Reinventing reserve management: governance, risk and agility in a fragmented global financial system
Bank Indonesia’s new total‑portfolio approach tightens governance, risk controls and implementation speed in volatile global markets, writes reserves head Rahmatullah Sjamsudin
Global markets in 2025 saw divergence from historical patterns. With sticky global inflation and uneven global growth, prices can move sharply in response to a single policy headline, and liquidity feels thinner. Markets may appear calm for weeks, then suddenly risk appetite shifts and positions unwind.
Three shifts sit behind this new reality. First, trade policy has become a moving target. Tariffs and restrictions are back in play, and businesses are forced to plan for sudden changes to trade
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