Ministry of Finance Updates Regulation on SBSN Foreign Exchange for the Global Sukuk Market

The Ministry of Finance (“ Kemenkeu ”) will soon update Regulation of the Minister of Finance No. 224/PMK.08/2021 (“ PMK 224/2021 ”) on the Sale and Buyback of Sharia State Securities (Surat Berharga Syariah Negara- “ SBSN ”) in Foreign Exchange in International Markets. The new provisions under PMK 224/2021 are expected to simplify the execution of SBSN issuance and buyback in foreign exchange, making the process more accountable.

“The Draft Regulation of Minister of Finance in question is still under discussion,” said Wawan Sugiyarto, Head of the Communication and Information Services Division of the Directorate General of Financing and Risk Management (Direktorat Jenderal Pengelolaan Pembiayaan dan Risiko/DJPPR), to Hukumonline.

This regulatory refinement also aims to expand the state sukuk market, strengthen the competitiveness of Indonesia’s sharia financial instruments at the global level, and ensure transparent and professional governance in the management of state financial instruments. This aligns with Regulation of the Minister of Finance No. 59 of 2025 on Direct Buybacks and Sales of SBSN and the Issuance of SBSN as Exchange Series in the Framework of Buybacks of Government Debt Securities (“ PMK 59/2025 ”).