What Happened
On Mar 25, 2026?

📈 Finance, Markets & Corporate Strategy

Post-Holiday Trading: IHSG Braces for Global Volatility and Currency Pressure

The Indonesia Stock Exchange (BEI) is set to reopen on Wednesday, March 25, 2026, following the Nyepi and Idulfitri holidays. While the pre-holiday session on March 17 saw the IHSG jump 1.2% to 7,106.83, investors are returning to a bruising global environment. Phintraco Sekuritas has issued a stark warning, predicting the index could be hammered down toward the 6,800 support level as it faces a "pivot" at 7,000. During the break, the Rupiah faced intense pressure in non-deliverable forward (NDF) markets, touching the psychological threshold of Rp 17,000 per USD.

To combat this volatility, Bank Indonesia (BI) has aggressively adjusted its toolkit. While maintaining the BI Rate at 4.75%, the central bank slashed the threshold for US Dollar purchases requiring supporting documentation from US$ 100,000 to US$ 50,000, aiming to curb currency speculation. Conversely, they doubled the hedging transaction limit to US$ 10 million to help corporations manage exchange rate risks. Amidst this turbulence, analysts identify "resilient" stocks like MEDC that might withstand the dip. Hendra Wardana, founder of the Republic Investor community, still hopes for a technical rebound toward 7,200, but the year-to-date (YTD) decline of 17.81% remains a heavy weight.

Regulatory Leadership: New OJK Board Sworn In with Focus on Crypto Reform

In a landmark moment for financial oversight, the Otoritas Jasa Keuangan (OJK) ushered in a new era of leadership on March 25, 2026. At the Supreme Court of Indonesia, Friderica Widyasari Dewi officially took the oath of office as the Chair of the OJK Board of Commissioners. She is joined by Hernawan Bekti Sasongko as Vice Chair and Hasan Fawzi as Chief Executive for Capital Markets.

Significantly, Adi Budiarso was inaugurated as the Executive Head for Financial Sector Technology Innovation, Digital Financial Assets, and Crypto Assets. Immediately following his swearing-in, Budiarso signaled a major regulatory shift, announcing plans to collaborate with the DPR to revise the Financial Sector Development and Strengthening Law (UU P2SK). The goal is to create a more adaptive legal framework that aligns with international best practices while mitigating cyber threats. Budiarso emphasized that digital assets are the "new economy," requiring a delicate balance between aggressive growth and robust consumer protection.

Fiscal Stimulus: President Prabowo Signs New Rules for 13th-Month Salary and THR

To stimulate domestic consumption amidst these economic pressures, President Prabowo Subianto has officially signed Government Regulation (PP) No. 9 of 2026 and PMK No. 13 of 2026. This regulatory package outlines the disbursement of the 2026 Religious Holiday Allowance (THR) and the 13th-month salary for ASN, PPPK, TNI, Polri, and retirees. The stimulus is designed as a mark of appreciation for national service while acting as a vital liquidity injection for the economy. The components, funded by both the APBN and APBD, include basic salaries, family allowances, and performance-based incentives (tunjangan kinerja) tailored to rank and grade.

Telecommunications Shakeup: MORA and MyRepublic Merger Targeted for April 2026

In the corporate sector, a massive consolidation is underway as PT Mora Telematika Indonesia Tbk (MORA) prepares for its merger with MyRepublic, expected to be effective by April 2026. While the synergy is designed to create a telecommunications powerhouse, analysts warn of short-term risks for retail investors. Current MORA shareholders could face a dilution of up to 50% following the merger. Despite this, the market remains curious about the long-term operational efficiency and the increased market share in the fixed broadband segment.

Key Takeaway: The OJK's new leadership is moving instantly toward legislative reform for crypto (UU P2SK) to secure Indonesia's "new economy," even as the broader market faces intense currency pressure and massive corporate mergers.

⚡ Energy Security & Fiscal Policy

National WFH Expansion: DPR Proposes "Wednesday-Friday" Remote Work Model

In a decisive move to insulate the national economy from rising global energy costs, the Indonesian government is finalizing a mandatory Work From Home (WFH) policy for civil servants (ASN). While the initial plan focused on Fridays, Commission II of the DPR has officially proposed expanding this mandate to include Wednesdays. This expansion aims to maximize fuel savings and reduce urban congestion during the middle of the work week.

Coordinating Minister for Economic Affairs Airlangga Hartarto confirmed that the core regulation will be implemented immediately after the Idulfitri holiday period. Finance Minister Purbaya Yudhi Sadewa noted that the decision follows direct instructions from President Prabowo Subianto to mitigate the impact of soaring fuel (BBM) prices. Initial calculations suggest that shifting the civil service to a hybrid office week could slash national fuel consumption by approximately 20%. While mandatory for ASN, the government is issuing a strong recommendation for the private sector to adopt similar measures, excluding essential public services.

Military Efficiency and Regional Precedents

In a parallel move toward national energy resilience, the Ministry of Defense (Kemhan) and the TNI are implementing strict fuel efficiency measures. Amelia Anggraini, a member of Commission I of the DPR, lauded the move as a critical step in strengthening defense logistics. This national push mirrors regional actions in East Java, where Governor Khofifah Indar Parawansa has already initiated a "Wednesday WFH" mandate. By removing a single day of commuting—averaging 28 kilometers round-trip—the administration aims for significant cumulative energy savings without compromising productivity.

