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- USD/IDR: Rupiah bounces-off two-year lows on Bank Indonesia’s surprise 50 bps hike
USD/IDR: Rupiah bounces-off two-year lows on Bank Indonesia’s surprise 50 bps hike
At its September monetary policy meeting on Thursday, Indonesia’s central bank, Bank Indonesia (BI), hiked its 7-day reverse repo rate by an unexpected 50 bps from 3.75% to 4.25%.
The central bank Governor Warjiyo noted that the rupiah depreciation is relatively better than peers.
Additional Comments:
Global inflation has risen amid geopolitical tensions, protectionist trade policies.
Core inflation is trending up globally, pushing c.banks to be more aggressive with monetary policy.
US rate hike makes us dollar stronger against other currencies.
Govt policy on social spending has helped support domestic consumption.
Price pressure is rising due to higher food, energy prices, hike in fuel prices.
Price pressure is seen heightening starting this month due to fuel price hike.
2022 inflation seen above 2%-4% target range.
We need stronger coordination with govt to ensure inflation returns to target in H2 2023.
more to come ...
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