Economic news

Indonesia central financial institution: should be room to cut charges, awaiting stronger rupiah

2024.02.03 05:23


© Reuters. FILE PHOTO: Bank Indonesia’s brand is seen at Bank Indonesia headquarters in Jakarta, Indonesia, September 2, 2020. REUTERS/Ajeng Dinar Ulfiana/File Photo

PADALARANG, Indonesia (Reuters) – Indonesia’s central financial institution has room to decrease rates of interest this yr to elevate financial progress however is ready for the rupiah to strengthen in opposition to the greenback, Governor Perry Warjiyo mentioned on Saturday.

“If we rush while the global condition is in disequilibrium, the rupiah could weaken and inflation goes out of control,” he instructed a media gathering. He mentioned world financial fragmentation prompted the disequilibrium.

Bank Indonesia raised its key coverage charge by 250 bps from August 2022 to October 2023 to 6% to guarantee rupiah stability and maintain inflation beneath management.

Warjiyo additionally mentioned Southeast Asia’s largest economic system is in an upward cycle of progress, which he anticipated to peak in 2026.

BI expects the economic system to develop between 4.7% and 5.5% this yr, in contrast with final yr’s 4.5%-5.3% outlook.

(This story has been corrected to present the the interval is from 2022 to 2023, in paragraph 3)

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