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Free AccessBank Indonesia Hikes Key Rate By 25bp, Matching Expectations
Bank Indonesia met expectations as it raised the 7-Day Reverse Repo Rate by 25bp to 5.75%, in line with the consensus call. The decision was announced minutes after neighbouring Malaysia unexpectedly left its policy rate on hold.
- Governor Warjiyo noted that "the more calculated decision on policy rate increase is a follow-up step to ensure continued lower expected inflation and inflation in a front-loaded, pre-emptive, and forward-looking measure."
- The decision highlights Bank Indonesia's determination in bringing inflation under control, despite taking a relatively dovish stance at the start of the global rate-hike cycle.
- Bank Indonesia reaffirmed its 2023 forecasts, noting that it sees GDP growth around the mid-point of a +4.5-5.3% Y/Y range, with inflation expected to return to the +2%-4% Y/Y target in 2H2023.
- Warjiyo said the rupiah draws support from the economic recovery, which is reducing import costs and thus creates a drag on headline inflation. He tipped hat to the return of investors to emerging markets.
- Spot USD/IDR and USD/IDR 1-Month NDF have shown a limited reaction to the in-line decision of Indonesia's central bank.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.