JAKARTA - A small majority of analysts expect Indonesia’s central bank to keep its policy rate on hold on Tuesday, as it tries to maintain stability in its currency and capital markets amid pressures from the coronavirus outbreak, a Reuters poll found.
BI had trimmed the benchmark rate twice this year in response to the outbreak, or six times in the current easing cycle that began in 2019, unwinding a total of 150 bps. “Since we have yet to gauge how far the pandemic will affect our overall economy, preserving ammunition in the form of the policy rate might come in handy,” said Wisnu Wardana, an economist with Bank Danamon in Jakarta.
Warjiyo, who has been speaking to the public and holding conference calls with investors at least twice a week to shore up confidence, said the rupiah’s exchange rate remained undervalued.
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