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Bank Indonesia Stands Pat, Considers Inflation Manageable

IDR

USD/IDR 1-month NDF last -2 figs at IDR14,868 with yesterday's monetary policy decision from Bank Indonesia already in the rearview mirror. The announcement triggered merely a small uptick in 1-month NDF Thursday, with the spot rate completely unfazed.

  • Bank Indonesia decided to hold the 7-Day Reverse Repo Rate unchanged at 3.50%, in line with expectations and earlier suggestions, and signalled that it was in no rush to raise the policy rate.
  • Much of the Bank's rhetoric on Thursday reflected recent comments from senior policymakers. The central bank expects headline inflation to breach the target this year, but won't hike the key rate until core CPI accelerates.
  • For now, Bank Indonesia will keep draining liquidity from the system as the preferred way of tightening policy. On the FX front, the Bank stands ready to intervene if needed, but is not particularly worried about recent rupiah depreciation.
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