Bank Indonesia resumes tightening to stabilise currency

Central bank to issue FX-denominated notes to attract capital inflows

Bank Indonesia
Bank Indonesia
Christopher Jeffery

Bank Indonesia surprised analysts today by raising its policy rate by 25 basis points, after the rupiah fell to its lowest level since 2020.

The central bank’s six-member board raised the 7-day repo rate to 6%, it announced in a statement. The move was BI’s second rate hike this year and came after it held rates unchanged for eighth straight meeting. The rate is at its highest level since June 2019.

All 36 economists polled by Reuters had expected the central bank to leave its policy rate

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