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MNI BI Preview – July 2021: Sitting Tight, Next Move Likely Up

7-Day Reverse Repo Rate is expected to be maintained at its the record-low level, while policy normalisation could begin in 2022.

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EXECUTIVE SUMMARY

  • Policymakers are expected to leave the 7-Day Reverse Repo Rate unchanged, even as Indonesia has become the global epicentre of the Covid-19 pandemic, while consumer-price inflation remains benign.
  • Concerns about rupiah weakness and Fed taper talk doing the rounds are set to discourage Bank Indonesia from adding monetary stimulus.
  • In a recent interview, Bank Indonesia Governor Warjiyo suggested that the policy rate will be maintained at its current level, while policy normalisation could begin next year.

Click to view the full preview: MNI BI Preview July 2021.pdf