Further market corrections

Jun 8, 2026 | Market

We haven’t seen the bottom. Composite index of IDX (IHSG/JCI) ended further down by 4.52% to 5,342 Monday (Jun 8) as foreign investors continued ‘sell Indonesia’. Rupiah also weakened further, where some banks offered US dollar bank notes above Rp18,200. Foreign...

Declining forex reserves

Jun 8, 2026 | Market

Bank Indonesia announced the country’s foreign exchange reserves at US$144.9 billion by end of May 2026, down from US$146.2 billion in the previous month. While enough for 5.5 months of import, remains above international standard (3 months), forex reserves evaporated...

The abandoned infrastructure development

Jun 8, 2026 | Market

Infrastructure development was main theme of Jokowi administration. Jokowi tacitly supported Prabowo Subianto’s campaign in 2024 with a hope of continuation in modernizing the country’s public infrastructure. We all know, however, Prabowo administration uses most of...

Where’s the bottom? (3)

Jun 8, 2026 | Market

Some banks offered USD bank notes above Rp18,200 this morning, moving closer to the new psychological level (Rp19,000), despite statements from the government, Bank Indonesia, and the House of Representatives (DPR) about ‘sound economic fundamentals’.  BCA, the...

The new chapter of MBG?

Jun 8, 2026 | Market, Politics

The leadership transition at the National Nutrition Agency (BGN) has ushered in new policies for the MBG program. Among the most notable is the plan to cap the number of SPPGs per sub-district. At the same time, BGN is exploring the possibility of utilizing school...

The curious timing of new debate on civilians in the Police

Jun 8, 2026 | Law, Politics

When National Police Chief General Listyo Sigit Prabowo recently stated that civilians could occupy certain positions within the Indonesian National Police (Polri), the announcement was presented as a discussion about institutional openness and modernization. Yet the...

Beyond the acid attack

Jun 8, 2026 | Law, Politics

As Indonesia awaits the verdict in the case of Andrie Yunus, much of the public debate has focused on a single number: the 2.5-year prison sentence sought by military prosecutors for four soldiers accused of carrying out the acid attack against the KontraS activist,...

Weak Rupiah becomes a technology problem

Jun 8, 2026 | Market

Rupiah has crossed a psychological threshold that few policymakers wanted to see. Public discussion has largely focused on currency markets, foreign investors, and monetary policy. Yet the more important question may be what a weak rupiah means for technological...

Nickel Journal

Jun 8, 2026 | Commodities, Market

Nickel ended substantially lower at US$18,575 per ton last Friday (Jun 5) despite reports about suspension of production at PT Weda Bay Nickel (WBN), the largest nickel ore miner in Indonesia, since late May. Softer near-term demand in China and growing nickel supply...

Under-invoicing and transfer pricing investigation (1): Palm oil

Jun 7, 2026 | Market

Directorate general of tax at ministry of finance is currently investigating 32 palm oil companies suspected of their involvement in under-invoicing and transfer pricing practices. Interestingly, some palm oil companies have since last year reduced significantly their...