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Indonesia Has Spent Quarter Of 2021 Recovery Budget, Launches Private Vaccination Scheme

IDR

Spot USD/IDR has extended its rally and last sits +15 figs at IDR14,298. Continued upswing above the 200-DMA at IDR14,399 would bode well for the bullish case. Conversely, a retreat under the 100-DMA at IDR14,248 would bring May 10 low of IDR14,145 into view.

  • USD/IDR 1-month NDF has shed 25 figs and trades at IDR14,362 as we type. Below trendline support at IDR14,292 opens May 7 cycle low of IDR14,133. Topside focus falls on May 13 high of IDR14,403, followed by the 200-DMA at IDR14,448.
  • Indonesian Econ Min Hartarto said that the gov't has spent IDR172.35tn under its recovery budget for this year, which is equivalent to 24.6% of the entire 2021 recovery spending plan. Hartart added that the gov't expects a Q2 GDP growth of ~7% Y/Y.
  • Indonesia launched its private vaccination programme using Sinopharm jabs at 20 m'fing sites across greater Jakarta. Over 20,000 companies have registered in the scheme.
  • The Jakarta Post reported that a state-led study suggested that the Sinovac product, which is the cornerstone of nationwide immunisation programme, is 95% effective in preventing hospitalisation and death from Covid-19.
  • On the data front, Indonesian trade balance comes out Thursday.
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