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Bound by Bond Risks

Monday, November 3, 2025

As foreign capital leaves Indonesia’s bond market, a storm brews within. Domestic financial institutions grow more exposed to sovereign risk.

arsip tempo : 177933771330.

Illustration. Tempo/Lukmannul Hakim. tempo : 177933771330.

USUALLY, when the United States Federal Reserve cuts interest rates, the rupiah tends to strengthen. Lower US yields typically prompt global investors to shift funds into Indonesia, buying rupiah assets that offer higher returns. This time, the familiar pattern has broken down.

Instead of firming, the rupiah has weakened. The Fed’s quarter-point rate cut on October 29 barely stirred optimism: the currency, trading below Rp16,600

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Yopie Hidayat

Bond Market Rupiah weekly economic review government bonds budget deficit fiscal policy
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