Indonesia’s State-Owned Banks Association (Himbara) has significantly increased its foreign currency (forex) deposit interest rates to 4% per annum, effective this week. This move, which aims to boost the availability of foreign funds onshore, has received a green light from the Financial Services Authority (OJK), provided banks maintain full transparency with their customers.
Dian Ediana Rae, Chief Executive of Banking Supervision at the OJK, affirmed that the setting of forex deposit interest rates is a professional decision made by each bank, based on careful consideration. “The OJK views that the determination of forex interest rates by bank management is based on business considerations and professional judgment, one of which aims to maintain and increase the availability of funds in foreign currencies (USD),” Dian stated in a press release, quoted on Saturday (8/11).
The four prominent state-owned banks, namely PT Bank Negara Indonesia Tbk (BBNI), PT Bank Mandiri Tbk (BMRI), PT Bank Tabungan Negara Tbk (BBTN), and PT Bank Rakyat Indonesia Tbk (BBRI), have all set their forex deposit rates at 4% on their official websites. This competitive interest rate is uniformly applied across all tenor types and deposit values, offering a streamlined approach for depositors.
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Putrama Wahju Setyawan, President Director of BNI, previously highlighted that this adjustment is part of the company’s strategy to provide added value for customers, especially those who have historically placed their forex funds abroad. “Our focus is to offer attractive returns so that more foreign currency funds can be absorbed domestically. With a more appealing interest rate, BNI opens up opportunities for customers who previously placed their forex funds overseas to invest in their home country,” he explained, as quoted by Antara (8/11).
The decision by Himbara banks to raise forex deposit interest rates has been publicly announced since Wednesday (24/9). This new rate marks a substantial leap compared to previous offerings, which were significantly lower and varied across institutions. For instance, Bank Mandiri and BNI previously offered over-the-counter forex deposit rates ranging from 0.75% to 1.75%, while BRI’s rates were between 1.75% and 2%, and BTN provided 0.2% to 2.25%.
Interestingly, the plan for state-owned banks to hike their forex deposit rates was unveiled in the same week that the Indonesia Deposit Insurance Corporation (LPS) announced a reduction of 25 basis points in its guarantee interest rates for both rupiah and foreign currency deposits. Currently, the LPS forex guarantee rate stands at 2%, placing the new Himbara rates at a significantly higher premium.
Summary
Indonesia’s State-Owned Banks Association (Himbara) telah meningkatkan suku bunga deposito valuta asing (valas) secara signifikan menjadi 4% per tahun, berlaku mulai minggu ini. Langkah strategis ini bertujuan untuk meningkatkan ketersediaan dana valas di dalam negeri. Otoritas Jasa Keuangan (OJK) telah menyetujui keputusan ini, melihatnya sebagai pertimbangan bisnis profesional oleh bank untuk menjaga dan menambah ketersediaan dana dalam mata uang asing.
Keempat bank BUMN terkemuka – BNI, Mandiri, BTN, dan BRI – secara seragam menerapkan suku bunga 4% ini untuk semua jenis tenor dan nilai deposito. Tingkat bunga baru ini merupakan peningkatan substansial dibandingkan penawaran sebelumnya yang jauh lebih rendah dan bervariasi antar institusi. Selain itu, tarif baru Himbara ini berada di atas tingkat suku bunga penjaminan valas Lembaga Penjamin Simpanan (LPS) yang saat ini sebesar 2%.
