- FX reserves increased to USD 155.7 Bn in Dec-24, driven by a seasonal increase in FX tax revenue, as well as foreign loans and oil/gas revenue.
- SRBI outstanding amount declined, coupled with lower interest from foreign investors.
- USD strengthening the major factor in December’s IDR depreciation, but outflows from SRBI limited BI’s ability to hold the line.
- Uncertainty over Trump policies, plus large amount of maturing SRBI, should keep BI in a defensive posture early in the year.
