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In March 2022 the US Federal Reserve started to tighten its monetary policy in an aggressive manner to combat high US inflation that –at one point– touched a 40-year high.
Before we give an update on the monetary policy of Indonesia’s central bank (Bank Indonesia), it is worth mentioning that Bank Indonesia Governor Perry Warjiyo was appointed for another five-year term (2023-2028) as the central bank’s chief.
The central bank of Indonesia (Bank Indonesia) raised its benchmark interest rate (BI 7-day reverse repo rate) by 25 basis points (bps) after concluding its two-day policy meeting on 18-19 January 2023. Indonesia’s benchmark rate now stands at 5.75 percent. It also raised its deposit facility and lending facility rates by 25 bps to 5.00 percent and 6.50 percent, respectively.
As expected, the central bank of Indonesia (henceforth: Bank Indonesia) decided to raise its benchmark interest rate (the 7-Day Reverse Repo Rate) by 25 basis points (bps) to 5.50 percent after concluding its latest (two-day) monetary policy meeting on 21-22 December 2022. Meanwhile, it also decided to raise the deposit facility and lending facility rates by 25 bps to 4.75 percent and 6.25 percent, respectively.
For the first time since early November 2020 – which is around five months ago – the Indonesian rupiah depreciated beyond the IDR 14,500 per US dollar level. It is a threshold that makes Indonesians a bit concerned.
The Indonesian rupiah had a good start of the month in November 2020. Based on Bank Indonesia’s Jakarta Interbank Spot Dollar Rate (Jisdor), the rupiah appreciated 3.4 percent against the US dollar in the first two trading weeks of November 2020.
The Indonesian rupiah rate, which had been under extreme pressure amid the start of the novel coronavirus (COVID-19) crisis in March 2020, rebounded in April 2020 and continued this rebound throughout May 2020 (albeit at a less impressive pace).
While the Indonesian rupiah rate had retreated against the US dollar in November 2019 amid an increase in uncertainty in international markets, the Indonesian currency managed to end the year 2019 on a positive note.
The Indonesian rupiah rate appreciated modestly in September 2019. The currency started the month at the level of IDR 14,237 per US dollar and ended the month at IDR 14,174 per US dollar (data taken from Bank Indonesia’s benchmark Jisdor rate). In other words, the rupiah strengthened 0.44 percent against greenback in the month of September 2019.
The Indonesian rupiah made a stable performance against the US dollar in February 2019. The benchmark JISDOR rate of Bank Indonesia ended the second month of the year at the position of IDR 14,062 per US dollar, appreciating modestly from the level of IDR 14,072 per US dollar at the last trading day of January 2019.
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Again, the central bank of Indonesia (Bank Indonesia) kept its benchmark interest rate (called the ‘BI Seven-Day Reverse Repo Rate’) at 3.50 percent after concluding its latest monetary policy meeting (on 20-21 July 2022).
Around a month ago, economists in the West started to become increasingly certain that the US Federal Reserve (Fed) is to announce a plan to taper its asset purchases. Not only that, they also expect the announcement to come soon.
The central bank of Indonesia (Bank Indonesia) decided to leave its interest rates unchanged at the two-day monetary policy meeting that ended on 20 April 2021. The benchmark BI Seven-Day Reverse Repo Rate was held at 3.50 percent, while the deposit facility and lending facility rates were kept at 2.75 percent and 4.25 percent, respectively.
The Indonesian rupiah, which had been under heavy pressure in March 2020 amid novel coronavirus (COVID-19) panic, rebounded in April 2020 (albeit policymakers emphasize that the Indonesian rupiah remains undervalued at the moment).
Around the globe, financial markets experienced a heavy storm – or a tornado – in March 2020 as coronavirus fears peaked. Particularly after the World Health Organization (or WHO) officially labelled the COVID-19 outbreak a “pandemic” on 11 March 2020 and a growing number of nations started imposing restrictions on the movement of people and economic activity, markets entered deep red territory.
As financial market turbulence has reached extreme levels over the last several weeks, recent events have severely limited this year’s prospects for economic growth in both developed markets and emerging markets. Of course, it is still too early to accurately assess the true macroeconomic impact of COVID-19, so we are still dealing with broad conjectures more than anything else. But the widespread limitations on that have been placed upon international travelers and the severity of business disruptions that have been seen around the world will almost certainly impact global GDP figures for the next several quarters.
The Indonesian rupiah rate weakened against the US dollar in March 2019. Bank Indonesia’s benchmark JISDOR rate finished the third month of the year at a position of IDR 14,244 per US dollar, down 1.29 percent compared to the level of IDR 14,062 per US dollar that was set at the last trading day of February 2019. Nevertheless, compared to the start of the year, the rupiah has remained in positive territory, having appreciated 1.64 percent against the US greenback in the first quarter of 2019.
The Indonesian rupiah appreciated markedly in January 2019, and reached its strongest level since the end of June last year. The benchmark JISDOR rate of Bank Indonesia ended the first month of 2019 at IDR 14,072 per US dollar, strengthening from the level of IDR 14,481 per US dollar at the last trading day of 2018. Or, in other words, the rupiah managed to appreciate 2.82 percent against the greenback in the first month of 2019.
Robust rupiah appreciation in the month of November 2018 has taken many people – such as policymakers, businessmen, and analysts, including us – by surprise.
Indonesia's benchmark Jakarta Composite Index fell 1.24 percent to 6,229.63 points on Tuesday (24/04). The performance of Indonesian stocks were in line with the general trend in Southeast Asia. Due to rising US treasury yields (touching nearly 3 percent, its highest level since January 2014) investors withdraw their funds from riskier assets in emerging markets. Concerns over US inflation and the fiscal deficit are behind the rising US treasury yield.
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