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Bank Indonesia Stands Pat On Interest Rates

INDONESIA CENTRAL BANK

Bank Indonesia left its 7-Day Reverse Repo Rate unchanged at 5.75% today, in line with forecasts of all economists polled by Bloomberg.

  • The central bank said that the local economy remains strong on the back of domestic demand and exports, with GDP growth expected to be within the +4.5%-5.3% Y/Y range this year.
  • According to Bank Indonesia, inflation continues to ease faster than expected and is seen at the upper end of the +2%-4% Y/Y target range in May. It is expected to remain within the target range for the rest of 2023.
  • The central bank noted that it continues IDR stabilisation via direct interventions and "Operation Twist," i.e. selling short-term bonds in the market. It said that rupiah management helps prevent imported inflation.
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