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Bank Indonesia Stands Pat On Policy Rate

INDONESIA CENTRAL BANK

Bank Indonesia kept its 7-Day Reverse Repo Rate unchanged at 5.75%, in line with the consensus call and MNI preview, while maintaining Indonesia's GDP growth outlook for this year.

  • The central bank said it sees strong domestic growth driven by household demand. It expects Q3 GDP growth to be similar to Q2 growth and maintains its 2023 GDP growth forecast at +4.5-5.3% Y/Y.
  • Bank Indonesia assesses that the rupiah is under control and will appreciate in line with fundamentals. It will continue to stabilise the IDR via familiar tools.
  • Inflation is expected to stay within the +2-4% Y/Y target range this year, while Bank Indonesia is confident that administered prices will fall further.
  • The central bank described its decision as being in line with efforts to meet inflation goals, adding that it will focus on rupiah stability to mitigate uncertainty.
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