Fixed InSight

Today’s highlights:

Yesterday, silver price dropped by -9% d-d, its worst performance since 2020. Some exchanges were seen to raise the margin requirements. From domestic, Coretax activation hit 66.24% of target, with 9.87mn taxpayers already activating their accounts. On trade front, the govt. studied to loosen live cattle imports, in order to fulfill national beef demand and ignite livestock economy. At the same time, it planned to restrict beef imports

From the bond market, FR 84, 86, 56, and 37 are currently the cheapest based on our yield curve model. Last national business day, the dollar index was closed at 98.00 (+0.0%). Rupiah was appreciated by 0.1% at USDIDR at 16,780. The 10yr UST yield decreased by -0.2bps to 4.11% and 10yr INDOGBR decreased by -0.1bps to 6.14% – the spread between the two was at 203bps.

Economy: Indonesia’s Coretax activation hitting 66.24% of target

A.o. 29 Dec’25, the activation was conducted by 9.87mn taxpayers, with total taxpayers reaching 14.9mn entities. In detail, there were 8.98mn individuals, 0.8mn corporates, 88k public institutions, and 221 e-commerce business operators. To improve activation realization, Directorate General of Taxes (DJP) would conduct socialization, direct assistance at tax offices, and online service channel. Source: Kontan

Economy: Indonesia’s govt. to loosen live cattle imports

The govt. was now studying the policy, aiming to fulfill national beef demand and ignite livestock economy. According to Ministry of Food Affairs, importing live cattle would drive feed provision and feedlot activities. To ensure supply-demand balance, the govt. would restrict beef imports, if it decided to pursue the abovementioned policy. Source: Kontan

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