Fiscal Discipline: DPR Prepared for Salary Cuts

In a historic show of solidarity, the DPR RI has officially signaled its readiness to implement salary cuts for lawmakers to assist national budget efficiency. This move comes as a direct response to the escalating Middle East conflict, which threatens global energy prices. Rifqinizamy Karsayuda, Chairman of Commission II, emphasized that this is about projecting a "sense of crisis" to the public. The cuts could be executed swiftly through a Presidential Regulation (Perpres), echoing President Prabowo’s calls for shared sacrifice.

Key Takeaway: Indonesia is rapidly institutionalizing WFH (now proposed for both Wednesdays and Fridays) as a core energy security strategy, supported by legislative readiness for salary cuts and military logistics reform.

🏛️ Governance, Accountability & Culture

World Cup Synergy: Leveraging "Nobar" to Empower MSMEs

Looking ahead to global sporting events, Saleh Partaonan Daulay, Chairman of Commission VII of the DPR, is pushing for a strategic collaboration to empower the grassroots economy. He has urged Public Broadcasting Institutions (LPP) to organize official World Cup viewing parties (nobar) that are integrated with MSME (UMKM) clusters and the creative economy sector. The goal is to transform mass-audience events into economic engines, providing local vendors with high-traffic venues to sell their products while fostering community cohesion.

Teacher Advocacy: Commission X Pushes for PPPK to PNS Status Conversion

In a move that could redefine the career path for hundreds of thousands of educators, Commission X of the DPR RI is actively lobbying for PPPK (Contract-based Government Employees) teachers to be elevated to full PNS (Civil Servant) status. Vice Chairman Lalu Hadrian Irfani highlighted the plight of approximately 237,000 part-time PPPK teachers whose current wages are alarmingly low. The Commission is urging the Ministry of Education to collaborate with the BKN and KemenPAN-RB to create a definitive formula for this transition, bypassing regional fiscal constraints.

Digital Sovereignty: Roblox Overhaul and the Block on Elon Musk’s Grok AI

Indonesia is intensifying its digital regulatory crackdown. In a significant move for child safety, Roblox has officially harmonized its safety standards with the PP TUNAS framework. Simultaneously, the Ministry of Communication and Digital (Komdigi) has taken the drastic step of permanently blocking Grok, the AI developed by Elon Musk’s xAI, citing non-compliance with local content standards. These measures signal a broader shift where international tech giants must adapt to Indonesian domestic law or face market exclusion.

Urban Migration and Local Harmony

As the post-Lebaran urbanisation wave begins, Jakarta Governor Pramono Anung has clarified that while the city remains open, newcomers must possess the capacity and capability to contribute to the workforce. Meanwhile, the legacy of the late Michael Bambang Hartono (PT Djarum) continues to be honored across Central Java, marking the end of an era for one of Indonesia's most influential industrial titans.

Key Takeaway: From using the World Cup to boost small businesses to tightening the leash on Silicon Valley AI, the Indonesian government is prioritizing domestic economic resilience and digital sovereignty.

🏗️ Infrastructure & Social Welfare

Logistics Integration: Pushing for Intermodal Connectivity at Oso Wilangun

In a move to optimize logistics in East Java, DPR Member Bambang Haryo Soekartono is calling for a massive upgrade to the Terminal Oso Wilangun (TOW) in Surabaya. During a site inspection on March 25, 2026, he highlighted that the terminal is perfectly positioned as a hub for the Northern Java (Pantura) route. However, its potential is currently underutilized. Soekartono urged the government to increase bus fleets and improve connectivity between road and sea transport to streamline the distribution of goods across the industrial belt.

Return Flow Logistics and Infrastructure Urgency

To manage the post-Lebaran traveler surge, Kapolri Jenderal Listyo Sigit Prabowo activated the National One Way policy on March 24, 2026, covering KM 414 Kalikangkung to KM 70 Cikatama. Concurrently, the DPR is demanding rapid road repairs. M. Shadiq Pasadigoe urged the Ministry of PUPR to move beyond "patchwork" solutions in West Sumatra and beyond, noting that infrastructure quality is a direct driver of economic distribution efficiency.

🌍 Diplomacy & Global Trends

Rising Sun Diplomacy: President Prabowo Set for Landmark Japan Visit

In a move to solidify Indonesia's position in East Asia, the Japanese Embassy has confirmed that President Prabowo Subianto will conduct an official state visit to Japan from March 29 to 31, 2026. This marks his first official visit to Tokyo as President, underscoring a "comprehensive strategic partnership."

Football Diplomacy: France Expands Athletic and Strategic Ties

Fabien Penone, the French Ambassador, is expanding sports-based bilateral cooperation. Following the inclusion of French players at Persib Bandung, plans are in motion to send young Indonesian players to the Clairefontaine training center in France and to launch initiatives for women's football development.

Key Takeaway: Indonesia is balancing high-stakes diplomacy in Tokyo with "soft power" athletic exchanges, while simultaneously hardening its internal logistics and infrastructure frameworks.