Bank Indonesia's first rate cut pushed to Q3, smaller cuts this year as rupiah falls: Reuters poll [Reuters]
SOCIETE GENL FRNCE S/ADR (SCGLY)
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Source: Reuters
expected, as inflation rises and the rupiah weakens on renewed hawkishness from the U.S. Federal Reserve, a Reuters poll found. A major hurdle for the central bank, whose main mandate is currency stability, will be cutting rates too soon as the rupiah hit a four-year low on Wednesday after comments from U.S. Federal Reserve officials boosted the dollar. Inflation touched a seven-month high last month and moved closer to the upper limit of Bank Indonesia's (BI) 1.5%-3.5% inflation target range, suggesting policy rates would need to remain higher for longer. Over 80%, or 29 of 35, of the economists in the April 16-22 poll expected the central bank to hold its benchmark seven-day reverse repurchase rate (IDCBRR=ECI) New Tab , opens new tab at 6.00% at its April 23-24 meeting. Six expected a quarter-point hike. "We recently pushed back our first rate cut forecast ... given the movement of the rupiah on the back of fewer rate cuts expectation from the Fed by the market," said Mak
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