Economist Enrico Tanuwidjaja and Junior Economist Agus Santoso at UOB Group assess the latest interest rate decision by the Bank Indonesia (BI). Key T
akeaways Bank Indonesia raised its benchmark rate to 6.00% following its Oct MPC meeting, above market consensus and UOB's forecast. BI specifically mentioned that strengthening rupiah stability amid escalating global financial market pressures and geopolitical uncertainty is the focus now.
Today's decision also marks that BI will continue liquidity relaxation by lowering the macroprudential liquidity buffer ratio by 100bps from 6% to 5% for commercial banks and to 3.5% from 4.5% for Islamic banks effective from 1 Dec 2023.
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