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Off Lows On Continued Chinese Equity Pressure

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Firming A Little After CPI

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Bank Indonesia has left its benchmark 7-day reverse repurchase interest rate unchanged at 3.5% Thursday, saying the rate is in line with maintaining the stability of the rupiah. The central bank also maintained the overnight deposit and lending facility rates at 2.75% and 4.25%, respectively.

BI's last move was to cut the benchmark rate by 25 basis points in February.

On growth, the central bank said the economy would likely slow in Q3 before picking up in Q4 and now sees 2021 GDP growth at between 3.5% and 4.3%. However, it noted that growth could be higher in the vaccination rollout improves.