Indonesia - Money Market Rate

For Indonesia, key financial statistics include the discount rate of certificates issued by the central bank, the IndONIA (Indonesia Overnight Index Average), the JIBOR (Jakarta Interbank Offered Rate - rate at which banks lend unsecured funds to one another), and the interest rate of savings deposit institutions.

Active:

• Measurement: Percent per annum (% p.a.)
• Adjustment: Not seasonally adjusted (NSA)
• Native frequency:
  • Business daily
  • Monthly
• Start dates:
  • 3 Jan 2017
  • As early as 1981m1

Predecessor(s):

• JIBOR - 1997m1 to 2025m12

Global concept aliases:

• IRMM

The Bank Indonesia Certificate Discount rate is a weighted average interest rate calculated using the transaction volume of Bank Indonesia Certificate for the respected period. The Bank Indonesia Rupiah Facility discount shall be determined by Bank Indonesia.  Interbank Call Money interest rate is a weighted average interest rate calculated using the transaction volume of Interbank Call Money for the respected period. Interbank Call Money consists of the morning session (8 a.m. to 12 noon) and afternoon session (1 p.m. to 6 p.m.). Interbank Call Money transaction includes all of Bank’s head office transaction in Indonesia.

The Indonesia Overnight Index Average (IndONIA) is expected to be able to replace the role of overnight JIBOR as the overnight money market benchmark rate. As of 2 January 2019, Bank Indonesia will no longer publish overnight JIBOR and it is expected that existing financial contracts which use overnight JIBOR as a reference for overnight tenor, will shift to IndONIA as the most recent reference for overnight tenor.

IndONIA is calculated based on the average interest rate for unsecured overnight rupiah lending reported by all banks to Bank Indonesia. Therefore, IndONIA is the transaction interest rate based on the market transactions on the day. IndONIA is determined using the volume-weighted average of all transaction data on a particular day, as reported by the banks to Bank Indonesia through the commercial bank daily reporting system between 07:00 WIB (Western Indonesia time) and 18:00 WIB (with an online correction window until 19:00 WIB).

The daily IndONIA is final when released.

Monthly data are revised each month when new data becomes available.

The Bank Indonesia website is sometimes unstable and inaccessible.

Further reading

At IMF (SDDS):

• Interest rates (Jan 2024 / Jan 2026)

• Sep 2005 - Initial version.
• Sep 2020 - Addendum of daily IndONIA.
• 26 Feb 2026, Phillip Thorne - Properties, Further reading.