Update COVID-19 in Indonesia: 365,240 confirmed infections, 12,617 deaths (19 October 2020)
19 October 2020 (closed)
USD/IDR (14,697) +39.01 +0.27%
EUR/IDR (17,406) +48.41 +0.28%
Jakarta Composite Index (5,126.33) +22.92 +0.45%
Standard & Poor’s (S&P) affirmed Indonesia's sovereign credit rating at BB+/stable outlook. Favorable fiscal and debt metrics as well as moderately strong growth prospects were cited as the key factors supporting the affirmation of Indonesia's sovereign credit rating. On the other hand, moderately weak institutional strength, low GDP per capita and external vulnerability are factors that can negatively influence the rating. S&P also expects that Indonesia's sustainable economic policies will be maintained after the 2014 presidential election.
Governor of Bank Indonesia (BI) Agus Martowardojo stated: “the rating affirmation by S&P provides renewed recognition of Indonesia's unwavering commitment on stability amid the deteriorating global economy. S&P highlighted the strength of macroeconomic fundamentals and economic authorities’ policy responses”.
So far, BI launched a series of policy packages, involving policy rate increases, a more flexible exchange rate policy in accordance with the rupiah's fundamentals, financial market deepening, macroprudential policies, as well as policy coordination with the central government, including cooperation with regional central banks and communication strategy enhancement.