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Bank Indonesia Comments Under Scrutiny

IDR

Spot USD/IDR last trades +16 figs at IDR14,273. A break above Nov 11 peak at IDR14,305 would clear the way to Nov 5 high of IDR14,390. Conversely, losses past Nov 19 low of IDR14,210 would bring Nov 15 low of IDR14,190 into play.

  • USD/IDR 1-month NDF last seen -7 figs at IDR14,309. Bears keep an eye on Nov 19 low of IDR14,213, followed by Nov 15 low of IDR14,194. Bulls look to a jump above Nov 11 high of IDR14,357 towards Nov 3 high of IDR14,462.
  • Headlines from BI Gov Warjiyo's speech at the central bank's annual meeting have been trickling through.
  • The central bank sees 2021 GDP growth at +3.2%-4.0% Y/Y and 2022 growth at +4.7%-5.5% Y/Y, with vaccinations and reopening key requirements for economic recovery.
  • Bank Indonesia wants its monetary policy to promote stability, while pursuing pro-growth macroprudential policy. They will maintain interest rates at low levels until there are signs of inflation picking up.
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