10 October 2025 (closed)
Jakarta Composite Index (8,257.86) +6.92 +0.08%
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The central bank of Indonesia (Bank Indonesia) surprised markets by cutting its benchmark interest rate by 25 basis points to 4.75 percent at the September 2025 monetary policy meeting. It was the sixth rate cut in a monetary easing cycle that started in September 2024.
After the drastic cabinet reshuffle on Monday 8 September 2025 - when Indonesian President Prabowo Subianto replaced five ministers and created one new ministry - it is interesting to take a look at how markets are responding to these developments after a night's rest.
On Tuesday (08 April 2025) the stock market reopened in Indonesia after the long Idul Fitri holiday. And so, it was the first time investors could respond to global turmoil that occured after US President Donald Trump announced steep import tariffs for goods shipped into the United States (feared to trigger a global trade war and global economic recession).
The central bank of Indonesia (Bank Indonesia) made a surprising move on Wednesday (15 January 2025) by cutting its benchmark interest rate by 25 basis points (bps) to 5.75 percent.
On Tuesday 4 June 2024 Indonesia Investments released the May 2024 edition of its monthly report. The report discusses various topics -related to the economy, politics and social matters in Indonesia- that were relevant in the month of May 2024.
In March 2022 the US Federal Reserve started to tighten its monetary policy in an aggressive manner to combat high US inflation that –at one point– touched a 40-year high.
Before we give an update on the monetary policy of Indonesia’s central bank (Bank Indonesia), it is worth mentioning that Bank Indonesia Governor Perry Warjiyo was appointed for another five-year term (2023-2028) as the central bank’s chief.
On Thursday (6 April 2023), Indonesia Investments released the March 2023 edition of its monthly report. In this report we offer in-depth analyses of the key economic, political and social matters that impacted on Indonesia in the month of March 2023.
On 06 March 2023, Indonesia Investments released its latest monthly report titled 'Normalizing Economic Growth'. As usual, we aim to present in-depth analyses of topics that are relevant in the context of economic, political and social developments in Indonesia.
The central bank of Indonesia (Bank Indonesia) raised its benchmark interest rate (BI 7-day reverse repo rate) by 25 basis points (bps) after concluding its two-day policy meeting on 18-19 January 2023. Indonesia’s benchmark rate now stands at 5.75 percent. It also raised its deposit facility and lending facility rates by 25 bps to 5.00 percent and 6.50 percent, respectively.
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Stock markets in the Asia Pacific were down on Tuesday (16/09) as investors are awaiting the results of the Federal Open Market Committee (FOMC) today (Wednesday 17/09) and are focused on the condition of the Chinese economy. Moreover, investors were disappointed to hear that next Indonesian President Joko Widodo (Jokowi) will appoint 16 party politicians to lead ministries in his cabinet (which is in contrast with his initial plan to appoint technocrats). Lastly, the Indonesian rupiah exchange continued to depreciate.
The Indonesian rupiah exchange rate depreciated 0.54 percent to IDR 11,822 per US dollar in the past week (based on the Bloomberg Dollar Index). Several internal and external factors influenced the currency’s performance over the past week, such as increased US dollar demand from local Indonesian companies, Bank Indonesia’s decision to leave the BI rate unchanged and the improving US economy. Lastly, the structural current account deficit (triggered by expensive oil imports) remains a problem for investors.
The central bank of Indonesia (Bank Indonesia) kept its key interest rate (BI rate) at 7.50 percent for the tenth consecutive month as inflation is under control and well within the year-end target of the central bank (3.5-5.5 percent). The lending facility and deposit facility were kept at 7.50 percent and 5.75 percent, respectively, at Thursday’s Board of Governor’s Meeting (11/09). The central bank also expects that the current interest rate environment is capable of curbing the country’s wide current account deficit.
The benchmark stock index of Indonesia (Jakarta Composite Index, abbreviated IHSG) declined 0.92 percent to 5,136.86 points on the last trading day of the week. Seven of the ten sectorial indices fell, led by the finance sector (-1.66 percent), followed by consumer goods (-1.50 percent) and manufacturing (-1.34 percent). The main reason for this poor performance is that investors are again looking at the true fundamentals of the Indonesian economy instead of optimism about Joko Widodo becoming Indonesia’s seventh president.
The benchmark stock index of Indonesia (Jakarta Composite Index, abbreviated IHSG) rose 0.37 percent to 5,184.48 on Thursday’s trading day (28/08) on increased expectation that the transition from the Susilo Bambang Yudhoyono (SBY) government to the Joko “Jokowi” Widodo government will be smooth and efficient evidenced by the pair's meeting in Bali to discuss various matters regarding the transfer of power. For investors, this meeting led to increased optimism. Stocks in the property and miscellaneous sectors led the gain.
The benchmark stock index of Indonesia (Jakarta Composite Index, abbreviated IHSG) fell 0.14 percent to 5,198.90 points on the last trading day of the week, the first day of decline in five trading days, as investors engaged in profit taking after Indonesia’s Constitutional Court confirmed the official election result of the General Elections Commission (KPU) that announced Joko Widodo as winner of the July 2014 presidential election. Next week investors may continue profit taking as the index is still overbought.
Indonesia’s benchmark stock index (known as the Jakarta Composite Index or IHSG) climbed 0.31 percent to 5,206.14 points on Thursday's trading (21/08) on speculation that Indonesia’s Constitutional Court will reject defeated presidential candidate Prabowo Subianto’s claim that the official July 2014 presidential result is illegal due to massive violations. Although the Court is still reading out the verdict, it has already indicated that evidence for violations is incomplete and unconvincing. Therefore, a Court decision that calls for revoting has become unlikely.
The central bank of Indonesia (Bank Indonesia) announced two important matters on Thursday (14/08). Firstly, the institution decided to maintain the benchmark interest rate (BI rate) at 7.50 percent, the overnight deposit facility rate (Fasbi) at 5.75 percent, and the lending facility rate at 7.50 percent. Secondly, it announced that Indonesia’s current account deficit widened to USD $9.1 billion, or, 4.27 percent of the country's gross domestic product (GDP) in the second quarter of 2014, a widening that is larger than initially forecast.
The Indonesian rupiah exchange rate had appreciated 0.38 percent to IDR 11,758 per US dollar on Monday (04/08) according to the Bloomberg Dollar Index by 15:40 pm local Jakarta time. Although the rupiah had appreciated to a stronger level (IDR 11,713) earlier on Monday, the currency slightly rebounded after Statistics Indonesia announced that the country posted a USD $300 million trade deficit in June 2014, thereby placing more pressure on the nation’s current account balance.
Indonesian stocks and the rupiah exchange rate showed great volatility on Tuesday’s trading day (22/07). In the first part of the day the benchmark stock index of Indonesia (known as Jakarta Composite Index of IHSG) and rupiah strengthened on speculation that market favourite Joko “Jokowi” Widodo would win the presidential election without riots or other incidents that could trigger political uncertainties. On Tuesday evening, the General Elections Commission (KPU) indeed officially declared Jokowi the winner of the election.
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