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Indonesia's holds reference rate as trade balance improves
December 12, 2013 / 7:16 AM / 4 years ago

Indonesia's holds reference rate as trade balance improves

JAKARTA, Dec 12 (Reuters) - Indonesia’s central bank kept its benchmark reference rate unchanged at 7.50 percent on Thursday, as expected, as the country’s trade balance has returned to a small surplus and inflation is moderating.

The central bank also maintained the deposit facility rate and lending facility rate at 5.75 percent and 7.50 percent, respectively.

Bank Indonesia has lifted its reference rate a total of 175 basis points since June to restore market confidence in the G20 economy due to a sharp fall in the rupiah.

The rupiah is Asia’s worst-performing currency and has fallen nearly 20 percent to the dollar this year.

Eight of 11 analysts in a Reuters poll had estimated the central bank would keep its reference rate unchanged to wait for the full effect of its massive rate increases to filter through the already slowing economy.

Annual consumer prices have steadied, moderating to 8.37 percent in November from 8.32 percent a month earlier.

The trade picture has also brightened, with export growth firmer in October, resulting in a small surplus of $50 million compared with September’s revised $810 million deficit.


Announcement date Rate (percent)


12-Dec-2013 7.50

12-Nov-2013 7.50

08-Oct-2013 7.25

12-Sep-2013 7.25

29-Aug-2013 7.00

15-Aug-2013 6.50

11-Jul-2013 6.50

13-Jun-2013 6.00

14-May-2013 5.75

11-Apr-2013 5.75

07-Mar-2013 5.75

12-Feb-2013 5.75

10-Jan-2013 5.75 For more historical data, please see BIPG

Reporting by Nilufar Rizki and Adriana Nina Kusuma; Writing by Rieka Rahadiana; Editing by Jacqueline Wong

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