- Indonesia’s FX reserves declined by USD 3.7 bn to USD 148.2 bn in Mar-26, reflecting external debt repayments, capital outflows, and continued efforts to maintain Rupiah stability.
- The US–Iran conflict has led to a recalibration of global capital flows, with Indonesia experiencing outflows across bonds, equities, and central bank instruments, amid closer investor assessment of fiscal resilience and policy direction.
- The outlook remains balanced, while commodity-related gains and export policy easing may provide support, ongoing geopolitical uncertainty could continue to weigh on FX reserves and Rupiah stability.
