Outlook 2026 (11): Rupiah

Jan 9, 2026 | Market

Rupiah was traded at Rp16,815 per US dollar this morning, lost more than 3% year-on-year. It is not the worst because India’s Rupee already lost 4.7%, while Vietnam’s Dong down 3.5%. Rupiah is now weaker than the government’s assumption when designed the 2026 State...

Outlook 2026 (10): Budget deficit

Jan 9, 2026 | Market

So, the State budget deficit in 2025 was 2.92% of Gross Domestic Product (GDP), way above the target set in the 2025 budget law (2.53%) and the government’s mid-year prediction (2.78%). Any change that the deficit could surpass the legal ceiling 3% GDP this year?...

All out for self-sufficiency

Jan 8, 2026 | Market

President Prabowo Subianto proclaimed Indonesia’s self-sufficiency in rice, which was achieved on December 31, 2025. By not importing rice in that year, the President said his administration achieved the self-sufficiency three years ahead of target. He didn’t mention...

Chasing revenue without growth

Jan 8, 2026 | Market

Indonesia’s plan to pursue a tax revenue target of Rp 2,357.7 trillion in 2026 sounds bold on paper. Finance Minister Purbaya Yudhi Sadewa, the government insists that the target will be achieved not through new taxes or higher rates, but via tighter compliance,...

Land seizures and the quiet dismantling of legal certainty

Jan 8, 2026 | Law, Market

President Prabowo Subianto’s plan to seize another four to five million hectares of oil palm plantations in 2026 is being sold as a triumph of law enforcement. In reality, it risks becoming something far more troubling: a state-sanctioned admission that Indonesia has...

Djarum strengthens F&B business

Jan 8, 2026 | Market

Shares of Unilever Indonesia (UNVR), market leader for personal care business, slipped by 0.38% to Rp2,600 after the company’s announcement to sell its Sariwangi brand to Djarum Group. The company has recently entered into an agreement to divest its tea business under...

KDMP: The devil is in the detail

Jan 8, 2026 | Market

The Red-and-White Village Cooperative (KDMP) is the second largest program of Prabowo administration this year after the free meal program in terms of money to be spent. Capped Rp3 billion per cooperative, we’re talking about a combined Rp240 trillion. How this will...

Speculations on INET & the controlling shareholder

Jan 7, 2026 | Market

Shares of PT Sinergi Inti Andalan Prima Tbk (INET), an Internet service provider (ISP), surged 16.1% on Tuesday (Jan 6) on the company’s plan to raise a combined Rp4.2 trillion from the issuance of new shares (rights issue) and bonds to finance expansion of fiber...
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