Bank Indonesia Holds Key Rate, Vows Further FX Intervention

Bank Indonesia held its benchmark interest rate for a seventh straight meeting and said it was ready to do more to stabilize the rupiah and inflation outlook from the impact of the Middle East conflict.

The central bank held the BI-Rate at 4.75% on Wednesday, as expected by all 39 economists in a Bloomberg survey, extending a pause in place since October. Governor Perry Warjiyo also vowed to keep intensifying both offshore and onshore intervention to support the currency, which he said should appreciate.