Monthly Market Summary September 2025

Realization of the 2025 State Budget (APBN) recorded a deficit of IDR 322 trillion (-1.53% of GDP) in the first eight months of 2025. Meanwhile, government spending reached IDR 1,960 trillion, or 54% of the target. Bank Indonesia (BI) lowered the benchmark interest rate again during the September meeting to 4.75%. Headline inflation rose to 2.7% year-on-year in September 2025. In September 2025, IDR Government Bonds (SUN) generally closed up by 0.81% month-on-month / up 9.47% year-to-date (YTD), while USD Government Bonds also rose by 1.12% month-on-month / up 7.25% YTD. The Jakarta Composite Index (IHSG) rose 2.95% overall, supported by the Materials sector, while the large-cap indices LQ45 and MXID declined by 0.4% and 1.2%, respectively. See more in the Monthly Market Summary for September 2025.