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Rupiah tests 14K mark on Bank Indonesia’s status-quo

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Indonesia’s central bank, Bank Indonesia (BI), maintained its 7-day reverse repo rate at 3.75% at its January monetary policy meeting held on Thursday.

Governor Warjiyo said that the interest rate decision was consistent with a low inflation outlook, external stability and effort to support the economy.

Additional comments

Economic activity will continue to improve in 2021.

Indicators till dec below expectation, but still improving.

Maintains 2021 GDP outlook at +4.8% to +5.8%.

2020 current account deficit estimate at 0.5% of GDP.

Keeps 2021 current account deficit estimate at 1% to 2% of GDP.

Rupiah still undervalued, has room to strengthen.

2021 inflation YoY seen within 2%-4% target range.

Central bank to continue accommodative macroprudential policy to stimulate lending.

To strengthen JISDOR to make it a reference for foreign exchange.

To promote transparency in banking interest rates.

All instruments directed at supporting economic recovery.

FX implications

On in-line with expectations central bank decision, the Indonesian Rupiah (IDR) challenged the 14,000 level vs. the US dollar.

The USD/IDR pair was last seen trading at 14,012, almost unchanged on the day.

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