BENGALURU : Bank Indonesia will hold its key interest rate steady at 5.75 per cent for the rest of 2023 after inflation eased to an 11-month low in April, according to a Reuters poll of economists who expected the central bank to cut early next year.A total of 225 basis points of hikes in the recent tight
BENGALURU : Bank Indonesia will hold its key interest rate steady at 5.75 per cent for the rest of 2023 after inflation eased to an 11-month low in April, according to a Reuters poll of economists who expected the central bank to cut early next year.
The Indonesian rupiah, which has gained over 4.5 per cent this year, has also kept imported inflation at bay, providing the central bank space to exercise patience. Beyond that, BI was forecast to keep rates unchanged until end-2023 to support the economy amidst softening commodity prices which the resource-rich country relies on for growth. Only a small minority forecast a rate cut this year.
"However, recent comments from deputy governor Juda Agung signalled that an imminent pivot is not on the cards," Tan added.
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