Bank Indonesia to hold key rate at 4.75% on March 17 as Middle East war weighs on rupiah - Reuters poll
CNA
BENGALURU, March 12 : Bank Indonesia (BI) will keep interest rates steady for a sixth consecutive meeting on Tuesday, according to a majority of economists in a Reuters poll, as renewed pressure on the rupiah from the Middle East war limits the central bank's room to ease policy.While BI has previously signal
BENGALURU, March 12 : Bank Indonesia (BI) will keep interest rates steady for a sixth consecutive meeting on Tuesday, according to a majority of economists in a Reuters poll, as renewed pressure on the rupiah from the Middle East war limits the central bank's room to ease policy.
While BI has previously signalled its willingness to support economic growth, it has stood pat on policy since October as a fresh bout of rupiah weakness forced it to prioritise currency stability - its main mandate.
Investor unease over fiscal credibility amid worries President Prabowo Subianto's spending plans could widen deficits and questions over central bank independence after the appointment of his nephew as a deputy governor have also hit sentiment, spurring capital outflows.
Those pressures have intensified following the U.S.-Israeli war on Iran. The rupiah hit a record low on Monday and has fallen more than 1 per cent this year after losing around 4 per cent last year, virtually closing the door on a rate cut on Tuesday.
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