JAKARTA - Bank Indonesia will likely cut its benchmark rate on Thursday for a fourth time this year after pledging to step up bond purchases to fund the government’s efforts to fight the pandemic, a slim majority of respondents said in a Reuters poll.
The other 12 see the central bank standing pat on rates due to the recent depreciation of the rupiah currencyBI and the government last week unveiled a $40 billion fiscal deficit financing scheme to fund the fight against the coronavirus pandemic in Southeast Asia’s largest economy. “It will be a close call but we think Bank Indonesia will cut interest rates,” Alex Holmes of consultancy Capital Economics wrote in a note. “The economy is certainly in need of further support.”
Finance Minister Sri Mulyani Indrawati said last week GDP may have shrunk by as much as 5.1% annually in the second quarter.
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