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22 Jul 2021

USD/IDR Price News: Rupiah hits daily highs near 14,490 as Bank Indonesia’s holds rates

Indonesia’s central bank, Bank Indonesia (BI), is likely to hold fire in July, by keeping the benchmark 7-day reverse repo unchanged at 3.50% at its monetary policy meeting on Thursday.

The central bank governor Perry Warijyo said that “Q3 GDP growth is expected to slow due to mobility curbs.”

Additional comments

Global economy is seen growing faster than previously expected.

ASEAN economies seen growing slower due to covid restrictions.

Global financial market uncertainty has risen.

This has driven capital outflows to quality assets.

EM currencies have been under pressure.

Domestic economic activity seen weaker due to rising COVID-19 cases.

Weaker GDP growth especially due to weaker household consumption.

Q4 GDP growth is expected to rise driven by improving mobility and rising vaccination.

2021 GDP outlook at +3.5-4.3%.

2021 current account deficit estimate at 0.6% to 1.4% of GDP.

Stabilization measures have kept rupiah movement under control.

 

more to come ...

Jul 22, 2021

Indonesia Bank Indonesia Rate meets forecasts (3.5%)

Indonesia Bank Indonesia Rate meets forecasts (3.5%)
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Jul 22, 2021

US Dollar Index adds to recent losses near 92.70

The greenback, when measured by the US Dollar Index (DXY), extends the rejection from recent multi-month tops beyond the 93.00 mark. US Dollar Index l
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