Bank Indonesia likely to hold key rate at 6.00% through mid-2024- Reuters poll
© Reuters. FILE PHOTO: The logo of Indonesia's central bank, Bank Indonesia, is seen on a window in the bank's lobby in Jakarta, Indonesia September 22, 2016.REUTERS/Iqro Rinaldi/File PhotoBENGALURU - Bank Indonesia will keep its key interest rate unchanged at 6.00% until at least the middle of next year following a surprise 25 basis point hike on Oct. 19, a Reuters poll found.
Despite the surprise hike, on Monday the rupiah fell to its weakest against the U.S. dollar since April 2020, during the start of the COVID pandemic. That suggests the central bank may again struggle to curb the currency's weakness, as it did in 2018 during a U.S.-China trade spat. One economist expects the next rate rise to come in December, while another expects a follow-up hike to 6.50% then.
Median forecasts showed rates staying at 6.00% until mid-2024 and the first 25 basis point rate cut in Q3 2024, later than predicted in the previous poll taken before the surprise move.
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