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• August 25, 2025

REGULATION OF THE MINISTER OF FINANCE OF THE REPUBLIC OF INDONESIA NUMBER 59 OF 2025 CONCERNING REPURCHASE AND DIRECT SALE OF STATE SHARIA SECURITIES AND THE ISSUANCE OF STATE SHARIA SECURITIES AS EXCHANGE SERIES IN THE FRAMEWORK OF THE REPURCHASE OF GOVERNMENT BONDS (PMK 59/2025)

SUMMARY:

• PMK 59/2025 was promulgated to regulate the management of transactions of State Sharia Securities (Surat Berharga Syariah Negara – “SBSN”) in the domestic market. This subject matter had previously been governed under Minister of Finance Regulation No. 75/PMK.08/2013 on the Repurchase of State Sharia Securities, as amended by Minister of Finance Regulation No. 16/PMK.08/2015 on the Amendment to Minister of Finance Regulation No. 75/PMK.08/2013.
• PMK 59/2025 provides for, inter alia:

1. 1. 1. Repurchase of SBSN in the Secondary Market by Auction Method;\
      2. Repurchase of SBSN by Bookbuilding Method (Order Collection Transaction);
      3. Repurchase of SBSN by Bilateral Transaction (Bilateral Buyback);
      4. Direct Repurchase Transaction of State Sharia Securities or Direct Sale of State Sharia Securities;
      5. Direct Sale of SBSN;
      6. Issuance of SBSN under a Cross-Switching Mechanism;
      7. Procedures for the Issuance of SBSN Cross-Switching Instruments;
      8. Pricing, Determination, and Announcement of the Results of Repurchase and Direct Sale Transactions of SBSN, as well as Issuance of SBSN Cross-Switching Instruments; and
      9. Documentation for Repurchase of SBSN in the Secondary Market, Direct Sale of SBSN, and Issuance of SBSN Cross-Switching Instruments.

OTHER PROVISIONS:

• PMK 59/2025 was enacted (to establish legally) on August 11, 2025.
• PMK 59/2025 shall take effect (enter into force) as of the date of its promulgation (formal declaration of law).
• PMK 59/2025 was promulgated (published officially in the State Gazette) on August 11, 2025.

Author:

Masta Pasaribu

Editor: 

Muhammad Arief Ramadhan, S.H.

Download: 

PERMENKEU Nomor 59 Tahun 2025.pdf

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