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INDONESIA: Country Wrap:  FX Reserves Resilient Despite Currency Defense.

INDONESIA
EM BulletBulletIndonesiaAPACEmerging Market News
  • Indonesia’s FX reserves for January were a touch higher at US$156.1bn, from $155.7bn in December.  Since the US election last year and the accompanying USD strength, the Central Bank (Bank Indonesia) has on multiple occasions entered into markets to defend the currency. (source: MNI – Market News).
  • Indonesia’s environment ministry has ordered PT MNC Land to suspend development of the Lido tourism project—an integrated resort south of Jakarta linked to the Trump Organisation—over water management violations, state news agency Antara reported on February 6. The 3,000-hectare development includes a planned golf club and hotel that would be operated under the Trump brand. (source: BBG).
  • President Prabowo Subianto has ensured that the development of the Nusantara Capital City (IKN) in East Kalimantan will continue for the next five years, approving a budget allocation of Rp48.8 trillion (US$3 billion) for the period of 2025 to 2029. (source: Indonesia Business Post)
  • Indonesia’s Jakarta Composite has had a week to forget, falling 2.20% today to be -5.41% down for the week, despite PMI’s being better than expected and CPI moderating.
  • IDR: the rupiah has had a better end to the week, up +0.09%, but overall a down week, falling -0.121%.
  • Bonds: the government bond curve has had a volatile week and a rally today saw yields lower across the curve with the INDOGB 10YR 6.91%, 8bps lower for the week. 
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  • Indonesia’s FX reserves for January were a touch higher at US$156.1bn, from $155.7bn in December.  Since the US election last year and the accompanying USD strength, the Central Bank (Bank Indonesia) has on multiple occasions entered into markets to defend the currency. (source: MNI – Market News).
  • Indonesia’s environment ministry has ordered PT MNC Land to suspend development of the Lido tourism project—an integrated resort south of Jakarta linked to the Trump Organisation—over water management violations, state news agency Antara reported on February 6. The 3,000-hectare development includes a planned golf club and hotel that would be operated under the Trump brand. (source: BBG).
  • President Prabowo Subianto has ensured that the development of the Nusantara Capital City (IKN) in East Kalimantan will continue for the next five years, approving a budget allocation of Rp48.8 trillion (US$3 billion) for the period of 2025 to 2029. (source: Indonesia Business Post)
  • Indonesia’s Jakarta Composite has had a week to forget, falling 2.20% today to be -5.41% down for the week, despite PMI’s being better than expected and CPI moderating.
  • IDR: the rupiah has had a better end to the week, up +0.09%, but overall a down week, falling -0.121%.
  • Bonds: the government bond curve has had a volatile week and a rally today saw yields lower across the curve with the INDOGB 10YR 6.91%, 8bps lower for the week.