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MNI BRIEF: Rupiah Falls Below Key Level As Bank Indonesia Holds

MNI (Sydney)
SYDNEY (MNI)

The board meeting was expected to be "live" on chances of a rate hike.

Indonesia’s central bank has resisted inflationary pressure and a weakening currency and left official interest rates on hold today.

Bank Indonesia’s key reverse repo rate is unchanged at 3.5% after the two-day Board of Governors meeting, at the same level set in September 2020 at the height of the pandemic,. The meeting was expected to be a “live” meeting, with the board under pressure to raise rates with inflation at a five year high of 4.35% in June, up from the bank’s 2% to 4% target, (See: MNI STATE OF PLAY: Pressure On Indonesian CB To Hike Rates).

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Indonesia’s central bank has resisted inflationary pressure and a weakening currency and left official interest rates on hold today.

Bank Indonesia’s key reverse repo rate is unchanged at 3.5% after the two-day Board of Governors meeting, at the same level set in September 2020 at the height of the pandemic,. The meeting was expected to be a “live” meeting, with the board under pressure to raise rates with inflation at a five year high of 4.35% in June, up from the bank’s 2% to 4% target, (See: MNI STATE OF PLAY: Pressure On Indonesian CB To Hike Rates).

Keep reading...Show less