Bank Indonesia is reviewing options to segregate its burgeoning foreign exchange holdings into three tranches instead of two, to provide the central bank with new opportunities to make higher risk investments.

The Indonesian central bank’s reserves stood at more than $120 billion in late May 2017, up from less than $20 billion in early 2000. Like many emerging market economies, the country’s reserves grew rapidly in the aftermath of the global financial crisis, with loose monetary policy in