Indonesia Held Policy Rate at 4.75% in Jan-26

MACROECONOMY 
Indonesia Held Policy Rate at 4.75% in Jan-26 
BI kept its benchmark interest rate unchanged at 4.75% in the Jan-26 meeting, marking the fourth consecutive hold and in line with expectations, as BI prioritized rupiah stability amid currency pressure, with the rupiah weakening 1.53% since end-Dec-25. The decision followed cumulative 150 bps rate cuts since Sep-24, bringing rates to the lowest level since Oct-22 to support growth. BI reaffirmed its view that inflation in 2026 will remain within the 2.5% ±1% target range and maintained GDP growth forecasts at 4.7–5.5% for 2025 and 4.9–5.7% for 2026. The deposit and lending facility rates were also held at 3.75% and 5.50%, respectively, while BI signaled room for further easing if inflation stays benign. (Trading Economics) 

Indonesia Loan Growth Accelerated to 9.69% YoY in Dec-25 
Indonesia’s banking loan growth rose to 9.69% YoY in Dec-25 (vs Nov-25; 7.74%), marking the fastest pace since Feb and reflecting firmer credit demand amid govt. stimulus to support domestic consumption. Growth was driven by strong expansion in investment loans (+21.06%), alongside consumption loans (+6.58%) and working capital loans (+4.52%). However, liquidity transmission remains uneven, as undisbursed loan facilities stayed elevated at IDR 2,439.2 tn, equivalent to 22.12% of total approved credit limits. BI maintained its outlook for 2026 credit growth at 8–12%, suggesting room for further acceleration if loan utilization improves. (Trading Economics) 

COMPANY 
Sinergi Inti Andalan Prima (INET) Planned IDR 1 tn Bond and Sukuk Issuance in 2026 
INET planned issuance of Obligasi I and Sukuk Ijarah I 2026 with total target proceeds of IDR 1 tn, split evenly into IDR 500 bn bonds and IDR 500 bn sukuk, each comprising Series A (370 days) and Series B (3 years), with both instruments rated irA and irA (sy) by Kredit Rating Indonesia. Proceeds will be allocated for capex and working capital via subsidiary Garuda Prima Internetindo to develop FTTH network in West Kalimantan, while Sukuk Ijarah is backed by ijarah benefits of 430 km fiber optic assets valued at IDR 928.8 bn. The schedule is as follows: 
- Bookbuilding: 22–27 Jan-26 
- Effective Date: 29 Jan-26 
- Public Offering: 30 Jan–03 Feb-26 
- Allotment: 04 Feb-26 
- Distribution: 06 Feb-26 
- Listing on IDX: 09 Feb-26
 (Emitennews)