USD/IDR Price News: Indonesian rupiah better bid despite warnings on economic recovery
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Indonesia's Finance Minister Sri Mulyani Indrawati warned on Tuesday that the economy faced a struggle to avoid a recession while the recovery remained very fragile.
Key quotes
“Southeast Asia's largest economy to record flat growth of around 0% in the third quarter would require an extraordinary struggle.”
“Expect July-September GDP within a range of -2% to 0%, but maintained 2020 outlook of between -1.1% to 0.2%.”
“We will see if the trend continues in August, whether we can stay in the zone of near 0% and we can continue to guard against falling into recession.”
“Expect the country's fiscal deficit to be 6.34% of GDP, with the government having earmarked $187 billion for its 2020 budget.”
"Our outlook depends very much on consumption and investment and the government will use our instruments to support the recovery.”
USD/IDR under pressure
The Indonesian rupiah is off the highs but remains in the green zone even though the Finance Minister warned about the tepid economic recovery.
At the press time, USD/IDR drops 0.15% to trade at 14,650, having hit a six-day low at 14,597.
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