Indonesia\’s central bank keeps key interest rate unchanged, governor says it will continue to intervene in currency market

Indonesia\’s central bank kept its benchmark interest rate unchanged on Wednesday after a surprise rate hike last month eased pressure on the rupiah.

Indonesia\’s central bank kept its benchmark interest rate unchanged on Wednesday after a surprise rate hike last month eased pressure on the rupiah.
Governor Perry Warjiyo and his Monetary Policy Committee, whose main responsibilities include maintaining currency stability, kept the benchmark interest rate at 6.25%. This was in line with the expectations of all 38 economists surveyed by Bloomberg.
Warjiyo had signaled earlier this month that the meeting would be on hold, saying austerity measures in April had helped support the rupiah.
Warjiyo said at a press conference on Wednesday that Indonesia\’s central bank will continue to intervene in the foreign exchange market to support the Indonesian rupiah.
He said that holding steady at this meeting is in line with the focus of monetary policy on maintaining stability. It is also a precautionary measure aimed at maintaining the inflation rate in the target range of 1.5%-3.5% in 2024 and 2025.
Bank Indonesia maintained its optimistic outlook on economic growth and inflation at its meeting this week.

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