印尼央行维持BI利率5.75%不变，加息阵营19:19对半，MSCI降级冲击下继续靠定向干预托底印尼盾

Bank Indonesia kept its benchmark interest rate unchanged, opting to continue relying on targeted measures to support the rupiah through the market volatility triggered by MSCI Inc.’s double-downgrade threat.

Bank Indonesia kept the BI-Rate unchanged at 5.75% on Wednesday, as seen by 19 of 38 economists surveyed by Bloomberg. The other half expected a rate increase. The central bank has held rates steady since July, after delivering a total of 100 basis points in hikes earlier in the year.

The decision underscores BI’s caution against tightening policy prematurely and stalling growth in Southeast Asia’s largest economy.

The move comes after MSCI warned it may demote Indonesia from emerging-market to standalone status, bypassing the frontier-market tier that officials and analysts had initially been worried about. It triggered the nation’s worst stock-market slump in nearly three decades, with losses also spreading to bonds and the currency.

Read More: MSCI Ignites Indonesia Market Reckoning After Months of Warnings

In her statement, Governor Destry Damayanti described the global economic outlook as “subdued” amid high oil prices, persistent inflation and weak growth, compared with a “solid” domestic economy supported by household consumption and government stimulus.

She added that the rupiah is being pressured by an expected tightening in US monetary policy and ongoing impacts from the Middle East conflict, as well as foreign investor sentiment in stocks.

The rupiah has weakened beyond 18,000 per dollar amid a stronger greenback, elevated US yields and higher oil prices, while food prices pushed inflation to a three-month high in September.

Destry has favored foreign-exchange intervention, hedging incentives and other targeted measures over rate increases, which could weigh more broadly on domestic demand. However, sustained outflows could put further pressure on the rupiah, strengthening the case for a rate hike in coming meetings.