- Indonesia’s FX reserves rose to USD 157.1 Bn in March 2025 (USD 154.5 Bn in Feb-25), likely driven by the 100% DHE regulation taking effect.
- Foreign SRBI holdings posted slight increase (USD 0.25 Bn), increasing reserves from DHE should allow for continued reduction in total outstanding SRBI.
- DHE inflows, should add to BI’s coffers for the next 4-6 quarters—providing a good deterrence effect against FX speculations.
- Dollar’s weakness may open the room for BI to consider a rate cut, however we still see a bigger likelihood that BI maintains rates in April.
