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Central Bank Stands Pat On Rates, Maintains Growth Forecast

INDONESIA CENTRAL BANK

Bank Indonesia Governor Perry Warjiyo announces that the 7-day reverse repo rate will remain at 5.75% in the wake of today's monetary policy meeting, which was expected by all 28 economists polled by Bloomberg and was also our bias.

  • The Governor described the decision as being in line with the central bank's objective to return inflation to the target. Headline CPI inflation is expected to return to the +2.0%-4.0% Y/Y tolerance band in Q3.
  • Warjiyo noted that the central bank is stabilising the rupiah via interventions and operation twist. It intends to continue doing so going forward, with the IDR expected to appreciate on the back of a stronger c/a surplus and capital inflows.
  • The central bank maintained its +4.5%-5.3% Y/Y GDP growth forecast, but dropped the mention of expansion likely being closer to the top end of that range, which was present in their communique from the previous meeting.
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