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Indonesia Downgraded To Lower-Middle Income Status, Finance Ministry Off'l To Speak

IDR

Spot USD/IDR has edged higher and last operates +22 figs at IDR14,547. The key near-term layer of resistance is located at IDR14,568, which represents the high print of Jul 2. Above there would shift focus to the IDR14,633-14,635, which capped gains on Apr 13 - 15. Bears look for a pullback below Jul 6 trough at IDR14,463, towards Jun 28 low of IDR14,415.

  • USD/IDR 1-month NDF last seen -8 figs at IDR14,612. Bulls look for a jump above Jun 29 high of IDR14,666, while bears eye Jul 5 low of IDR14,493 for initial support.
  • Indonesia will start imposing higher luxury tax of 15% on hybrid cars from Oct, while keeping the luxury tax on battery and fuel cell electric cars at 0%.
  • The World Bank downgraded Indonesia to lower-middle income status after naming it an upper-middle income country last year. The revision came on the back of the economic hit from the Covid-19 pandemic.
  • Finance Ministry will hold a media briefing on "economic and fiscal policies during emergency movement restrictions" today, with Fiscal Agency Head Kacaribu. Looking further afield, Indonesian trade report for the month of June will be released next Thursday.
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