The central bank of Indonesia (Bank Indonesia) estimates that Indonesia’s inflation rate in March will be around 0.3 to 0.4 percent month-to-month (m/m), slightly higher than its earlier forecast of around 0.28 percent (m/m). Later this week, Statistics Indonesia will release the country’s March inflation figure. In February inflation eased to 6.29 percent year-on-year (y/y) - from 6.96 percent (y/y) in the preceding month - amid declining fuel and food prices despite some inflationary pressures caused by higher rice prices.

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Nilai tukar rupiah mengawali minggu ini dengan posisi kuat karena dollar Amerika Serikat (AS) melemah akibat ketidakjelasan mengenai waktu kenaikan suku bunga AS. Kontras dengan dugaan awal, meeting Federal Reserve yang terakhir (diadakan 17-18 Maret) mengindikasikan bahwa belum akan ada kenaikan suku bunga dalam waktu singkat di negara dengan ekonomi terbesar. Hal ini mendorong meningkatnya minat untuk aset-aset pasar negara berkembang. Apalagi, Pemerintah Indonesia dan Bank Indonesia berjanji akan menjaga stabilitas rupiah.

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Bank Sentral Indonesia (Bank Indonesia) memutuskan untuk tetap menjaga suku bunga acuannya pada 7,5% sebagai hasil keputusan pertemuan Dewan Gubernur Bank Indonesia (BI) yang dilakukan hari ini. Suku bunga overnight deposit facility dan suku bunga lending facility dipertahankan masing-masing 5,5% dan 8%. BI menganggap bahwa kondisi suku bunga saat ini sesuai dengan targetnya untuk mendorong inflasi ke dalam target antara 3,0% sampai 5,0% dalam basis year on year (y/y) di tahun 2015 dan mengurangi defisit neraca transaksi berjalan Indonesia antara 2,5% sampai 3,0% dari produk domestik bruto (PDB).

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Setelah serangkaian data ekonomi yang baik (terutama data tenaga kerja di Amerika Serikat) pasar menduga Federal Reserve akan menaikkan tingkat suku bunganya pada kuartal kedua atau ketiga tahun ini dan karenanya dollar Amerika Serikat (AS) dapat bullish momentum (hampir menjadi posisi tertinggi selama 11 tahun terakhir). Karena prediksi yield yang lebih tinggi di AS, modal kembali masuk ke negara dengan ekonomi terbesar di dunia ini. Pada saat yang sama, hal ini menimbulkan kerugian besar pada mata uang di negara-negara berkembang, termasuk nilai tukar rupiah yang turun 6% terhadap dollar AS pada tahun ini.

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The central bank of Indonesia (Bank Indonesia) expects that the country’s trade balance will show a USD $500 million surplus in February 2015 on the back of increased manufacturing exports, the higher price of crude palm oil, and lower oil imports. In January, Indonesia’s trade balance recorded a USD $710 million surplus, divided into a USD $748 million surplus in the non-oil & gas trade balance and a USD $38.6 million deficit in the oil & gas trade balance.

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According to the latest survey of Bank Indonesia (the central bank of Indonesia), the country’s January retail sales accelerated 10.4 percent year-on-year (y/y), up from the 3.3 percentage point growth pace (y/y) in the preceding month. Retail sales in the first month of the year in Southeast Asia’s largest economy accelerated because of higher sales of information & communication equipment (+29.9 percent y/y) as well as food, beverages & tobacco products (+15.1 percent y/y).

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Bank sentral Indonesia (Bank Indonesia) mengumumkan pada hari Jumat (06/03) bahwa cadangan devisa negara bertambah menjadi 115,5 miliar dollar AS pada akhir Februari 2015, naik dari 114,2 miliar dollar AS di bulan sebelumnya. Peyebab utama pertumbuhan ini adalah kenaikan pendapatan ekspor minyak & gas, yang melebihi pembayaran hutang luar negeri Pemerintah. Berita ini menyebabkan sentimen positif di pasar dan berkontribusi pada rekor tertinggi pada penutupan Indeks Harga Saham Gabungan (IHSG) pada hari Jumat.

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One day after the surprise interest rate cut by Indonesia’s central bank, Indonesian stocks surge to a new record level led by interest rate sensitive stocks (such as financial institutions, construction firms and property firms) while the rupiah and government bonds are weakening. Yesterday (17/02), Bank Indonesia shocked markets by lowering its key interest rate (BI rate) and deposit facility rate (Fasbi) by 25 basis points, each, to 7.50 percent and 5.50 percent, respectively. Easing monetary policy is back in fashion among the region’s central banks.

