The rupiah looks increasingly vulnerable to hitting a new all-time low against the US dollar. I maintain that Bank Indonesia should have raised its benchmark interest rate, particularly given the increasingly unfavorable global monetary environment, persistent pressure on the rupiah and rising country risk premium. Instead, the new BI Governor, Destry Damayanti, appears more concerned about preserving growth than addressing the risks building in the currency market. I cannot help but question whether political pressure to support President Prabowo’s growth ambitions is influencing BI’s reluctance to tighten monetary policy. Central bank independence is not just about what the law says. It is about having the willingness to make unpopular decisions when economic conditions demand them. If BI continues prioritizing short-term growth at the expense of currency stability, the bond and FX markets may eventually force a much more painful adjustment. Goodbye, BI independence? I increasingly worry that we are heading in that direction.