BI-Rate vs IndONIA: how to read the rates and dates

BI-Rate tells you Bank Indonesia’s policy stance. Daily IndONIA measures rates on actual unsecured overnight rupiah loans between banks. Before comparing them, check the series name and the dates: a policy announcement may quote a market observation from an earlier day.

This guide explains how to read those Indonesian policy and money-market figures together. It does not provide current rate quotes or recommendations on borrowing or investing.

Start with what each rate measures

The policy rate and the overnight benchmark have different bases. BI-Rate uses a seven-day reverse-repo basis; IndONIA uses unsecured overnight lending transactions. BI-Rate explanation; IndONIA methodology.

For broader policy language, see what hawkish and dovish mean. Here, the useful distinction is which Indonesian series you are reading and which day it describes.

Choose daily IndONIA, not a similarly named series

IndONIA stands for Indonesia Overnight Index Average. Bank Indonesia’s page also presents two related series, so the word “IndONIA” alone is not enough to identify a figure:

• Daily IndONIA is the overnight transaction-based rate discussed in this guide.
• Compounded IndONIA combines daily IndONIA rates over a period through compounding.
• IndONIA Index tracks an accumulated compound-interest value. It is an index, rather than the daily overnight rate.

Copy the full series label when taking notes. A value headed “Compounded IndONIA” or “IndONIA Index” should not be relabelled as that day’s overnight fixing. BI’s series definitions.

What goes into daily IndONIA?

Bank Indonesia calculates daily IndONIA from actual unsecured overnight rupiah interbank lending reported by banks. Each part of that description matters:

• Actual transactions: the underlying rates come from lending that took place.
• Interbank: the borrowers and lenders are banks, not households comparing loans.
• Unsecured: the stated transaction set is lending without collateral, rather than repo trades.
• Overnight and rupiah: the benchmark concerns a specific maturity and currency, not every money-market transaction.

The calculation is volume-weighted. Larger eligible transactions contribute more to the average than smaller ones; each transaction does not automatically receive equal weight. The result summarises the eligible reported transactions for that day. BI’s calculation method.

Follow the reporting clock

For daily IndONIA, Bank Indonesia describes a reporting window of 07:00–18:00 WIB, online corrections until 19:00 WIB, and publication at 19:30 WIB on business days. These are reporting, correction and publication times, not a statement of trading hours.

1. 07:00–18:00Banks report transaction data
2. Until 19:00Online corrections remain possible
3. 19:30Bank Indonesia publishes daily IndONIA on business days

Use this sequence to distinguish when data are submitted from when you can read the published benchmark. The 19:30 schedule belongs to daily IndONIA; do not take a time shown beside a different series and apply it to this one. Check the daily IndONIA section on BI’s page for the applicable schedule.

Keep the 2016, 2018 and 2023 changes separate

Older reports use names and dates that refer to different changes. A short timeline helps you avoid treating them as one event.

The December 2023 name change left the meaning and objectives of the policy stance unchanged, along with the seven-day reverse-repo operational basis. The name change itself was not a rate cut or a switch to an overnight policy tenor. BI-Rate history; IndONIA publication history.

Why the two figures can differ

IndONIA is calculated from daily transactions, so daily liquidity conditions can affect it. BI-Rate is set through a policy decision and remains at that level until Bank Indonesia changes it. The NWGBR whitepaper explains this distinction using the older policy-rate name, BI7DRR. Whitepaper, section 2.4.

That relationship does not give you a fixed gap between the two rates. A change in daily IndONIA does not, on its own, mean Bank Indonesia has changed BI-Rate. Read the policy announcement separately rather than inferring a policy change from the overnight observation.

Match the observation, decision and publication dates

A useful historical example is Bank Indonesia’s policy release dated 15 January 2025. Its discussion of IndONIA refers to an observation on 14 January 2025. The market observation therefore comes before the decision announced in the release. BI’s 15 January 2025 release.

Subtracting that earlier observation from the newly announced policy rate would mix two dates. It would not show the gap between the two rates at the same moment after the decision. The example is about reading dates, not about today’s rate levels.

When checking another report, work through these steps:

1. Identify the series. Record “daily IndONIA”, “Compounded IndONIA” or “IndONIA Index” exactly as shown.
2. Find the observation date. Look for the day the quoted market figure describes, rather than assuming it matches the article’s date.
3. Find the policy decision. Record the announcement date and check any stated effective date before deciding which policy level applies.
4. Check the publication context. Keep the benchmark’s publication date and WIB schedule separate from the policy release date.
5. Describe the comparison accurately. If the figures refer to different dates, say so. Do not present them as simultaneous observations.

Frequently asked questions

Is IndONIA the same as BI-Rate?

No. BI-Rate expresses Bank Indonesia’s policy stance. Daily IndONIA is a volume-weighted benchmark based on actual unsecured overnight rupiah lending between banks.

Does the name BI-Rate mean the seven-day basis was removed?

No. When BI7DRR was renamed BI-Rate on 21 December 2023, its operational basis remained Bank Indonesia seven-day reverse repo transactions.

What time is daily IndONIA published?

Bank Indonesia’s stated schedule is 19:30 WIB on business days. The preceding reporting window is 07:00–18:00 WIB, with online corrections until 19:00 WIB.

Can I compare the rates quoted in one policy release directly?

First check their dates. A release can cite an IndONIA observation from before the policy decision, as the 15 January 2025 release does with its 14 January observation.

The practical check

For your next Indonesian rate headline, write down four things: the exact series, what it measures, the observation date and the policy decision date. Then use BI’s publication schedule to place the market figure in context. That small record is more useful than comparing two percentages without their labels.

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Sources and date notes

• Bank Indonesia: BI-Rate, including the 2016 framework and 2023 rename.
• Bank Indonesia: IndONIA and related series, for the daily transaction set, method, schedule and separate series definitions.
• NWGBR: Whitepaper Penggunaan IndONIA, section 2.4. Publication date unconfirmed; the comparison uses the older BI7DRR name.
• Bank Indonesia policy release, 15 January 2025, used only for the historical observation-date example.

Source retrieval date: 25 October 2026. This is not a rate observation or article publication date. For a later comparison, use BI’s applicable methodology and the dates shown with the figures.

Related guide

• Hawkish vs dovish: what does the policy language mean?