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Bank Indonesia Keeps Interest Rates Unchanged

INDONESIA CENTRAL BANK

Bank Indonesia left interest rates unchanged, as expected by majority of economists (26/28 in a Bloomberg poll), noting that its current rate policy is in line with a pre-emptive, forward-looking stance.

  • Governor Perry Warjiyo said that domestic economic recovery remains resilient as exports and investment are driving higher consumer demand. The central bank expects this year's GDP growth to be at the upper end of the +4.3%-5.3% Y/Y range.
  • Inflation is seen as manageable and conducive to growth and noted that core inflation keeps slowing with inflation expectations. Headline CPI should return to the +2%-4% Y/Y band in September, while core CPI should stay within that range in 1H2023.
  • Bank Indonesia will keep stabilising the rupiah via market interventions as part of its efforts to contain inflation. It will also continue "operation twist" in short-term bonds.
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