Societe Generale analysts Kunal Kundu and Galvin Chia say Indonesia’s early‑2026 fiscal deterioration is driven by front‑loaded expenditure, with the primary balance already in deficit and raising financing needs. They argue this mainly reinforces existing concerns rather than creating a new shock for FX, and they keep a bearish stance on the Indonesian currency while expecting some upward pressure on longer‑dated rates.Fiscal risks reinforce bearish FX stance”While the deficit data adds to long‑standing market concerns…