Indonesia's benchmark thermal coal price (harga batubara acuan, HBA), the monthly reference price that is set by the Ministry of Energy and Mineral Resources, rose 2.29 percent (m/m) to USD $53 per metric ton (FOB) in July 2016. The Energy Ministry stated that the higher coal price is supported by the recovery in crude oil prices in May and the start of June, as well as a (temporary) rise in coal demand from India and China. However, compared to one year ago, the coal price is still down by more than 10 percent (y/y).

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The central bank of Indonesia (Bank Indonesia) expects Indonesia's economic growth to reach between 4.9 and 5.0 percent (y/y) in the second quarter of 2016, only rising slightly from GDP growth realization of 4.92 percent in the first quarter. Growth is forecast to remain subdued as Indonesia's household consumption has not improved markedly yet (reflected by low demand for credit). Meanwhile, the global economic context remains plagued by uncertainties, particularly ongoing concern about the economies of the USA, China and Europe.

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After Indonesia's markets have been closed for one full week due to the Idul Fitri holiday, they are back open today (11/07). Because of last week's holiday, Indonesia's stock market has not experienced the sell-off that occurred in other markets in the week of 4 - 8 July. This sell-off followed a relief-rally in global markets after the Brexit vote decision: although shortly after Brexit, global shares gained on central bank's stimulus hopes, the sell-off emerged one week later as investors started to be concerned about the impact of Brexit and the economic fundamentals of Europe.

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On 10 July 2016, Indonesia Investments released the latest edition of its newsletter. This free newsletter, which is sent to our subscribers once per week, contains the most important news stories from Indonesia that have been reported on our website over the last seven days. Most of the topics involve economic matters such as the performance of Asian stocks in the post-Brexit era, Indonesia's carbon emissions, the energy sector, the tax amnesty program, and more.

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