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Faint Hope for a Stronger Rupiah

Monday, June 24, 2024

Bank Indonesia's Board of Governors decided to hold the benchmark interest rate. The central bank challenged the market to strengthen the rupiah exchange rate.

arsip tempo : 172012284385.

Ilustration: Imam Yunianto. tempo : 172012284385.

AS the rupiah’s value swiftly declined in recent weeks, Bank Indonesia (BI) has boldly decided to defy the market. At its Board of Governors meeting on June 20, the central bank decided against raising interest rates. The central bank kept the BI-Rate at 6.25 percent. Bank Indonesia will attempt to defend the rupiah’s value solely through market operations for at least the next month.

Essentially, BI is challenging the market to

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