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Bank Indonesia Keeps Key Rate On Hold

INDONESIA CENTRAL BANK

Bank Indonesia kept the BI Rate (name changed from 7-Day Reverse Repo Rate) unchanged at 6.00% as expected by all economists in the Bloomberg survey.

  • Governor Warjiyo said that the 2024 GDP growth forecast was kept at +4.7%-5.5% Y/Y, while inflation is expected to average between +1.5%-3.5% Y/Y (i.e. within this year's +2.5% +/- 1pp target)
  • Indonesia's current-account deficit for 2024 was revised to 0.1%-0.5% of GDP from the earlier estimate of up to 0.9%. The balance of payments will likely remain in surplus.
  • Bank Indonesia sees the fed fund rate elevated in 1H2024 but also believe that it will be lowered in 2H2024.
  • The central bank said it expects the rupiah to strengthen going forward and pledged to maintain its stabilisation policy.
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