BENGALURU : Bank Indonesia will raise interest rates next quarter on expectations of a hawkish stance by the U.S. Federal Reserve and higher inflation, according to a Reuters poll which predicted faster-than-expected moves by the central bank this year.
A spike in global energy and food prices due to Russia's invasion of Ukraine - some of which has already been passed on to high-end fuel - and a pick up in demand during the Ramadan festive period in April and May, were expected to push inflation higher. While BI was unanimously expected to keep its benchmark seven-day reverse repurchase rate at a record low 3.50per cent after the April 18-19 policy meeting, it was predicted to hike rates faster than earlier thought.
The U.S. federal funds rate is now forecast to end 2022 at 2.00per cent-2.25per cent, including two 50-basis-point rises in May and June, another Reuters survey showed. [ECILT/US]
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