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Can Bank Indonesia Hold Rupiah Without Raising Rates?

Monday, April 22, 2024

Market intervention has its limit. At a certain point, Bank Indonesia has no choice but raising its reference rate. 

arsip tempo : 172127059441.

Ilustration: Alvin Siregar. tempo : 172127059441.

THE rupiah took a nosedive during the Lebaran (end of the fasting month) holiday. While the financial markets in Jakarta were closed for eight days, the rupiah was battered relentlessly in off-shore markets. It breached the psychological threshold of Rp16,000 per United States dollar when Indonesians were enjoying traditional Lebaran dishes, chicken curry with ketupat (rice cake). 

When the Jakarta market was reopened on Tuesday, April


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