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Bank Indonesia Keeps Interest Rates On Hold

INDONESIA CENTRAL BANK

Bank Indonesia keeps the 7-Day Reverse Repo Rate unchanged at 6.00% as expected by most analysts, noting that the decision is consistent with rupiah stabilisation measures.

  • The central bank cited strong Q4 economic growth, underpinned by improving consumer confidence and PMI data. Bank Indonesia sees 2023 GDP growth at +4.5%-5.3% Y/Y.
  • The central bank pledged to step up rupiah stabilisation measures in line with market fundamentals to fend off imported CPI. It will continue intervening in spot, domestic NDF and bond markets to that effect.

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