Bank Indonesia (BI) left its benchmark 7-day reverse repo rate unchanged at 5.75% on Wednesday, in line with expectations after consecutive hikes in May and June, saying it will assess the effectiveness of measures to support the rupiah amid renewed currency risks. BI kept the overnight deposit facility rate at 4.75% and the lending facility rate at 6.50%. A Wall Street Journal survey showed 9 of 10 economists expected a hold and one expected a 25bp hike. The governor said the decision is consis

Bank Indonesia (BI) left its benchmark 7-day reverse repo rate unchanged at 5.75% on Wednesday, in line with expectations after consecutive hikes in May and June, saying it will assess the effectiveness of measures to support the rupiah amid renewed currency risks. BI kept the overnight deposit facility rate at 4.75% and the lending facility rate at 6.50%. A Wall Street Journal survey showed 9 of 10 economists expected a hold and one expected a 25bp hike. The governor said the decision is consistent with BI’s strategy to stabilise the rupiah amid elevated external pressures, keep inflation within target and support sustainable growth.