Most shares of state-owned banks (Himbara) rose on Friday (September 12, 2025), in line with the government’s injection of Rp200 trillion in state funds.

Shares of PT Bank Rakyat Indonesia Tbk (BBRI) opened higher by 100 points at Rp4,180 per share in the morning session. However, the rally soon slowed, and by 9:33 a.m., BBRI was up only 50 points at Rp4,130 per share.

PT Bank Mandiri Tbk (BMRI) also gained, though at a different pace. Its shares opened 20 points higher at Rp4,500 per share, and by 9:33 a.m., the increase remained steady at around 20 points.

Meanwhile, shares of PT Bank Tabungan Negara Tbk (BBTN) rose 30 points to Rp1,385 per share at the opening and were still holding that level as of 9:37 a.m.

The only decliner was PT Bank Negara Indonesia Tbk (BBNI). The stock initially climbed 10 points to Rp4,430 per share, but later slipped to Rp4,380 per share.

In line with Finance Minister Purbaya Yudhi Sadewa’s directive, Rp200 trillion of state cash previously kept at Bank Indonesia has been transferred to the Association of State-Owned Banks (Himbara) starting Friday (September 12, 2025).

Purbaya explained that the funds would be distributed among four major Himbara banks: Bank Mandiri, BNI, BRI, and BTN. Two Islamic banks would also receive allocations—Bank Syariah Indonesia (BSI) and Bank Syariah Nasional (BSN).

“Tomorrow, the Rp200 trillion will start flowing into six Himbara banks,” Purbaya told reporters during the Great Lecture Institute event in Jakarta, Thursday (September 11, 2025).

He noted that each bank would get a specific portion of the funds, but did not provide details on the breakdown.

“The proportions will vary, and fiscal authorities will decide the allocation,” Purbaya clarified in a separate briefing at the Parliament Complex in Jakarta.

From the outset, Purbaya had planned to move part of the state’s funds from Bank Indonesia into Himbara banks, with a total allocation reaching Rp200 trillion.

The policy is seen as part of the government’s strategy to accelerate domestic economic growth.

“I have reported to President [Prabowo Subianto] that I will place funds into the banking system. Tomorrow, I will transfer Rp200 trillion,” Purbaya stated during a hearing with Commission XI of the House of Representatives (DPR) in Jakarta on Wednesday (September 10, 2025).

He emphasized that the funds would be sourced from the state’s cash reserves held at Bank Indonesia, totaling Rp425 trillion.

However, fiscal authorities underlined that the banks are prohibited from using the funds to purchase investment instruments such as government bonds (SBN) or Bank Indonesia’s Rupiah Securities (SRBI).

“We have already instructed the banks not to use the money to buy SRBI or SBN,” Purbaya stressed.