BI Rate 8,25%

BI Rate 8,25%

Correspond with market wish, Central Bank (BI) raise BI rate 25 basis points (bps) from 8% to 8,25%. this is the first raise since December 6 2007.

With new rate, 2008 7,5% BI rate target will be difficult to be reach, even until the year end there’s a possibility, it will reach 9% in accordance with high inflation rate that had predict could be 11% as an effect of oil fuel rise.

BI rate were had reach the highest level on 12,75% on December 6, 2005. that figure stand till April 5 2006, which then decline to 12,50% in May 9 2006.

Miranda S Gultom Senior Deputy Governor BI said BI decide the BI rate rise to 8,25% because of strong inflation pressure especially as a consequence of external factor parallel with high commodities price in international market.

Boediono Economic Coordinating Minister in response to new rate said that government appreciate central bank move. what had decide by BI looks as rational decision cause BI could see high rise of inflation development.

January April Inflation rate had reach 4,01%, while month on month and year on year had reach 0,57% and 8,96%. the figure rose highcompare with year on year in March 2008 (8,17%).

BI Governor Council Meeting conclude monthly administered price significantly rise compare with previous month that happen caused by kerosene distribution and supply chokked up in some Indonesian province.

For core inflation side, strong inflation pressure influence by increasing public expectation.

Based on BI data, rupiah exchange rate in April 2008 get weaken a little cause of public pessimism on global economy and high oil price.

Rupiah dilute 0,37% from IDR 9.174 to IDR 9.209 per US dollar but rupiah fluctuation still watched over that reflected on volatility rate decline to 0,2% from 0,6%.

On Indonesia’s Balance of Payments (NPI) still have a surplus and had an impact on stable foreign exchange reserves in April 2008 that reach USD 58,8 billion equall with 5.3 month import and government foreign debt payment.

Further Miranda said BI admit the challenge toward macroeconomy stability in the future will be getting heavy, and BI will keep control the inflation through BI rate, foreign exchange volatility control, absorption of excess liquidity as well as open market operation.

She add the government action to guard 2008 revise state budget will maintain market trust and reduce uncertainty.


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