Indonesia’s central bank held its key policy rates steady for the sixth straight review, saying current levels were sufficient to ensure inflation stays within target this year. | Reuters
That has prompted some analysts to predict BI will start to consider easing monetary policy to bolster support for the economy amid an expected slowdown in growth due to falling exports.
BI’s decision comes as market participants brace for a likely U.S. Federal Reserve rate hike later this week. The trajectory of monetary policy in the United States has affected capital flows to Indonesia and the rupiah’s exchange rate. However, the currency has stabilized in the past week on expectations the Fed is nearing the end of its rate hiking cycle.Indonesia’s annual inflation in June cooled to 3.52 percent, the lowest in 14 months, having peaked near 6 percent in September. BI raised Indonesia’s rates by a total of 225 basis points between August to January.
BI kept its 2023 economic growth outlook in a range of 4.5 percent to 5.3 percent, compared with last year’s growth of 5.3 percent.Subscribe to our daily newsletter
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