Indonesia Extends Hawkish Rate Pause Amid Rupiah Volatility

-- Indonesia’s central bank left its benchmark interest rate unchanged for a second straight meeting, while vowing to focus on the rupiah’s stability amid mounting pressures.‘I Live in Hell’: Anti-Growth Fervor Grips US South After Pandemic Boom

The rupiah will likely remain stable going forward, Warjiyo said, as he pledged to continue market interventions and the sale of securities to address volatility from global and domestic factors. That’s expected to smooth volatility in the currency going forward and prevent a weakening rupiah from impacting inflation, which is still well within the 1.5%-3.5% target range for this year.

Despite the benchmark rate at its highest since it was introduced in 2016, there’s ample liquidity in the market to support Southeast Asia’s largest economy. Credit growth stood at 12.15% year-on-year in May, as corporates pursued capital expenditure and households continued spending. Loan growth will likely come in at the higher end of BI’s 10%-12% target this year, Warjiyo said.

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