Inflation moved down to 4,97% (yoy), getting closer to BI's target range of 3±1%. From the external side, pressure to delay monetary tightening by the US has created momentum for the flow of funds to emerging markets, including Indonesia, resulting in capital inflows of IDR 8,21 trillion in the second week of April 2023. As a result, the Rupiah strengthened to IDR 14.750 in April 13, 2023, making it one of the best performers among other developing countries. Considering these factors, we see that BI should maintain its policy interest rate at 5,75% this month while continuing to implement macroprudential measures to support growth momentum.