Rancak Media – JAKARTA – Faced with escalating global uncertainties, Bank Indonesia (BI) has chosen to maintain its benchmark policy interest rate, known as the BI Rate, at 4.75% for November 2025. This decision reflects the central bank’s proactive stance in stabilizing the Indonesian economy amidst a volatile international environment.
BI Governor Perry Warjiyo elaborated on the rationale behind this move, noting that while global conditions had initially shown signs of improvement following US reciprocal tariff negotiations, a resurgence of turbulence has been observed over the past two months. This renewed instability stems from several critical factors impacting the global financial landscape and requiring careful consideration from central banks worldwide.
Among the key drivers of this global volatility, Governor Warjiyo highlighted the longest government shutdown in United States history, persistent US inflation rates that have yet to recede, and a less-than-anticipated reduction in the Fed Fund Rate compared to market predictions. These external pressures collectively contribute to a complex economic outlook, making a cautious approach to domestic monetary policy imperative.
Beyond global considerations, BI’s decision also aims to reinforce the effectiveness of its previously implemented monetary and macroprudential easing measures. The central bank has actively sought to stimulate the economy, demonstrating a commitment to supporting national growth while maintaining stability.
Governor Warjiyo further explained that BI has significantly cut its policy interest rate by 125 basis points over the course of 2025. However, the transmission of these cuts to commercial banking interest rates has not been as rapid as desired. Consequently, BI’s immediate focus remains on ensuring the stability of the rupiah exchange rate while simultaneously strengthening the effectiveness of its policy transmission mechanisms.
: : Bos BI Sentil Lagi Perbankan, Lambat Turunkan Suku Bunga Kredit
Despite the current hold, Governor Warjiyo indicated that the possibility of future easing in the BI Rate remains open. This potential for future adjustments is supported by projections that Indonesia’s inflation will stay within its target range of 2.5±1% for 2025–2026, coupled with an assessment that economic growth is still operating below its national capacity. This suggests room for further monetary stimulus if conditions permit.
Nevertheless, Perry Warjiyo emphasized that the magnitude and timing of any future reductions in the BI Rate will be strictly contingent on the evolving global and domestic economic conditions. He underscored that any decisions regarding interest rate adjustments will remain “data-dependent,” ensuring a flexible yet prudent approach to monetary policy in the face of ongoing economic shifts.
: : BI Kembali Pertahankan Suku Bunga BI Rate di Level 4,75%!
Summary
Bank Indonesia (BI) mempertahankan suku bunga kebijakannya, BI Rate, di level 4,75% untuk November 2025, sebagai respons terhadap meningkatnya ketidakpastian global. Keputusan ini didasari oleh gejolak internasional yang diperbarui, termasuk penutupan pemerintahan AS terpanjang, inflasi AS yang persisten, dan penurunan Fed Fund Rate yang lebih lambat dari perkiraan pasar. BI berupaya menstabilkan ekonomi domestik dan memperkuat nilai tukar rupiah di tengah tekanan eksternal ini.
Meskipun BI telah memangkas suku bunga sebesar 125 basis poin sepanjang tahun 2025, transmisi ke suku bunga perbankan komersial masih lambat. Oleh karena itu, fokus BI saat ini adalah memperkuat efektivitas transmisi kebijakannya. Potensi pelonggaran BI Rate di masa depan tetap terbuka, namun akan sangat bergantung pada data dan kondisi ekonomi global maupun domestik, terutama jika inflasi tetap dalam target dan pertumbuhan ekonomi masih di bawah kapasitas nasional.
