and Strengthening (P2SK). This crucial legislative update is poised to significantly enhance the role of Bank Indonesia (BI) in fostering economic growth, thereby fortifying the nation’s financial framework.
Purbaya believes that this revised legislation will catalyze a much closer coordination between the government and the central bank, which is essential for achieving Indonesia’s ambitious 8% economic growth target. Such synergy is vital for navigating complex economic landscapes and implementing effective policies.
Earlier reports indicated that the harmonized draft of the P2SK Law, recently deliberated by the House of Representatives, delineates BI’s mandate to support economic growth with greater specificity. This reflects a progressive shift towards a more comprehensive central bank role.
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The draft regulation stipulates that BI, through its policy frameworks, must ensure an economic environment conducive to the real sector’s vitality and robust job creation. This expanded mandate goes beyond traditional central banking functions, integrating broader economic development goals.
Purbaya, who also chairs the Financial System Stability Committee (KSSK), highlighted that previously, his ministry, BI, the Financial Services Authority (OJK), and the Deposit Insurance Corporation (LPS) tended to operate within their distinct institutional silos. This often led to fragmented approaches to financial management.
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He anticipates that the P2SK Law revision will dissolve these institutional boundaries, enabling the four KSSK entities to coordinate more tightly and effectively. This collaborative spirit is expected to foster a unified strategy for economic development.
“With this element, we can overlap in discussions with the Central Bank. So, when my concern is growth, we typically unleash fiscal policies and so forth, but the economic engine isn’t just fiscal; fiscal only pertains to the government,” Purbaya stated during the Financial Forum at the Indonesia Stock Exchange (BEI) in Jakarta on Wednesday, December 3, 2025.
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Purbaya elaborated that BI traditionally focused solely on maintaining exchange rates and price stability, while OJK and LPS concentrated on their respective areas of authority. However, with the current 8% economic growth target, he underscored the necessity for policy impetus beyond purely fiscal measures, requiring a more integrated approach.
He recounted experiencing this challenge during his tenure as Chairman of LPS, prior to his appointment as Finance Minister by President Prabowo Subianto in September 2025. This personal experience underscores his conviction for the need for change.
“In past KSSK discussions, they would always say ‘that’s our area, don’t enter our area.’ Now, that area is also ours. If your policies differ, our growth could suffer. That is your responsibility too. So, moving forward, I believe this will be excellent if the law is enacted,” he explained, emphasizing the shift towards collective accountability.
The former Danareksa economist cited BI’s policy of issuing Bank Indonesia Rupiah Securities (SRBI) as an example. He observed that this policy contributed to a deceleration in the growth of the money supply, or base money (M0), from 13% in September 2025 to 7% in October. This slowdown occurred despite his efforts.
Purbaya highlighted that in September, he had injected Rp200 trillion of government funds into the financial system via state-owned banks (himbara). Due to the subsequent slowdown in M0 growth in October, he opted to transfer an additional Rp76 trillion from government cash held at BI to Bank Mandiri, BNI, BRI, and Bank Jakarta. He attributed this slowdown to the substantial absorption of funds by SRBI during the early part of Q4 2025. With the revision of the P2SK Law, Purbaya is optimistic that the government and BI will achieve greater transparency, unity, and faster alignment of perspectives in the future.
“Going forward, when we can be more open and united, we can align our views more quickly,” he concluded, envisioning a more cohesive and responsive economic policymaking environment for Indonesia.
Summary
Finance Minister Purbaya Yudhi Sadewa memberikan dukungan kuat terhadap revisi Undang-Undang Pengembangan dan Penguatan Sektor Keuangan (P2SK). Revisi ini diharapkan dapat secara signifikan meningkatkan peran Bank Indonesia (BI) dalam mendorong pertumbuhan ekonomi dan memperkuat kerangka keuangan nasional. Legislasi yang direvisi ini dipercaya akan memicu koordinasi yang lebih erat antara pemerintah dan BI, hal yang esensial untuk mencapai target pertumbuhan ekonomi Indonesia sebesar 8% dan mengintegrasikan tujuan pembangunan ekonomi yang lebih luas.
Purbaya, yang juga menjabat Ketua Komite Stabilitas Sistem Keuangan (KSSK), menyoroti bahwa sebelumnya entitas KSSK beroperasi dalam silo institusional yang berbeda, menyebabkan pendekatan yang terfragmentasi. Ia mengantisipasi bahwa revisi UU P2SK akan menghapus batasan-batasan ini, memungkinkan empat entitas KSSK untuk berkoordinasi lebih erat dan efektif. Purbaya optimis bahwa revisi undang-undang ini akan menciptakan transparansi yang lebih besar, persatuan, dan penyelarasan pandangan yang lebih cepat antara pemerintah dan BI di masa depan.
