Jokowi Backs BI Mandate Tweak Proposal, Scorns Vaccine Nationalism

Spot USD/IDR has moved higher and last trades +65 at IDR14,560, sitting in close proximity to Apr 1 cycle high of IDR14,582. A break above that level would allow bulls to set their sights on Oct 23 high of IDR14,708. On the downside, focus falls on yesterday's low of IDR14,470, followed by the 200-DMA, which intersects at IDR14,379.

• Pres Joko Widodo chimed in with his thoughts on the legislative proposal, which many see as an attempt to limit Bank Indonesia's independence. Jokowi backed the proposal to include boosting the economy and job creation in BI's mandate.
• Jokowi also criticised richer countries for practicing vaccine nationalism. Earlier, Indonesian Health Ministry said it will have to slow the pace of vaccinations, owing to export embargoes imposed by several producing countries.
• Indonesia's Danareksa Consumer Confidence registered at 74.9 last month after printing at 74.8 in February. A deterioration in the assessment of present situation was offset by better expectations and consumer confidence in the gov't.
• The Consumer Confidence Index from Badan Pusat Statistik Indonesia is expected tomorrow.
• FinMin Indrawati, Investment Min Luhut & Trourism Min Sandiaga speak at the Bali Economic and Investment Forum 2021 today. Elsewhere, the Finance Ministry will unveil its Macroeconomic Update 2021m while the Covid-19 task forece will provide an update on regulations for the Eid holiday.