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Indonesia keeps rates steady to support wobbly rupiah

Sumary of Indonesia keeps rates steady to support wobbly rupiah:

  • Article content JAKARTA — Indonesia central bank kept its key interest rate steady at a record low on Thursday, holding fire after a bout of monetary support during the pandemic, and pledged to strengthen currency intervention amid global market uncertainty…
  • Bank Indonesia (BI) left the benchmark 7-day reverse repurchase rate unchanged at 3.50%, as widely expected in a Reuters poll, after cutting them in February…
  • “The rate decision was in line with the need to maintain rupiah stability amid rising uncertainty in the global financial market,”..
  • Policymakers are trying to balance the need to support Indonesia coronavirus-hit economy, Southeast Asia largest, with concerns further monetary easing could weigh on the rupiah, already under pressure due to capital outflows….

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