Bank of Indonesia has discontinued publication of the Jakarta Interbank Offered Rate (JIBOR) from 1 January 2026 and is encouraging Indonesian financial markets to use the Indonesia Overnight Index Average (IndONIA) as the rupiah benchmark rate. IndONIA is calculated from actual interbank lending and borrowing transactions, positioning it as the replacement reference rate in the benchmark reform programme. IndONIA has been published since 1 August 2018 alongside JIBOR, and the decision to end JIBOR publication was announced on 27 September 2024 together with transition guidelines prepared by the National Working Group on Benchmark Reform. An Indonesia Financial Services Authority survey showed that JIBOR-referenced contracts maturing before 31 December 2025 fell 67.7% from IDR 140.37 trillion in September 2024 to IDR 45.28 trillion in September 2025, while contracts maturing after 31 December 2025 with a fallback rate increased 35.9% from IDR 164.48 trillion to IDR 223.76 trillion over the same period. Bank Indonesia also pointed to interbank money market activity, with average rupiah interbank lending transactions of IDR 15.4 trillion per day as of 19 December 2025, representing 63.5% of total money market transactions. Bank Indonesia will continue communication and coordination with market participants and the public to support the transition, and it publishes IndONIA at the end of each transaction day.
Bank of Indonesia 2026-01-05
Bank of Indonesia discontinues JIBOR publication and shifts rupiah benchmark to IndONIA
Bank of Indonesia has ceased publication of the Jakarta Interbank Offered Rate (JIBOR) as of 1 January 2026, promoting the Indonesia Overnight Index Average (IndONIA) as the new rupiah benchmark rate. IndONIA, based on actual interbank transactions, replaces JIBOR in the benchmark reform programme. The transition follows a significant shift in contract references and increased interbank market activity.