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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessBI Keeps Benchmark Rate Steady, Sees Inflation Rising Above 4% Upper Tolerance Band in 2022
- Bank of Indonesia (BI) decided to keep its benchmark rate (7D Reverse Repo) unchanged at 3.5% this morning, in line with expectations, despite the rise in inflationary pressures.
- We have seen that a rising number of central banks in Asia /SE Asia have adopted a more hawkish stance in 2022 with inflation breaking above the upper tolerance band in many economies.
- BI sees rising economic uncertainty due to global slowdown and elevated inflationary pressures.
- BI expects CPI to continue to rise in the near to medium term, breaching the 2%-4% target this year before returning back within target in 2023.
- The chart shows that Indonesia CPI has been rising in recent months, up from 2% in January to 3.6% in May.
- BI sees domestic economic recovery continuing despite global uncertainty, expecting GDP growth to be at 4.5%-5.3% this year.
- IDR remains under pressure in the near term; USDIDR broke above its key resistance at 14,745 last week, which corresponds to the 61.8% Fibo retracement of the 13,583 – 16,625 range.
- Next key resistance to watch on the topside stands at 15,000.
- On the downside, support to watch below 14,745 stands at 14,538 (50DMA).
Source: Bloomberg/MNI
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.