Indonesia’s central bank holds rates steady, focuses on foreign-exchange stability
The rupiah’s weakening after the US elections has prompted Bank Indonesia to take a more cautious approach to interest-rate cuts
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[JAKARTA] Bank Indonesia (BI) kept its key interest rate unchanged at 6 per cent at its meeting on Wednesday (Nov 20), with the aim to stabilise the rupiah amid the currency’s post-US election slump.
Analysts, however, warn that the central bank’s room for further rate cuts is becoming increasingly limited.
BI’s decision, in line with the expectations of economists surveyed by Bloomberg, marks the central bank’s second consecutive month of keeping its benchmark interest rate steady. This was after a 25-basis-point cut in September, a move aimed at stimulating economic growth.
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