Further 25bp cuts from Bank Indonesia likely this year
Having surprised markets last month with a rate cut, Bank Indonesia (BI) left its key policy rate on hold on Tuesday at 7.50%.GDP grew by just 5.0% last year, the worst performance since the 2008-09 global financial cris…
Having surprised markets last month with a rate cut, Bank Indonesia (BI) left its key policy rate on hold on Tuesday at 7.50%.
GDP grew by just 5.0% last year, the worst performance since the 2008-09 global financial crisis.
Capital Economics notes in a report on Tuesday:
Looking ahead, it is unlikely to be long before BI follows up Feb's cut by loosening again.
Our forecast is for growth of just 5.0% this year. If growth turns out as we expect, the central bank could find itself under pressure to cut rates again.
We expect two further 25bp cuts this year, which would take the policy rate to 7.00%.
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