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Central Bank Keeps Policy Rate Unchanged In Line With Expectations

INDONESIA CENTRAL BANK

Bank Indonesia left its 7-Day Reverse Repo Rate unchanged at 5.75%, matching a unanimous consensus call. It said that the decision is in line with its stance to manage CPI within the target range, as it is focusing on managing the rupiah to prevent imported CPI.

  • The central bank expects Q2 GDP growth to be better than Q1, with 2023 GDP growth estimated to be +4.5%-5.3% Y/Y.
  • The rupiah is expected to strengthen on the back of strong growth, easing CPI and tighter rules on exporter earnings repatriation.
  • Bank Indonesia assessed that inflation has returned to the target range sooner than expected and should stay there for the rest of 2023.
  • The central bank will continue to intervene in spot, DNDF and bond markets to support the rupiah.
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