In a context of moderating growth at a 5-year low mainly due to sharply dropped commodity prices, Indonesia’s external short-term debt keeps rising, principally in US dollar among corporates. Therefore, Indonesia’s position is weakening given its vulnerability to pressures on the rupiah (at its lowest point since the Asian crisis) and capital outflows, faced with the upcoming US Fed rate increase. Foreign exchange reserves are still at a comfortable level and have been broadly stable in 2014, but are currently on a slow downward trend. Besides, the risk outlook remains clouded by the continued economic slowdown in China, a top driver for Indonesia’s commodity exports.