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Free AccessMNI STATE OF PLAY: Bank Indonesia Upbeat On The Economy, Rupiah
Indonesia's central bank is upbeat on the re-opening domestic economy and with inflation subdued, the rupiah stable and growth forecasts at 5.7% for this year is under no immediate pressure to change its policy settings.
As expected, Bank Indonesia yesterday left its benchmark seven-day reverse repo rate steady at 3.50% while also maintaining the overnight deposit and lending facility rates at 2.75% and 4.25%, respectively.
BI Governor Perry Warjiyo talked up the outlook for the economy in a Thursday statement, expecting a rebound in the final quarter of the year underpinned by exports, larger fiscal spending and increasing consumption and investment, see: MNI STATE OF PLAY: Bank Indonesia: Economy Backs Rate Outlook.
Third quarter growth disappointed at 3.5%, but mobility data and positive retail sentiment suggests a strong finish to the year.
ACCOMODATIVE OUTLOOK
Warjiyo described BI's stance as accommodative and said this had helped push down commercial lending rates and increased liquidity in the financial system.
With CPI inflation at 1.66% annually against BI's "target corridor" of 1% to 3%, and the rupiah "under control" despite instability in the financial markets, BI can maintain its policy settings and wait for the expected recovery in 2022.
This gives the bank the policy ammunition to respond if tightening by the U.S. Fed impacts on currency markets next year, when BI's next move on interest rates is expected to be a hike.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.