- Indonesia's FX reserves declined to USD 148.7 Bn in Sep-25 from USD 150.7 Bn in August as drastic foreign outflow cause BI to continue it's interventions.
- Foreign outflow recorded in equities, government bonds, and SRBI in September amid heightened uncertainty and drastic policy changes.
- Increase in FX swaps as well as September gold rally helped to dampen the decrease in FX reserves.
- There remains a possible short-term catalyst from Fed dovish outlook, but uncertainty surrounding tariff pass-through to inflation remains.
