Macroeconomic Analysis Series: BI Board of Governors Meeting, June 2024

Jahen F. Rezki (), Teuku Riefky () and Faradina Alifia Maizar ()
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Jahen F. Rezki: Institute for Economic and Social Research, Faculty of Economics and Business, Universitas Indonesia (LPEM FEB UI)
Teuku Riefky: Institute for Economic and Social Research, Faculty of Economics and Business, Universitas Indonesia (LPEM FEB UI)
Faradina Alifia Maizar: Institute for Economic and Social Research, Faculty of Economics and Business, Universitas Indonesia (LPEM FEB UI)

No 202406, LPEM FEBUI BI Board of Governor Meeting Brief from LPEM, Faculty of Economics and Business, University of Indonesia

Abstract: After the Idul Fitri celebration, general inflation in Indonesia fell to 2,84% (yoy) in May 2024 from 3,00% (yoy) in April 2024 and is still within Bank Indonesia's target range. The general decline in inflation occurred due to reduced consumer demand after Eid al-Fitr and stable food prices due to the harvest season. Meanwhile, the Rupiah depreciated by 2,79% (mtm) between mid-May and mid-June, reaching the lowest level since April 2020, mainly due to the strengthening of the US dollar. Nonetheless, the increase in foreign exchange reserves in May 2024 provides a buffer against exchange rate pressures. BI's triple intervention strategy is expected to help manage Rupiah volatility. We see that BI is necessary maintained its policy interest rate at 6,25%.

Keywords: gdp; —; economic; —; economic; outlook; —; inflation; —; macroeconomics; —; interest; rate (search for similar items in EconPapers)
Date: 2024-06, Revised 2024-06
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