‼️ 🇮🇩 Indonesia’s acting central bank governor Destry Damayanti has put the rupiah’s early rally at risk by shifting from higher-yielding rupiah securities (SRBIs), which attracted foreign inflows, toward hedging incentives. At her first policy meeting on Wednesday, Bank Indonesia left its benchmark rate unchanged and indicated it would not allow SRBI yields to rise further. The move addresses friction with the finance ministry, which has argued that heavy SRBI issuance—more than $60 billion outstanding at its June peak, when 12-month yields reached a record 7.74%—was diverting investor demand from government bonds.
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