Tinjauan Tinjauan Hukum Perbankan Terhadap Pemindahan Dana Rp 200 Triliun dari Bank Indonesia ke Pemerintah Republik Indonesia: Implikasi Terhadap Independensi Bank Sentral dan Prinsip Finalitas Pembayaran

Abstrak

This study analyzes the legal and institutional aspects of the transfer of funds amounting to IDR 200 trillion from Bank Indonesia (BI) to the Government of the Republic of Indonesia. The research focuses on the legality of such action, its implications for the independence of the central bank, and its relation to the principle of payment finality within the national financial system. The study employs a normative juridical approach combined with qualitative analysis of statutory regulations, fiscal–monetary policies, and relevant academic literature in financial and banking law. The findings indicate that the transfer of funds from BI to the government can only be justified if it has an explicit legal basis, aligns with BI’s mandate to maintain monetary stability, and does not infringe upon institutional independence. The policy of purchasing government securities (SBN) in the primary market under Law No. 2 of 2020 constitutes an extraordinary measure in times of crisis and therefore should not serve as a precedent for routine fiscal financing. Direct involvement of BI in deficit financing poses the risk of fiscal dominance and moral hazard, which may undermine the credibility and independence of the central bank. Furthermore, fund transfers executed through BI’s payment system must comply with the principles of finality, transparency, and accountability to mitigate legal and systemic risks. Accordingly, a clear and measurable legal framework is required to ensure balanced fiscal–monetary policy coordination without compromising BI’s independence. Regulatory reforms that delineate BI’s authority and responsibilities should be prioritized to preserve financial stability and maintain public trust in the national monetary system