Indonesia’s central bank raises rates again to curb inflation
Bank Indonesia (BI) on November 17 raised its key interest rate by 50 basis points for a third consecutive month, saying it will enhance its response to "high" inflation expectations amid a strong economic backdrop.
Jakarta (VNA) - BankIndonesia (BI) on November 17 raised its key interest rate by 50 basis pointsfor a third consecutive month, saying it will enhance its response to"high" inflation expectations amid a strong economic backdrop.
BI Governor Perry Warjiyo told an online news conference thatthe "front-loaded" and "pre-emptive" move was aimed atanchoring inflation expectations and stepping up support for the rupiah.
While the global economy was slowing and some countries werefacing recession risks, he said activity in Southeast Asia's largest economywas improving.
The central bank stuck to its forecast that growth will be at the upper end ofits 4.5%-5.3% forecast range in 2022, adding GDP will be "high" nextyear.
With themove, BI has increased interest rates by a total of 175 bps since August,matching the scale of its last tightening cycle in 2018.
While Indonesia's inflation rate eased to 5.71% in October,it remained above BI's 2-4% target range for the fifth straight month and neara seven-year high of 5.95% in September.
Warjiyosaid the market's current consensus forecast for end-2022 inflation of 5.9% was"too high" compared with BI's revised expectation of 5.6%. Coreinflation was expected to peak at 3.7% in the first quarter of 2023, he said./.
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Illustrative image (Photo: AFP) 