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The central bank of Indonesia (Bank Indonesia) announced on Friday (13/02) that Indonesia’s current account deficit - the broadest measure of trade in goods and services - improved to 2.81 percent of gross domestic product (GDP), or USD $6.2 billion, in the fourth quarter of 2014 (from a revised 2.99 percent of GDP in the preceding quarter). The full-year 2014 deficit amounted to USD $26.2 billion, equivalent to 2.95 percent of GDP from a (revised) deficit of USD $29.1 billion (3.18 percent of GDP) in 2013.

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Benedict Bingham, Senior Resident Representative untuk Indonesia di International Monetary Fund (IMF), memperkirakan bahwa bank sentral Indonesia (Bank Indonesia) akan terus berkomitmen pada kebijakan moneter yang lebih ketat dalam upaya untuk menjaga fundamental fiskal nasional di tengah tekanan eksternal. Terlepas dari pertumbuhan ekonomi global yang lamban, kenaikan suku bunga di AS (tahun ini) diperkirakan mempengaruhi Indonesia karena akan mendorong aliran keluar modal dari pasar-pasar berkembang.

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One of the sectors that showed exceptional growth in 2012 was Indonesia's property market. On average, net profit of companies engaged in Indonesia's property sector grew 68 percent during the full year. Of the 45 property companies that are listed on the Indonesia Stock Exchange (IDX), 26 posted net profit growth that exceeded 50 percent. But the success story did not end there. In the first quarter of 2013, the property sectoral index of the IDX continued its fast pace by rising over 41 percent.

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After two consecutive days of decline, the Jakarta Composite index (IHSG) had no intention to continue its fall. Indonesia's main index was able to rise 0.43 percent to 4,999.75 points on Monday 29 April 2013. Stocks that had been weakening in recent days were popular among investors. Moreover, both Asian stock indices and foreign net purchases of Indonesian stocks supported Indonesia's index, although it fell short of reaching the psychological boundary of 5,000 points.

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Rising American stock indices on Wednesday provided solid support for stock indices around Asia the following day, including Indonesia's main index (IHSG). Amid this global positivity, market players were eager to add stocks to their portfolios. News from Japan, China and the Indonesian central bank's announcement to maintain its low benchmark interest rate were well-received, particularly by domestic market players. It made the IHSG rise to 4,924.26, a 0.96 percent gain.

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The central bank of Indonesia (Bank Indonesia, or BI) decided to maintain its record low policy rate for the 15th straight month at 5.75 percent as it is considered consistent with its inflation target range of 3.5-5.5 percent in 2013 and 2014. The central bank also stated that the global economic recovery is accompanied by many uncertainties which result in a lower forecast for Indonesia's economic growth. The full press release of Bank Indonesia can be read below.

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Current Finance minister Agus Martowardojo is approved by Indonesia's Parliament (DPR) to replace Darmin Nasution as governor of Indonesia's central bank (Bank Indonesia) in May 2013. Martowardojo, who has been active in banking for over two decades and had a successful term as head of state-controlled Bank Mandiri, was finance minister since May 2010 after taking over from Sri Mulyani, who was pressured out of Indonesian politics.

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This week, the World Bank published its Indonesia Economic Quarterly (IEQ, edition March 2013) titled 'Pressures Mounting'. It reports on key developments over the past three months in Indonesia’s economy, and places these in a longer-term and global context. To read the whole report, please visit the World Bank's website at www.worldbank.org or download this edition directly through this link. Below we present the executive summary.

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Apparently, market participants were eagerly waiting for positive news regarding stimulus packages that various central banks will apply to boost local economies. Once the news spread, investors hunted for stocks that previously weakened. Moreover, increased manufacturing data from the USA and Europe contributed to positive market sentiments. Lastly, China indicated to maintain its economic pace of 7.5 percent GDP growth this year.

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On Tuesday's trading day, the Indonesia Stock Exchange (IHSG) was not able to maintain its record breaking upward movement. China's possible decision to limit credit growth in the property sector and the election in Italy contributed significantly to the decline of the IHSG. Moreover, it was influenced by poor openings of European stock markets. Investors thus decided to engage in profit taking, while waiting for further global developments.

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President Susilo Bambang Yudhoyono has nominated Agus D.W. Martowardojo, currently serving as Finance minister, to replace Darmin Nasution as governor of Bank Indonesia, Indonesia's central bank. Nasution, who has been governor since September 2010, will see his term end in May this year. To become the next governor, Martowardojo still needs approval of Indonesia's House of Representatives (DPR), and that might be a bottleneck.

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Recent concerns about a global currency war, which is considered to threaten worldwide economic and financial stability, has prompted Indonesia's Economic minister Hatta Rajasa to ensure that Indonesia will not participate in such a tactic. The Central Bank of Indonesia (Bank Indonesia) has in fact been selling US dollars to support the IDR rupiah, which has been under growing pressure lately due to Indonesia's current account deficit and the risk of capital outflows.

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