Global rating agency Fitch Ratings affirmed Indonesia’s Sovereign Credit Rating at BBB-/stable outlook (investment grade status) on Thursday (13/11). This rating affirmation by the credit rating agency can be regarded as international recognition of prudent fiscal policy in Southeast Asia’s largest economy amid global uncertain times. Policy responses pursued by both the government and central bank of Indonesia have been well received by Fitch Ratings and managed to safeguard economic stability.

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The central bank of Indonesia (Bank Indonesia) announced today (after the Board of Governors’ meeting) that it keeps the benchmark interest rate (BI rate) at 7.50 percent. The lending facility rate and the deposit rate are maintained at 7.50 percent and 5.75 percent, respectively. Agus Martowardojo, Governor of Bank Indonesia, said that interest rates were maintained as the country’s current account deficit narrowed to 3.07 percent of gross domestic product (GDP) in the third quarter of 2014.

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Domestic sales of footwear in Indonesia declined 20 percent (y/y) to IDR 4.8 trillion (USD $393 million) in the third quarter of 2014 according to data from the Indonesian Footwear Association (Asosiasi Persepatuan Indonesia, abbreviated Aprisindo). Meanwhile, exports of Indonesian footwear declined as well but not as much as domestic sales. In fact, in terms of value, footwear exports increased due to the rupiah exchange rate that has depreciated considerably against the US dollar.

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Indonesia Investments updated the company profile of Indonesia’s largest taxi operator. Blue Bird - the dominating market leader in Indonesia’s taxi services market - recently conducted an IPO on the Indonesia Stock Exchange, raising IDR 2.4 trillion (USD $200 million) by selling around 14 percent of its enlarged share capital. With an expanding population, a rapidly growing middle class, a low taxi penetration ratio, an urbanizing society, and lack of decent public transportation, demand for taxi services has been growing in Indonesia.

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