Indonesia Tightens Travel Restrictions, No Changes On The Ratings Front

Spot USD/IDR has added 22 figs so far and last trades at IDR14,542, yet to recoup this week's losses.

• Indonesia has extended the travel ban during Ramadan & Eid al-Fitr through May 24, while tightening movement restrictions. Residents will be only allowed to make emergency trip between May 6 - 17 and will be required to show proof of its urgency.
• Thursday brought a couple of sovereign credit rating updates for Indonesia. S&P affirmed the nation at BBB, the second-lowest investment grade score, leaving the outlook at negative. R&I affirmed Indonesia at BBB+ with stable outlook, noting that the economy should return to pre-pandemic growth levels in 1-2 years.
• FinMin Indrawati reaffirmed the gov't's 2021 GDP forecast of +4.5%-5.3% Y/Y, anticipating a rebound in consumption starting this quarter, owing to the gov't's stimulus measures & confidence in vaccine roll-out.
• Econ Min Hartarto will provide an update on the condition of the economy and the gov't's Covid-19 policies during a press briefing today.
• There is little of note on the local docket today or next week, with just money supply data from BI coming up. Jakarta will host this weekend's ASEAN summit.
• A move through IDR14,633-14,635, which capped gains on Apr 13 - 15, would allow bulls to regain poise. Losses past Apr 20 low of IDR14,483 would open up Apr 7 low of IDR14,470.