Challenges Remain as Foreign Reserve Fall
Monday, May 12, 2025
Indonesia’s reserves fell sharply as the central bank moved to defend the weakening rupiah. Yet both the currency and the broader economy remain under heavy pressure.
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IN April 2025, the rupiah weakened sharply after the Idul Fitri holiday, approaching Rp17,000 per United States dollar—its lowest point in years—amid global financial turmoil sparked by US President Donald Trump’s renewed tariff threats. To prevent a deeper depreciation, Bank Indonesia (BI) deployed an unusually aggressive intervention strategy, including operations in offshore non-deliverable forward markets.
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