Rating and Investment Information, Inc (R&I), a Japan-based provider of credit ratings, investment appraisal and information services, announced that it has upgraded Indonesia's sovereign credit rating from BBB- (positive outlook) to BBB (stable outlook) per 7 March 2018. Last December, Fitch Ratings had already upgraded Indonesia's long-term foreign- and local-currency issuer default ratings to BBB (stable outlook), from BBB- previously.

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Indonesia's global rupiah-denominated government bonds will enter the Bloomberg Barclay's Global Aggregate Index per May 2018. On Wednesday (21/02) Bloomberg announced that Indonesia's global rupiah bonds meet all criteria to become a member of the Global Aggregate Index. This decision shows the degree of rising foreign confidence in Indonesian bonds, hence in the Indonesian rupiah and the Indonesian economy as a whole.

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In the first two weeks of February 2018 foreign investors aggressively sold rupiah-denominated government bonds (in Indonesian: Surat Berharga Negara, or SBN) in the secondary market. Up to 14 February 2018, foreign investors sold IDR 18.69 trillion (approx. USD $1.4 billion) worth of government bonds in February.

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The central bank of Indonesia (Bank Indonesia) kept its benchmark interest rate - the BI 7-day Reverse Repo Rate - at 4.25 percent at the February Board of Governor's Meeting (14-15 February 2018). Meanwhile, it maintained the deposit facility and lending facility rates at 3.50 percent and 5.00 percent, respectively (effective per 19 February 2018).

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