- Bank Indonesia’s FX reserves increased by USD 5.2 Bn to USD 145.4 Bn in July 2024, driven by a combination of net global bond issuance, inflows to SRBI, and inflows into equities and secondary bond markets.
- Bank Indonesia issued another USD 8.6 billion of SRBI in July 2024, with around 30% of them bought by foreign investors.
- The recent unwinding of Yen carry trade has led to a global sell-off in risk assets, causing a setback for stocks, but a surge of inflows into government bonds (SBN).
- Bank Indonesia's continued issuance of SRBI is now being supported by repo lending to banks, but this eventually would have to be normalized as pressure on Rupiah subsides.
