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Interest Rate Hike Falls Short, Market Awaits Prabowo’s Direction

Monday, April 29, 2024

BI Rate hike fails to boost the rupiah. The markets await certainty on the new government’s fiscal policy direction.

arsip tempo : 172147709333.

Ilustration: Alvin Siregar. tempo : 172147709333.

BANK Indonesia (BI) has been compelled to take a decisive step in combating the depreciation of the rupiah by raising interest rates. Last week, BI’s reference rate, the BI Rate, was elevated from 6 percent to 6.25 percent. This move is expected to inevitably dampen economic growth. Such is the cost of stabilizing the rupiah.

The market, however, did not respond enthusiastically. A day before the rate hike, the exchange rate did sligh

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