- Indonesia’s FX reserves remained stable at USD 152.5 Bn in May-25 as Rupiah appreciates due to normalization in global conditions.
- SRBI, stocks, and bonds all recorded inflows as weaker US Dollar led to repricing of Indonesian assets.
- Seasonal outflows and potential decline in trade surplus might have dragged down FX reserves.
- Trade uncertainty and refinancing need for SBN & SRBI may lead to declining FX reserves in the coming months, while increased UST issuance after debt ceiling increase risks disrupting Rupiah’s stable trajectory.
