Analysts at ANZ note that the Bank Indonesia (BI) has unsurprisingly kept its 7-day reverse repo rate unchanged at 6.00% today.
“More interestingly, its statement and press conference finally hinted that rate cuts may be considered amid lacklustre growth and benign inflation. Nonetheless, the timing of any cuts will be dependent on global financial market conditions.”
“Unless market sentiment materially improves in the coming weeks, the odds are that BI will opt to be patient and make its move only in the second half of this year.”
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