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VIEW: JP Morgan Sees BI On Hold In 2023

INDONESIA CENTRAL BANK

As was widely expected, BI kept rates at 5.75% where they have been since February. “Cognizant of the shifting risks around external stability and growth”, JP Morgan expects rates to stay there for the rest of the year.

  • “The tone of the policy statement remained broadly unchanged from June, though BI did note that business loan demand has slowed. We concur and this could reflect the impact of slowing capex activity, which has been evident in the recent activity data.”
  • “That said, fiscal space remains open, with the year-to-June fiscal position in surplus, likely facilitating a reduction in net issuance and elevated fiscal deposits.”

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